Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Business

Costco sold more than $100 million in gold bars last quarter

by December 16, 2023
December 16, 2023
Costco sold more than $100 million in gold bars last quarter

Costco has found a new hit with online shoppers — gold.

The retail warehousing giant sold more than $100 million of the precious metal in its first quarter, which ended Nov. 26, Costco CFO Richard Galanti told analysts during the company’s earnings call Thursday.

The 1-ounce bars typically sellout within a few hours after they are loaded to Costco’s website, Galanti said back in September. The PAMP Suisse Lady Fortuna Veriscan series appeared to be unavailable Friday.

Gold enthusiasts on Reddit said the bars were going for slightly more than $2,000 as recently as last week. Customers are limited to two bars per Costco membership, which would make it difficult to build a real position in the precious metal.

Members generally seemed satisfied with their purchase though, with a 4.9 star rating on Costco’s website with nearly 800 reviews. Some customers did complain about stiff state sales taxes.

Spot gold prices have jumped about 12% this year. JPMorgan is forecasting a breakout rally for the precious metal in 2024 with a peak of $2,300 an ounce as interest rates are expected to fall, according to the bank’s commodities outlook published earlier this month.

The investment bank said gold could retreat to $1,900 an ounce in the coming months, but that would set investors up to position themselves for the midyear rally.

Gold is on pace for a weekly gain on a weaker U.S. dollar and lower Treasury yields after the Federal Reserve on Wednesday signaled three rate cuts are in store for 2024. The precious metal was trading at $2,036.19 an ounce Friday morning.

One important note on Costco’s gold bars: They are non-refundable.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Extreme Breadth Readings Say Short-Term Bearish, Long-Term Bullish
next post
MrBeast’s food delivery service partner denies ‘disparaging’ allegations in new legal filing

Related Posts

‘Stakes are high’ in the Alaska Air flight...

January 8, 2024

Employment among people with disabilities hits post-pandemic high

July 8, 2023

Trump Media stock erases all gains since it...

April 9, 2024

Hasbro laying off 1,100 workers as weak toy...

December 13, 2023

Walmart to open or expand more than 150...

February 2, 2024

NYSE says technical issue fixed after Berkshire Hathaway...

June 4, 2024

Is it time to rethink the 4% retirement...

May 15, 2024

Disney tops quarterly profit estimates, but starts to...

February 6, 2025

Disney appeals federal judge’s dismissal of its lawsuit...

February 2, 2024

Southwest fined $140 million over 2022 holiday flight...

December 18, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • The NASDAQ 100, On The Brink Of A Breakout, Needs Help From This Group

    • Tech 5: OpenAI/Microsoft Talks Get Tense, SoftBank Floats Arizona Robotics Hub

    • Editor’s Picks: Silver Price Hits 13 Year High, Gold Takes a Breather

    • Joe Rabil’s Undercut & Rally Pattern: From DROP to POP

    • RRG Alert Tech Vaults to ‘Leading’—Is XLK Signaling a New Rally?

    • Coelacanth Energy

    Categories

    • Business (1,259)
    • Investing (2,585)
    • Politics (3,699)
    • Stocks (1,670)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved