How much is 1 Oz of gold? Where to buy Costco gold bars and all you need to know amid latest craze
Costco is now selling gold bars, and everybody wants a piece. The retail giant is selling one-ounce gold bars to its members at an approximate rate of $1,950 to $1,980. Two branded bars are available, one from PAMP Suisse and the other from Rand Refinery, each being 24kt gold.
Costco's CFO claimed that the bars were in extremely high demand and would sell out within hours of being available. The bars are available on the Costco website whenever they are restocked and usually become unavailable very quickly. If users are looking for these bars, they have to act soon. At the time of writing this article, 1 oz of gold costs $1,873.05.
"They’re typically gone within a few hours": Costco CFO on selling gold bars
Gold Bars and Costco are two things many people never thought would go together. The retail giant is notorious for coming out of nowhere to sell unusually improbable items. Gold bars are this time's highlight and are significantly in demand.
Costco CFO Richard Galanti said at the company's quarterly earnings call,
"I’ve gotten a couple of calls that people have seen online that we’ve been selling 1-ounce gold bars."
"Yes, but when we load them on the site, they’re typically gone within a few hours, and we limit two per member."
The retailer's website reveals they sell two sets of 1-ounce 24kt gold bars. One from the Swiss supplier, PAMP Suisse, and the other from South Africa's Rand Refinery. These items are only available to Costco members and are limited to two per member. Both products are non-refundable.
The PAMP Suisse Lady Fortuna Veriscan bar costs an estimated $1,979.99. The product is described as a "999.9 fine gold minted bar with a proof-like finish". The Brand Refinery gold bar comes cheaper, at an approximate rate of $1,949.99. The website describes Rand Refinery as "the largest integrated single-site precious metal refining and smelting complex in the world."
Despite Costcos in South Korea having gold bars on store shelves, these bars can only be purchased online in the United States. The items are only available to registered members, with the Executive membership costing $120 a year and the Gold Star membership costing $60 a year. Executive members receive additional service discounts and a 2% annual reward.
Netizens went wild over the gold bars, with everybody wanting one, which led to them selling out quickly. One Reddit user asked in the r/gold subreddit if anyone could snag the PAMP bar at $1899.00. The comments were filled with disappointed users complaining about the bars being sold out like hotcakes.
Costco is enjoying great success at the moment. The gold rush seems to put the retail giant in a lovely spot in the market. Investors now see gold as a safe long-term investment that can offset the potential losses from an economy dwindling with inflation. Costco's quarterly share figures exceeded expectations, and shares were up by 23.8% on Tuesday.