Move Over TP, Costco Members Gobbling up Gold Bars
You won't find them next to the pallet of toilet paper or tables full of clothing, but Costco is seeing a climbing demand for gold bars.
Costco customers can purchase them online
For some time Costco has sold one-ounce gold bars, online only, but lately, company officials say they are moving fast, usually selling out.
Company earnings reports indicate the bars, which sell for just under $2,000 each (current price) are apparently being utilized by many consumers as a way to strengthen their financial position and diversify their portfolios.
The price online does shift, depending on the price of the precious metal. According to the AP and MyNorthwest.com, Costco has not released any data about how many bars they have sold.
"Jonathan Rose, CEO of precious metal broker Genesis Gold Group, says that recent bank failures, inflation and individuals’ concerns about the U.S. dollar, for example, can cause some to start looking for alternative places to park their money."
Having a few bars that only weigh one or maybe two ounces is not going to drive up one's wealth considerably but with financial uncertainty many people are looking to add what they call precious metals to their portfolio.
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