This is mildly astonishing. Costco, a supermarket chain, sells around two billion dollars in gold a year, and they only started selling gold in the last half of 2023!Costco (COST) is slinging a lot of gold bars as prices for the yellow metal continue to surge.
Sales of gold were up "double digits" in the most recent quarter, Costco CFO Gary Millerchip told analysts on its earnings call Thursday evening. Millerchip went on to add that gold was a "meaningful tailwind" to e-commerce sales in the quarter.
Costco began selling gold bars in the fall of 2023. Wells Fargo analysts have estimated Costco is selling $100 million to $200 million in gold bars each month.
That is more than a 'shed load' of beans, and frozen chips!
Get Woolies and Coles on the phone, and the Australian Reserve Bank can set up a kiosk in their foyer.
NST - anyone else surprised by price performance last 2 days?, page-140
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