Costco sold $100 million in gold bars this quarter, sells out ‘in a few hours’
This fast-selling item continues to be a goldmine for Costco.
The members-only retailer sold a jaw-dropping $100 million worth of one-ounce gold bars in its latest quarter as buyers continue to swoop up the blingy blocks, the companys CFO Richard Galanti said in an earnings call this week, according to Business Insider.
He said patrons were exchanging their dollar bills for gold bars when reportedly asked what consumer trends Costco was seeing this holiday season.
Galanti has previously told investors that gold bars were a big hit.
He said in an earnings call earlier this fall that gold bars sell out within a few hours of appearing on the retail giants website.
In an effort to keep the gold in stock, Costco members are only allowed to purchase two bars each and can only buy them online — but the buying frenzy hasn’t shown any signs of slowing.
The bars, from South Africa, are 24-karat gold and are not refundable. Each one is individually stamped with a unique serial number, according to Costcos website.
While the price was not publicly available on the stores website Thursday, gold was trading at $2,035 per ounce during the Thursday earning call, Business Insider reported.
With Post wires
