Retail and warehousing giant Costco Wholesale recently discovered that gold has become a new favorite for online shopping. During the company's earnings conference call on Thursday, Costco Wholesale reported sales of over $100 million in gold for the first fiscal quarter ending on November 26th.
Costco Wholesale's Chief Financial Officer, Richard Galanti, had previously stated in September that 1-ounce gold bars usually sell out within a few hours after being listed on the Costco Wholesale website. The PAMP Suisse Lady Fortuna Veriscan series seemed to be sold out last Friday.
Gold enthusiasts on Reddit have mentioned that the recent selling price of these gold bars is slightly above $2,000. However, each Costco Wholesale member is limited to purchasing two bars, making it somewhat difficult to establish a substantial position. Overall, members seem to be satisfied with their gold purchases, as there are nearly 800 comments and a rating of 4.9 stars for gold bars on the Costco Wholesale website. However, gold cannot be returned.
The spot price of gold has risen by approximately 12% this year. According to a recent forecast by JPMorgan, gold is expected to experience a breakthrough surge in 2024, with a projected peak of $2,300 per ounce, as benchmark interest rates are expected to decline.
JPMorgan suggests that gold may pull back to $1,900 per ounce in the coming months, but this would create an opportunity for investors to position themselves before the mid-year surge.
Gold is expected to rise this week due to the weakening of the US dollar and the decline in US Treasury yields. The Federal Reserve hinted on Wednesday that it would implement three interest rate cuts by 2024, and the trading price of gold on Friday morning was $2,036.19 per ounce.

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According to the data, gold has become the new favorite of online shopping at Costco Wholesale. In the first fiscal quarter ending on November 26th, the company sold over $100 million worth of gold.

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Costco Wholesale

Inflation is too high and Americans love gold too! Costco Wholesale imposes strict purchase limits, selling $100 million worth of gold bars last quarter.