Costco Gold Bars Were A Hot Holiday Buy

(December 15, 2023 - Dominick Reuter)

Gold bars on Costco's website Costco

• Costco sold $100 million worth of gold bars in its most recent quarter, CFO Richard Galanti said.
• Sales of the one-ounce bars are limited to two per membership and sell out "within a few hours."
• Galanti said Costco also sold a card autographed by baseball legend Babe Ruth for $20,000.

Gold bars continue to be a hit at Costco.

The company sold $100 million worth of one-ounce gold bars in its most recent quarter, CFO Richard Galanti said Thursday during an earnings call.

When asked what consumer trends Costco was seeing this holiday season, he quipped, "They're buying gold."

Galanti previously said the company sells out of its gold inventory "within a few hours" of the products being listed online.

Costco's website shows one-ounce bars of 24-karat gold from South Africa's Rand Refinery and from Swiss supplier PAMP Suisse. Orders from each refiner are limited to two per membership.

The company ended the quarter with 72 million paid memberships.

Pricing is not available as neither product is currently in stock, but gold was trading at $2,035 per ounce at the time of the call.

Galanti noted another remarkable collector's item sold during the quarter: an index card autographed by baseball legend Babe Ruth, which went for $20,000.