Costco is apparently selling gold bars that consumers are snapping up at a record pace.
On Wednesday, CNBC described the gold bars as one-ounce gold PAMP Suisse Lady Fortuna Veriscan bars. They were reportedly being sold for approximately $1,900, the outlet said.
Costco’s chief financial officer, Richard Galanti, said Tuesday during the company’s quarterly earnings call that the bars were selling fast.
“I’ve gotten a couple of calls that people have seen online that we’ve been selling 1 ounce gold bars. Yes, but when we load them on the site, they’re typically gone within a few hours, and we limit two per member,” he commented.
When Breitbart News searched the Costco website Thursday morning, the company had listed the gold bars as a “Member Only Item,” and buyers must sign into their accounts to view the price:
COSTCO IS SELLING GOLD BARS AND THEY ARE SELLING OUT WITHIN A FEW HOURS (CNBC)
— FXHedge (@Fxhedgers) September 28, 2023
Costco is well-known as a place to get bargain prices on any variety of items, from food to luggage to appliances to gold bars.
Wait, gold bars?
Yes, the retail warehousing giant is your one-stop… pic.twitter.com/UtwmMgMGhg
The site also noted there was a limit of two bars per membership.
According to the CNBC report, Jonathan Rose who is the cofounder of Genesis Gold Group, said Americans are wary of the future. Therefore, some are turning to gold.
The outlet continued:
With inflation still elevated, banks under the gun from a regulatory standpoint and looming issues in the commercial real estate market, the safe-haven aspect of gold and silver should be strong, Rose said.
“We know what the road map looks like: Bank failures, commercial loans defaulting at an alarming rate … they don’t seem to have a handle on inflation, and that’s why they keep raising interest rates,” he said. “The outlook for stability in the market isn’t good and people want a [tangible] asset that’s going to be a safe haven. That’s what gold and silver provide.”
It is important to note that Sen. Bob Melendez (D-NJ) was recently indicted by federal prosecutors on bribery allegations after the purported discovery of $480,000 in cash and more than $100,000 in gold bars inside his house in 2022, Breitbart News reported Monday.
U.S. Sen. Bob Menendez (D-NJ) (Photo by Mark Wilson/Getty Images) // According to NBC News, “Menendez received cash, gold bars, payments toward a home mortgage, compensation for a low- or no-show job, a luxury vehicle and other items of value” (U.S. Attorney’s Office for the Southern District of New York).
In KTLA’s Thursday report about Costco’s gold bars, the outlet featured an image of Menendez beside two gold bars:
“Menendez and his wife are charged with Conspiracy to Commit Bribery, Conspiracy to Commit Honest Service Fraud, and Conspiracy to Commit Extortion Under Color of Official Right,” the Breitbart News article said.
“This marks the second time he has been indicted on bribery allegations; he was indicted in 2015, but the case resulted in a mistrial,” it concluded.
