Costco gold bars selling out quickly as bullion prices rise: survey
77% of stores surveyed by Bloomberg sold out of product within first week of October
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The gold rush that started last year at Costco locations across the U.S. is continuing as bars keep selling at a time when bullion prices are soaring, according to a Bloomberg survey.
Costco's website shows 1-ounce gold bars were available for purchase for $2,689.99 before tax, but are now sold out, leading to members rushing to stores. Costco's prices undercut traditional precious metal dealers and offer rewards for members, Bloomberg reports.
"It’s a great experience overall," Sourav Sethia, a 33-year-old analytics engineer from New Jersey, told the media outlet. "I get calls from Costco whenever gold bars arrive as I am a previous buyer. So whenever I see the price has pulled back, I rush to Costco to buy one."
While Costco did not immediately respond to a FOX Business inquiry, Bloomberg's survey showed that approximately 77% of Costco stores that stock bullion bars were sold out in the first week of October. That percentage is based on phone calls to 101 stores in 46 states, all of which staff said had received new stock of the gold bars recently.
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Costco began selling gold bars last year, and they are flying off the shelves. (Costco / Fox News)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 928.08 | -2.07 | -0.22% |
Just last week, news spread that Costco is also selling 1-ounce PAMP Suisse Lady Fortuna Veriscan platinum bars online.
The product listing said the platinum bars have a one-transaction, five-unit limit for Costco members.
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In an aerial view, the Costco logo is displayed on the exterior of a Costco store on July 11, 2024 in Richmond, California. (Justin Sullivan/Getty Images / Getty Images)
Customers cannot return the bars once they purchase them, with delivery not available for the states of Nevada and Louisiana, Fortune reported.
Costco is charging $1,089.99 for each platinum bar, according to the outlet.
Costco members have rushed to get their hands on the retailer’s gold and silver bars in the past.
A selection of gold and silver bars and one-ounce gold and silver coins arranged at Gold Investments Ltd. bullion dealers in London, UK, on Tuesday, May 21, 2024. (Getty Images / Getty Images)
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In September of last year, then-CFO Richard Galanti told analysts and investors that the retailer’s gold bars were "typically gone within a few hours" after getting put on Costco’s website.
The retailer has also credited the gold and silver bullion with helping give its online sales a boost in recent quarters.