Costco Sells Over $100 Million in Gold Bars in First Quarter, Sparking Market Talk 

Costco’s Gold Rush: How the Retail Giant Sold $100 Million in Gold Bars

If you thought Costco was only good for buying bulk items like toilet paper and frozen pizza, think again. The retail giant has been quietly selling gold bars in its stores since 2022, and customers can’t get enough of them.

According to Costco’s latest earnings report, the company sold over $100 million worth of gold bars in the first fiscal quarter of 2024, a 25% increase from last year. The gold bars, which come in various sizes and weights, are sourced from reputable suppliers and certified by the London Bullion Market Association (LBMA).

Why are Costco customers buying gold bars?

There are several possible reasons. Some may see gold as a safe haven asset in times of economic uncertainty and inflation. Others may be attracted by the low prices and convenience of buying gold at Costco, where they can also get cash-back rewards and free shipping. And some may like the idea of owning a shiny piece of metal that has been valued for centuries.

Whatever the motivation, Costco’s gold sales are a testament to the company’s ability to cater to its customers’ diverse needs and preferences. As Costco’s CFO Richard Galanti said in a conference call with analysts, “We’re always looking for new ways to offer value and quality to our members, and gold bars are no exception.”