October 02, 2023: Costco is renowned for offering discounted prices on various products, including groceries, luggage, appliances, and even unexpected items like gold bars. Yes, you heard it right, they now sell one-ounce gold PAMP Suisse Lady Fortuna Veriscan bars, finely crafted and available for purchase.
These gold bars are being offered competitively, but it’s important to note that this deal is exclusive to Costco members. Recent discussions on Reddit suggest that these gold bars were trading for just under $1,900, whereas the spot price for gold was $1,876.56 per ounce on Wednesday afternoon.
Costco CFO Richard Galanti revealed on a quarterly earnings call that these gold bars are in high demand and sell out quickly when they become available on the website. They are limited to two bars per member.
Notably, these gold bars are only sold online and require a Costco membership, which costs $120 or $60 annually, depending on the chosen program. This limitation makes it challenging for individuals to amass a substantial gold position for financial security.
However, this unconventional promotion aligns with Costco’s recent efforts to cater to a particular segment of its customer base. Jonathan Rose, co-founder of Genesis Gold Group, pointed out that Costco has expanded its offerings of survivalist and emergency preparedness items, such as a 150-serving emergency food kit. Gold complements this theme of financial security and self-sufficiency, appealing to those who are concerned about the future and have reservations about the stability of the U.S. dollar.
In recent years, precious metals, including gold, have experienced significant price increases, with gold rising by more than 15% in the
past year and over 55% in the past five years. This move by Costco appears to be a wise marketing strategy to garner attention and publicity while tapping into the growing interest in precious metals as a hedge against economic uncertainties.
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