Avid Costco shoppers have been on the run in recent weeks after a surprising product became a bestseller: gold bars.
The brand is known for its ready-made range of bargains, from giant tubs of Nutella to caviar and saunas.
Now, in a surprising twist, a range of gold bars available online has seen customers scrambling to get their hands on one of the gold nuggets – with two options weighing just 1oz and costing around $1,950.
The gold rush came as Costco pleased investors this week with promising quarterly returns.
During the earnings call Tuesday, CFO Richard Galanti admitted, “I’ve gotten a few calls that people have seen online that we’ve sold one-ounce gold bars.”
“Yes, but when we load them onto the site they are usually gone within a few hours, and we limit two per member,” he added.
While America’s bars seem to be online-only, TikTok creators revealed that Costco locations in Korea have the items on their shelves – with images showing some items costing up to $79,000.
Costco has introduced two gold bars to its online site, one from PAMP Suisse (left) for $1979, and another from Rand Refinery for $1949.
The race to get one of Costco’s gold bars is heightened by the intrinsic value of commodities in the economy, which is seen by many as a long-term investment that can survive economic dips.
Amid a shrinking economy, banks have increased their gold holdings while hedging their bets against inflation.
According to GoldHubResilient jewelery demand and healthy investments have created a ‘supportive environment for gold prices’.
Costco has seemingly seized the moment by rolling out two 24-karat gold bars Rand Refineryfor $1,949, and PAMP Switzerlandfor $1,979.
Both bars are reportedly valued slightly higher than gold futures, which were trading at $1,890.70 per oz on Wednesday.
The items, as Galanti noted, are limited to two per customer, and it’s easy to see why given the fervent search for them online.
Consecrated in one Reddit threat, frustrated gold seekers shared their dismay at how quickly the gold bars are being taken away.
“I saw it for the first time last night when I was in bed and missed it by the time I woke up in the morning,” one person said. Sounds like they missed quite a bit.
While the gold bars appear to only be available online in America, TikTok creators in Korea revealed that Costco stores have gold bars on their shelves
New Jersey Sen. Bob Menendez was indicted this month on bribery charges after more than $100,000 worth of gold bars were found in his home in 2022.
Menendez declared his innocence at a news conference in New Jersey this week
While Costco customers have gone wild for the gold bars, there’s one person who may not need them anymore: New Jersey Senator Bob Menendez, who was indicted this month on bribery charges after investigators found more than $100,000 worth of gold bars in his found a house. He denies the charges against him.
Many also seem to believe that Costco randomly restocks the gold bars every few months, leading to a mad scramble to get one.
One person who managed to get their hands on the gold bars shared her thoughts on the items on them TikTokclaiming they were “heavier than I thought.”
She said she was originally looking for new gold jewelry, but was stunned to see that after she “typed in gold, gold bars came up!”
The TikToker, who goes by the online name @midlifecrisisgirl, proudly showed off her new purchases as she admitted the two bars cost her almost $4,000.
“I’ve never liked this yellow, but now that I see it, maybe I should start rocking 24k,” she joked, holding them to her ear like earrings.
There’s been a frenzied attempt to secure gold bars, with one person landing two and sharing her thoughts – including that they were ‘heavier than I thought’
Costco’s move to cash in on gold comes after one of the brand’s executives revealed that the company is combating rising shoplifting.
Shoplifting has skyrocketed in recent years, causing several major companies, including Target, to close locations across America due to rampant thefts.
But during Costco’s quarterly earnings call on Tuesday, the same call in which Galanti commented on gold bar sales, he said the brand survived the crisis.
“Fortunately for us, it’s not a major problem,” he told shareholders, at a time when rival CVS has also announced it will close 900 stores by the end of 2024 due to rampant shoplifting.