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Costco sells $100m in gold bars in most recent quarter

Retailer began selling bars of 24-karat gold online in September, with each release selling out ‘within a few hours’

Known for selling goods in bulk, Costco’s latest such offering – gold bars – has proved a hit, with $100m worth sold in the most recent quarter, Business Insider reported.

With demand for the precious metal rising globally amid the economic uncertainty of the past few years, Costco in September began selling 1oz (28g) bars of 24-karat gold exclusively online, with Costco members eligible to buy two apiece. The retailer has more than 72m paid memberships.

Each new release of gold bars usually sells out “within a few hours”, AP reported the Costco CFO, Richard Galanti, saying in a September company earnings call.

The exact price of the gold is hard to track, as they are reserved for members only. But some media outlets have reported that the bars cost just under $2,000, slightly below the current market price of gold, which stands at $2,048.30.

Despite being known for discount prices, Costco does sell a few other expensive items. In the last economic quarter it reportedly took $20,000 for an index card autographed by the baseball legend Babe Ruth. Galanti also joked that “last-minute shoppers” could still buy an autographed 1951 rookie card from Mickey Mantle for $250,000.

Both the cards and the bars are refundable.

Source: theguardian