PCGS Specials

HomeBullion & Precious MetalsCostco Now Offering Gold Bars, Finds Them Hard to Keep in Stock

Costco Now Offering Gold Bars, Finds Them Hard to Keep in Stock

Costco. Image: Adobe Stock.
Costco. Image: Adobe Stock.

By Hubert Walker for CoinWeek ….
 

Taking advantage of the hot market for emergency preparation goods, the Washington-based warehouse club store Costco is now offering its members the chance to buy 1oz gold bars at its stores and online.

But in a scenario familiar to many who’ve tried to buy gold and other products directly from the United States Mint, the bars are selling out within hours of new stock becoming available.

Since mid-summer, Costco has been selling the famous Lady Fortuna 1oz gold bar from PAMP Suisse in Switzerland – as well as 1oz gold bars from the Rand Refinery in South Africa. These 24-carat, .9999 fine gold products are available only to people and households who pay an annual membership fee to shop at Costco stores in the United States and around the world. One must log into their Costco account in order to see pricing for the gold bars, but customers have shared images online that seem to give a current online price of $1,979.99 USD for the PAMP Suisse bar. Shipping insurance (two to three business days via UPS) is included in that price, so in-store pricing could be lower if you can find it in stock.

But even at that non-refundable price, the company has needed to apply a two-bars-per-membership purchase limit. The spot price of gold at the time of publication on September 29, 2023, was $1,882.50.

At the fourth quarterly earnings call for the company’s fiscal year that was held on Tuesday, September 26, the corporation’s Chief Financial Officer Richard Galatini stated that the gold bars are selling well, with inventory quickly selling out again once it is replenshed.

Beyond general good news regarding the company’s growth and performance over the last year, Galatini also reported that the cost of membership will be increasing soon, as it does every five or six years. The price of a Gold Star membership currently stands at $60, while an Executive membership costs twice that at $120.

Costco was ranked #5 in the National Retail Federation’s 2023 list of the Top 50 Global Retailers.

* * *

Sources

https://www.costco.com/1-oz-gold-bar-pamp-suisse-lady-fortuna-veriscan-new-in-assay.product.4000186760.html

https://www.cnbc.com/2023/09/27/costco-is-selling-gold-bars-and-they-are-selling-out-within-a-few-hours.html

https://finance.yahoo.com/news/costco-sparks-frenzy-gold-bars-121305051.html

https://www.usatoday.com/story/money/2023/09/28/costco-membership-cost-increase/70988670007/

https://www.cnbc.com/2023/09/26/costco-cost-earnings-q4-2023.html

https://nrf.com/research-insights/top-retailers/top-50-global-retailers/top-50-global-retailers-2023

* * *

Hubert Walker
Hubert Walker
Hubert Walker has served as the Assistant Editor of CoinWeek.com since 2015. Along with co-author Charles Morgan, he has written for CoinWeek since 2012, as well as the monthly column "Market Whimsy" for The Numismatist and the book 100 Greatest Modern World Coins (2020) for Whitman Publishing.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

PCGS Set Registry

AU Capital Management US gold Coins

Professional Coin Grading Service