A new type of gold fever has hit the retail market as Costco can’t keep enough of the precious metal on its digital shelves.
Costco started selling gold bars to its North American customers earlier this year, and according to the retailer’s third quarter earnings, the move is paying off.
In the company’s earnCostco sold $100 million in one-ounce gold bars in Q3ings call on Thursday, CFO Richard Galanti said that Costco sold $100 million in one-ounce gold bars between July and September.
According to media reports, during the call Galanti was asked what consumer trends Costco was seeing this holiday season; he answered: "They're buying gold."
In 2020, Costco started selling gold to its U.K. members and added it to North American stores earlier this year. Members are limited to two bars from the same supplier each and according to Galanti, the gold sells out in hours.
Approx 50,ooo ozs per quarter
