Costco's Newest Product Keeps Selling Out in Just 'Hours'

Warehouse retail chain is limiting its 1-ounce gold bars to 2 per customer
By Jenn Gidman,  Newser Staff
Posted Sep 29, 2023 11:43 AM CDT
Updated Oct 1, 2023 10:50 AM CDT
Pick Up Some Gold Bars ... at Costco
A Costco warehouse is seen Aug. 24 in Sheridan, Colorado.   (AP Photo/David Zalubowski)

Gold bars don't just (allegedly) exist in the homes of US senators—now regular folks can pick some up at Costco. Per CBS News, the warehouse retailer is selling a 1-ounce PAMP Suisse Lady Fortuna Veriscan bar and a 1-ounce bar from South Africa's Rand Refinery, both made of 24-karat gold, though you won't be able to buy them in bulk along with your TP and cashews: Costco is limiting each customer to two. It's not clear just how much each bar costs—Costco's website simply notes it's a "member-only item," whose cost can only be viewed by those holding the special membership card—but posts on Reddit indicate one recently sold for around $1,900, per CNBC.

That's around what Thursday's spot price for gold was: $1,875 per ounce. Walmart similarly sells gold bars, for close to the same price. Costco CFO Richard Galanti says their bars have been selling like wild. "When we load them on the site, they're typically gone within a few hours," he said in a Tuesday earnings call with investors. CNBC notes that precious metals in general "have been on a run" over the past few years, with the price of gold itself rising 15% over the past year, and more than 55% over the past five years.

Costco financial executive Josh Dahmen tells Barron's that although the bars are being sold online only for now, the company is open to bringing them into the brick-and-mortar locations and may test that in the near future. Customers seem receptive to the overall idea, at least based on online reviews. "I hope we can somehow find out when it becomes available again. It sold out very quickly!" one satisfied customer, who called the purchase "easy and secure," commented, per CBS. If you get cold feet after your purchase, you'll have to sell them off yourself: Costco's site notes that both types of gold bars are nonrefundable. (More Costco stories.)

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