One of the United States’ largest retailers is revolutionizing the shopping experience by incorporating real gold bars into its extensive inventory, which includes groceries, appliances, and electronics.
These gold bars are available exclusively to Costco members, with a limit of two bars per person. Costco is offering the one-ounce PAMP Suisse Lady Fortuna Veriscan and Rand Refinery bars, crafted from 24-karat gold, on its website for just under $2,000. However, these coveted items are in high demand and tend to sell out quickly.
During a recent quarterly earnings call, Richard Galanti, Chief Financial Officer of Costco, shared that these gold bars have been incredibly popular. He stated that once they are made available on the website, they are typically sold out within a few hours, and each member is limited to purchasing two bars.
To access the price of these gold bars online, one must first become a Costco member, which ranges in cost from $60 to $120 per year, depending on the chosen tier. It’s important to note that the product is non-refundable and is shipped to customers via UPS. Additionally, the bars come with certificates of authenticity and proof of lab analysis, assuring buyers of their authenticity and quality.
The rising popularity of gold purchases among Costco members has contributed to the retailer’s decision to increase its membership prices.
Gold Prices on the Upswing
Over the past five years, the value of precious metals has steadily increased. For instance, the price of gold has surged from approximately $1,200 per ounce in 2019 to $1,825 as of Tuesday, according to CNBC market exchange data. In April of this year, it even reached a peak of $2,026 per ounce.
Various market factors influence the price of gold, including supply and demand, interest rates, market volatility, and potential risks for investors, as indicated by Investopedia, an investing website.
While research has shown that gold doesn’t directly correlate with inflation in a significant way, Jonathan Rose, co-founder of Genesis Gold Group, believes that people are increasingly turning to gold as a way to secure a sense of stability in an economy grappling with inflation, a challenging real estate market, and growing distrust in banks and financial institutions. According to Rose, individuals are seeking tangible assets like gold and silver as a safe haven in an uncertain market.
The allure of owning a piece of real gold is particularly appealing to those who aim to establish a sense of self-sufficiency, a form of wealth they believe will withstand turbulent financial markets.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Genz Flash journalist was involved in the writing and production of this article.