Costco says its one-ounce gold bars are selling out fast
(KTLA) – One of Costco’s newest merchandise items has been selling out within a matter of hours, CFO Richard Galanti said on an earnings call Tuesday.
“I’ve gotten a couple of calls that people have seen online that we’ve been selling one-ounce gold bars,” Galanti told investors during the retailer’s fourth-quarter earnings call. “Yes, but when we load them on the site, they’re typically gone within a few hours and we limit two per member.”
Costco’s website shows that members can purchase one-ounce bars of 24-karat gold from Rand Refinery for $1,949.99 or a one-ounce bar from PAMP Suisse for $1,979.99. Both items have a 4.9-star rating and can’t be refunded or returned.
Costco superfans can now buy their own Monopoly game based on the warehouse store
Some Reddit users have expressed their frustrations with trying to get the high-ticket item.
Costco customers who are fortunate enough to find the item (and be able to afford it) can also earn 2% cash back on the purchase if they have an executive membership card, which grants 2% back on all purchases.
As of Wednesday morning, one ounce of gold is priced at $1,919, according to Nasdaq.
You’ll also need a Costco membership to buy a gold bar from the retailer. A standard membership costs $60 per year and an executive membership costs $120.
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