Over $100 million was sold in gold bars in the recent quarter as per Costco Chief
Even after limiting the number of bars (2 bars per membership), the Costco company has been able to sell $100 million bars weighing 1-ounce each. As per Costco Chief Financial Officer, Richard Galanti’s statement in September, these bars were sold out just within a few hours only, after being uploaded on the Costco website.
Listed for $2,069.99 per ounce on the website, the price was at a place higher than the latest spot price of $2,020.58. The threshold has been set at two bars per membership, which is instrumental in making it difficult to build a commanding position in the said metal.
As per JP Morgan, there can be breakout rally in 2024 hitting a peak of $2,300 an ounce, since the interest rates are probably going to fall, as per their commodities outlook, which was published earlier this month.
The website also showed a 4.9-star rating with almost 800 views, which created a sense relief for the members who were involved in this purchase.
