The spot price for gold hit a record $2,686 per ounce on Sept. 26.
Costco shoppers are purchasing the store’s 1-ounce gold bars at a high rate despite the precious metal’s record-high prices in recent months, according to a recent survey.
Around 77 percent of Costco outlets that sell bullion bars were sold out in the first week of October, a Bloomberg survey found. The news outlet and financial services company said it surveyed 101 stores in 46 states that sell gold and recently restocked the precious metal.
The apparently high number of sales comes even as gold prices have surged in the past year or so. In the past 12 months, gold is up about 41 percent, going from around $1,864 per ounce to $2,640 per ounce.
According to data provided by the American Precious Metals Exchange (APMEX), the spot price for gold hit a record $2,686 per ounce on Sept. 26.
Costco started selling the 1-ounce gold bars in late 2023 in its stores and via its website, available only to members. Since then, the company has started selling silver coins and now platinum bars and coins.
Wells Fargo in April estimated that the big-box retailer is selling up to $200 million in gold per month. “Our work suggests there has been significant interest given Costco’s aggressive pricing and high level of customer trust,” Edward Kelly, an analyst with Wells Fargo, wrote in a note to clients at the time.
“The accelerating frequency of Reddit posts, quick online sell-outs of product, and [Costco’s] robust monthly [ecommerce] sales suggests a sharp uptick in momentum since the launch,” he added.
Meanwhile, Costco Chief Financial Officer Gary Millerchip told Bloomberg that gold and silver are a “meaningful part” of the company’s growth, adding that Costco is happy to have the capacity to offer those products. “It’s a great example of our merchants constantly finding new ways to deliver uniqueness and value,” he said.
The Epoch Times contacted Costco for comment but received no response by Tuesday morning.
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