Costco Now Selling 1-Ounce Gold Bars
Retail giant Costco has surprised customers by adding 1-ounce gold bars to its inventory. While the exact price is only available to members, online discussions suggest that the bars are priced at just under $1,900. The spot gold price as of September 28, 2023, was $1,874.50 per ounce.
Exclusive Online Availability for Members
Costco’s Executive Vice President and Chief Financial Officer, Richard Galanti, confirmed during a recent earnings call that the gold bars are only available online and limited to two per member. Costco membership fees range from $60 to $120 per year.
A Strategic Move for Costco
CNBC reports that Jonathan Rose, co-founder of Genesis Gold Group, sees Costco’s addition of gold bars as a strategic promotion. He believes it will attract a specific segment of their customer base who are interested in survivalist goods and economic stability. The move aligns well with Costco’s expansion into survivalist products.
Predictions for Gold Prices
Michael Lee, founder of Michael Lee Strategy, predicts that gold prices could reach $5,000 per ounce within the next three years due to the recessionary state of the U.S. economy and impending defaults. He questions the current gold price and suspects market manipulation by banks and financial institutions.
Gold as a Safe Haven Investment
Lee also views gold as a long-term investment and a hedge against inflation and economic instability. He speculates that China and Europe will be the first regions to seek safety in gold, driving its price up. Additionally, Lee expresses skepticism about labor market data accuracy and criticizes the Federal Reserve’s decision to raise interest rates.
Hot Take: Costco Expands Offerings with Gold Bars
Costco’s decision to offer 1-ounce gold bars is a strategic move that caters to customers interested in survivalist goods and economic stability. The addition of gold bars aligns well with their existing range of products and could attract a specific segment of their customer base. With predictions of gold prices reaching $5,000 per ounce within the next three years, this move positions Costco as a provider of valuable investment options. As concerns about economic stability grow, offering gold bars allows Costco members to diversify their portfolios and seek a safe haven for their assets.
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