Costco Reports Selling $200 Million Worth of Gold Bars and Silver Coins Monthly: Each month, Costco has reportedly sold silver coins and gold ingots valued at up to $200 million, according to an analysis by Wells Fargo.
A year ago, the warehouse began selling gold ingots. Subsequent to that, consumers have initiated the exchange of information via Reddit threads and online forums regarding the most expeditious path to purchasing the bars before they run out of stock.
Costco’s online store lists one-ounce 24-karat gold ingots. Additionally, we have raised the maximum quantity of bars that customers can purchase simultaneously from two to five since the product’s inception.
As of Thursday, we closed the online memberships for the establishments. However, The Wall Street Journal reported that consumers bought them for approximately $2,000 in December.
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Costco began selling 99.9% pure silver medallions in January, according to Wells Fargo analysts.
Revenue rose due to bullion price increases. The metal hit an all-time high of $2,365.35 per ounce on Tuesday and held it for eight trading sessions. Since mid-February, gold has risen 17%.
On Tuesday, Wells Fargo analysts wrote to clients that the company is likely losing money due to transportation and pricing costs.
“We examined this because it is becoming an increasing contributor to their sales,” Wells Fargo equity research managing director Edward Kelly said.
“Monthly revenue of $100 to $200 million is not excessive for Costco; however, this is new business for them; they did not have that much revenue last year.”
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