Would you like a US$2,000 gold bar at Costco with your $4.99 rotisserie chicken? Yes, Costco sells more than just toilet paper, office supplies and food items, and the company is quite effective at it.
A 24-karat 1 oz. Gold Bar PAMP Suisse Lady Fortuna Veriscan was listed as sold out on Costco’s site this week and bars usually sell out hours after being posted on Costco’s website, according to chief financial officer Richard Galanti.
The wholesale retailer began selling gold online in September and 1 oz. gold bars on Friday were going for US$2,069.99, with a limit of two bars per Costco membership. According to the Costco website, the non-refundable gold comes “in a sealed black assay card” and is “individually stamped with a unique serial number.”
The company sold more than US$100 million worth of gold bars last quarter, Galanti told analysts during the company’s earnings call on Thursday.
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