Keith Fitz-Gerald, director of The Fitz-Gerald Group, highlights shares of Costco, Palantir and Lockheed Martin ahead of the market open.
The gold rush that began last year continues at Costco locations across the U.S. as bullion continues to sell at a time of rising bullion prices, according to a Bloomberg survey.
Costco’s website shows that one-ounce gold bars were available for purchase for $2,689.99 before taxes, but are now sold out, sending members rushing to stores. Costco’s prices undercut traditional precious metals dealers and offer bonuses to members, Bloomberg reports.
“It’s been a great experience overall,” Sourav Sethia, a 33-year-old analytics engineer from New Jersey, told the media. “I get calls from Costco whenever gold bars arrive because I’m a previous buyer. So whenever I see the price has dropped, I rush to Costco to buy one.”
While Costco did not immediately respond to a FOX Business inquiry, a Bloomberg survey showed that nearly 77% of Costco stores that sell bullion bars were sold out in the first week of October. That percentage is based on phone calls made to 101 stores in 46 states, all of which employees said had recently received new stock of gold bullion.
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Costco started selling gold bars last year, and they’re flying off the shelves. (Costco/Fox News)
Security Tape Last Change Change % Cost COSTCO WHOLESALE CORP. 886.07 +12.48 +1.43%
Just last week, news broke that Costco is also selling 1-ounce PAMP Suisse Lady Fortuna Veriscan Platinum bars online.
The product listing stated that platinum bars have a limit of one transaction and five units for Costco members.
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In an aerial view, the Costco logo is displayed on the exterior of a Costco store on July 11, 2024 in Richmond, California. (Justin Sullivan/Getty Images/Getty Images)
Fortune reported that customers cannot return bullion once they have purchased it, with delivery not available to Nevada and Louisiana.
Costco charges $1,089.99 per platinum bar, according to the outlet.
Costco members have been quick to get their hands on the retailer’s gold and silver bullion in the past.
A selection of one ounce gold and silver bars and one ounce gold and silver coins arranged by Gold Investments Ltd bullion dealers. In London, United Kingdom, on Tuesday, May 21, 2024. (Getty Images / Getty Images)
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In September last year, then-CFO Richard Galanti told analysts and investors that the retailer’s gold bars “typically disappeared within a few hours” after being placed on Costco’s website.
The retailer has also credited gold and silver bullion with helping boost its online sales in recent quarters.
