Features
Costco Goes for the Gold
Have a sudden need for gold bars? Better act fast.
By Rob Smith September 28, 2023
This article originally appeared in the November/December 2023 issue of Seattle magazine.
The warehouse retailer known for everything from its popular food court to organic maple syrup and bulk, well, everything, is now in the business of selling gold.
That’s right. Costco is peddling one-ounce gold bars online. But you have to be a member to buy them. And they’re not cheap.
Shoppers have two options: One is from Rand Refinery, a precious metals refining and smelting company. The other is from gold retailer Pamp Suisse. Each costs about $2,000. The limit is two per member. And they sell out quickly.
“When we load them on the site, they’re typically gone within a few hours,” CFO Richard Galanti said on an earnings call with analysts earlier this week. “I’ve gotten a couple of calls that people have seen (them) online.”
According to the Issaquah-based retailer’s website, the PAMP Suisse Lady Fortuna Veriscan bar is 24-karat gold and is non-refundable. Rand Refinery gold bars were apparently sold out and were not listed on the website earlier this week.
So, if you think gold is truly a way to beat inflation, you’ve got another option at Costco. But you’ll have to move fast.
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