A 1 oz. 24-karat gold bar from South African company Rand Refinery or PAMP Suisse cost about $1,950 and $1,980, respectively
People can find deals at Costco on the latest appliances, grocery items, household products — and now even gold bars.
The retail giant has recently been selling 1 oz. bars of authentic 24-karat gold from South African mining company Rand Refinery and Swiss precious metal supplier PAMP Suisse on their website for $1,949.99 and $1,979.99, respectively, according to Insider.
According to the product details on Costco’s page, Rand Refinery’s gold bars are individually stamped with a unique serial number and arrive in a sealed black assay card, while PAMP Suisse’s gold bars are individually “controlled, registered, and secured” within CertiPAMP™ packaging with an official Assay Certificate and a digital certificate accessed with a QR Code.
Both items are non-refundable, provide air shipping via UPS and currently have a 4.9 out of 5 average rating on the company’s website, with one member writing on Rand Refinery’s gold bar customer rating that it was a “beautiful piece of gold” and “brand new.”
The gold pieces appear to be sold out and have been difficult for people to get their hands on, according to Costco CFO Richard Galanti, who told investors during a call on Tuesday that the gold bars are quick to sell out.
"I've gotten a couple of calls that people have seen online that we've been selling one-ounce gold bars," said Galanti, per Insider. "Yes, but when we load them on the site, they're typically gone within a few hours and we limit two per member."
Costco did not immediately respond to PEOPLE’s request for comment on the sale of the gold bars.
The market price of an ounce of gold as of Thursday morning was sitting at just under $1,870, according to a CNBC market exchange page. The charts show that the price for an ounce of gold has steadily risen over the past 5 years from 2018 and 2019 when it averaged around $1,200 - $1,300.
Jonathan Rose, co-founder of Genesis Gold Group, told the outlet that it’s an effective way to market an item aimed at a certain type of Cotsco’s clientele that believe in being self-sufficient and owning their own currency.
“They’ve done their market research. I think it’s a very clever way to get their name in the news and have some great publicity,” Rose explained to CNBC. “There is definitely a crossover of people living off the land, being self-sufficient, believing in your own currency. That’s the appeal to gold as a safe haven as people lose faith in the U.S. dollar.”
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He said that in addition to high inflation rates, people feel anxious about the direction of banks and the commercial real-estate market in the future, which is also driving the increasing interest in precious metals.
“The outlook for stability in the market isn’t good and people want a [tangible] asset that’s going to be a safe haven,” he added. “That’s what gold and silver provide.”
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