The gold rush that began last year at Costco stores across the U.S. continues as bars continue to sell as bullion prices soar, according to a Bloomberg investigation.
costco website used to be able to buy one-ounce gold bars for $2,689.99 before tax, but they are now sold out, indicating members are rushing to stores. Costco's prices undercut traditional precious metals dealers and offer perks to members, Bloomberg reported.
“Overall it's been a great experience,” Sourav Sethia, 33, an analytical engineer from New Jersey, told the media. “As a former buyer, I get a call from Costco every time gold bars come in. So every time I see the price drop, I rush to Costco to buy.”
Costco did not immediately respond to FOX Business' inquiries. Bloomberg research Approximately 77% of Costco stores that stock bullion bars showed they were sold out in the first week of October. This percentage is based on calls to 101 stores in 46 states, all of which recently received new stock of gold bars, staff said.
Just last week, news broke that Costco was also selling 1-ounce PAMP Swiss Lady Fortuna Veriscan platinum bars online.
According to the product listing, there is a limit of five Platinum Bars per transaction for Costco members.
According to Fortune, customers cannot return the bars once they have purchased them, and shipping to Nevada and Louisiana is not possible.
Costco charges $1,089.99 for each platinum bar, the store said.
Costco members have rushed to get their hands on Costco gold and silver bars in the past.
Last September, then-CFO Richard Galanti told analysts and investors that the retailer's gold bars “typically disappear within hours” after being posted on Costco's website. ” he said.
The company also credits gold and silver bullion with contributing to the increase in online sales in recent quarters.
