Gold Rush at Costco: Shoppers Scramble as Precious Metal Bars Fly Off Shelves

Clear Facts

• Costco’s gold bars are selling out quickly as bullion prices rise, with 77% of stores reporting sellouts in early October.
• The 1-ounce gold bars were priced at $2,689.99 before tax and are in high demand due to competitive pricing and member rewards.
• Costco is also offering 1-ounce platinum bars online, with a purchase limit and no returns allowed.

The rush for gold at Costco continues unabated, driven by soaring bullion prices. The retailer’s 1-ounce gold bars, initially available for $2,689.99 before tax, have been selling out rapidly. This has prompted eager members to flock to stores in hopes of securing these precious items.

Costco’s competitive pricing strategy offers an edge over traditional precious metal dealers, accompanied by member rewards. Sourav Sethia, an analytics engineer from New Jersey, shared his enthusiasm for the experience, saying,
“It’s a great experience overall. I get calls from Costco whenever gold bars arrive as I am a previous buyer. So whenever I see the price has pulled back, I rush to Costco to buy one.”

A survey reveals that 77% of Costco locations stocking bullion bars were sold out in the first week of October. This data was gathered from phone calls to 101 stores across 46 states, all of which had recently received new stock.

In addition to gold, Costco has expanded its offerings to include 1-ounce PAMP Suisse Lady Fortuna Veriscan platinum bars online. These platinum bars come with a one-transaction, five-unit limit for members, and cannot be returned once purchased. Delivery is unavailable to Nevada and Louisiana, with each platinum bar priced at $1,089.99.

Costco’s foray into precious metals has seen a surge in member interest. Last September, then-CFO Richard Galanti noted that gold bars were “typically gone within a few hours” of being listed on the website. This trend has contributed to a boost in the retailer’s online sales in recent quarters.

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