Costco has reported over $100 million in gold sales in its first fiscal quarter, CFO Richard Galanti said during a company earnings call.
The 1-ounce gold bars, CNBC reports, often selling out within hours on Costco's website, were listed at $2,069.99 each, higher than the spot price of $2,020.58.
Customers are limited to two bars per membership, and the product has received a 4.9-star rating from nearly 800 reviews on Costco's site. Nonetheless, some customers did complain about the high state sales taxes.
Spot gold prices have risen by 12% this year. JPMorgan forecasts a rally in gold for 2024, potentially reaching $2,300 per ounce, but said a short-term dip could bring the price down to $1,900 per ounce, setting up for a midyear rally in 2024.
Nick Koutsobinas ✉
Nick Koutsobinas, a Newsmax writer, has years of news reporting experience. A graduate from Missouri State University’s philosophy program, he focuses on exposing corruption and censorship.