Families looking to buy huge packs of toilet paper and dirt cheap hot dogs at Costco can now make out like old-timey prospectors, ’cause the retailer’s got gold to spare, which is flying off their digital shelves … to the tune of potentially hundreds of millions.
The store known for selling everything in bulk is in the precious metals game these days … selling 1-oz, 24-karat gold bars in their stores for around $2,400 a pop. This has been going on for about 6 months or so now, and at this point … it’s apparently a money-maker.
Analysts at Wells Fargo reportedly told its clients earlier this week that Costco might be bringing in between $100 million and $200 million on gold sales each month. Wowza!
Now for those folks thinkin’ about buyin’ up all Costco’s gold supply, take a breath … ’cause the warehouse giant’s got rules about purchasing the gold.
It’s limiting customers to just 5 gold bars per membership. Of course, these things go like hotcakes … and get snatched up on their website within hours anytime they restock.
Funny enough, CNBC‘s also reporting the company’s not turning a huge profit on the gold … with cash-back offers and shipping costs mercilessly cutting into the bottom line. In other words, the great deals Costco offers make the gold bars a steal … if you can get’ em, that is.
That said, the company’s bought up a Fort Knox-level of gold regardless … and, could be saving it for a rainy day. Some economists are suggesting them selling gold is a smart biz move — as more investors seem to be pivoting back toward assets like gold, etc.
So, get your gold while you can … and grab some massive cans of tuna while you’re at it.
