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Costco gold bars sell out quickly as gold bullion prices rise: survey
Massachusetts

Costco gold bars sell out quickly as gold bullion prices rise: survey

The gold rush that began at Costco locations across the U.S. last year continues as bars are sold at a time when gold bullion prices are surging, according to a Bloomberg survey.

Costco’s website shows that 1-ounce gold bars were available for $2,689.99 before taxes but are now sold out, causing members to rush to stores. Costco’s prices are lower than traditional bullion dealers and it offers member rewards, Bloomberg reports.

“It’s a great experience overall,” Sourav Sethia, a 33-year-old analytics engineer from New Jersey, told the media outlet. “I get calls from Costco whenever gold bars arrive as I am a previous buyer. So when I see the price has dropped, I rush to Costco to buy one.”

Although Costco did not immediately respond to a query from FOX Business, the Bloomberg survey found that about 77% of Costco stores that stocked gold bars sold out in the first week of October. This percentage is based on telephone calls to 101 stores in 46 states, all of which employees said had recently received new gold bullion inventory.

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Costco total sale with new 1-ounce gold bar

Costco started selling gold bars last year, and they have disappeared from shelves. (Costco/Fox News)

ticker Security Last Change Change %
COST COSTCO WHOLESALE CORP. 885.62 +12.03

+1.38%

Just last week, news broke that Costco was also selling 1-ounce PAMP Suisse Lady Fortuna Veriscan platinum bars online.

The product listing states that platinum bars are limited to one transaction and five units for Costco members.

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Costco in Richmond, California from above

In an aerial photo, the Costco logo is seen on the exterior of a Costco store in Richmond, California, on July 11, 2024. (Justin Sullivan/Getty Images/Getty Images)

Customers cannot return the bars after purchase. Delivery to the states of Nevada and Louisiana is not possible, Fortune reported.

According to the outlet, Costco charges $1,089.99 for each platinum bar.

Costco members have historically rushed to get their hands on the retailer’s gold and silver bars.

Gold metal US economy

A selection of one ounce gold and silver bars and gold and silver coins arranged with the precious metals dealers at Gold Investments Ltd. in London, United Kingdom, on Tuesday, May 21, 2024. (Getty Images/Getty Images)

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In September last year, then-Chief Financial Officer Richard Galanti told analysts and investors that the retailer’s gold bars disappeared “typically within a few hours” of being posted on Costco’s website.

The retailer has also credited the gold and silver bars with helping to boost its online sales in recent quarters.

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