NATIONAL NEWS

Costco’s hottest item isn’t rotisserie chickens, but $2,000 gold bars

Dec 16, 2023, 3:09 PM

A 24-karrot 1 oz. Gold Bar PAMP Suisse Lady Fortuna Veriscan was listed as sold out on Costco’s s...

A 24-karrot 1 oz. Gold Bar PAMP Suisse Lady Fortuna Veriscan was listed as sold out on Costco’s site this week. (Angus Mordant, Bloomberg/Getty Images)

(Angus Mordant, Bloomberg/Getty Images)

(CNN) — Would you like a $2,000 gold bar at Costco with your $4.99 rotisserie chicken?

Yes, Costco sells more than just toilet paper, office supplies and food items, and the company is quite effective at it. A 24-karat 1 oz. Gold Bar PAMP Suisse Lady Fortuna Veriscan was listed as sold out on Costco’s site this week and bars usually sell out hours after being posted on Costco’s website, according to chief financial officer Richard Galanti.

The wholesale retailer began selling gold online in September and 1 oz. gold bars on Friday were going for $2,069.99, with a limit of two bars per Costco membership. According to the Costco website, the non-refundable gold comes “in a sealed black assay card” and is “individually stamped with a unique serial number.”

The company sold more than $100 million worth of gold bars last quarter, Galanti told analysts during the company’s earnings call on Thursday.

Company continues to show strong profits

Costco’s success in selling gold comes as the company continues to report strong profits from the pandemic in 2020, when customers rushed to stores to load up on groceries and household staples.

Millions of first-time customers signed up for club memberships during the pandemic and have held onto them, pushing Costco’s member rolls to all-time highs. Shares of Costco (COST) have surged over 45% this year.

Gold prices, meanwhile, hit an all-time high earlier this month, buoyed by growing expectations of interest rate cuts among investors, a weaker dollar and geopolitical tensions. When interest rates are low, falling or — as in this case — expected to fall, demand for Treasuries ebbs, and gold, which doesn’t pay out any interest, becomes relatively more attractive.

Over a longer timeframe, gold has benefited from another factor: a deep sense of global unease. Investors typically see the metal as a safe haven since it is a tangible, scarce asset that, in theory, holds its value. However, the tricky part for investors is selling back the physical gold, which can be risky and expensive.

KSL 5 TV Live

National News

President Joe Biden speaks, Saturday, July 13, 2024, in Rehoboth Beach, Del., addressing news that ...

Emma Keddington, KSL NewsRadio

‘It’s time to cool it down,’ says Biden in the wake of campaign rally shooting

President Joe Biden addressed the country Sunday night, saying there should be no toleration for any kind of political violence in the wake of the assassination attempt on former president Donald Trump. 

10 hours ago

The tail section of former President Trump's airplane is seen on arrival to the Milwaukee Mitchell ...

The Associated Press

Donald Trump arrives in Milwaukee for RNC after assassination attempt heightens security fears

Former President Donald Trump has arrived in Milwaukee for the Republican National Convention a day after he was targeted in an attempted assassination at a campaign event.

11 hours ago

Law enforcement officers gather at the campaign rally site for Republican presidential candidate fo...

Pamela Brown and Shoshana Dubnow, CNN

Local officer tried to stop gunman on rooftop, but was unable to engage him, Butler County sheriff says

A local police officer saw the gunman on the rooftop during former President Donald Trump’s Pennsylvania rally on Saturday but was unable to engage him, Butler County Sheriff Michael T. Slupe told CNN’s Pamela Brown on Sunday.

13 hours ago

U.S. Secret Service agents converge to cover Republican presidential candidate former President Don...

Julie Carr Smyth, Jill Colvin, Colleen Long, Michael Balsmo, Eric Tucker and Michelle L. Price, The Associated Press

FBI says it has not determined a motive for assassination attempt on former President Donald Trump

BUTLER, Pa. (AP) — On the heels of an attempt to kill him, former President Donald Trump called Sunday for unity and resilience as shocked leaders across the political divide recoiled from the shooting that left him wounded but “fine.” A former fire chief attending the rally with family was killed, as was the gunman. Two other […]

14 hours ago

Police snipers return fire after shots were fired while Republican presidential candidate former Pr...

Whitney Wild, Evan Perez and Tierney Sneed, CNN

Secret Service faces serious questions about security footprint and rooftop access at Trump event

In the wake of the attempted assassination of Donald Trump, there are growing questions about how a sniper was able to obtain rooftop access roughly 150 yards from the former president’s position at the podium at an outdoor rally.

16 hours ago

Boyd Matheson follows the latest details after an attempted assassination was made on former Presid...

KSL TV

Sunday Edition: The attempted assassination of former President Donald Trump

Boyd Matheson sits down for a special episode of Sunday Edition following the attempted assassination of former President Donald Trump.

17 hours ago

Sponsored Articles

young male technician is repairing a printer at office...

Les Olson

Unraveling the dilemma between leasing and buying office technology

Carefully weigh these pros and cons to make an informed decision that best suits your business growth and day-to-day operation. 

A kitchen in a modern farmhouse....

Lighting Design

A room-by-room lighting guide for your home

Bookmark this room-by-room lighting guide whenever you decide to upgrade your lighting or style a new home.

Photo courtesy of Artists of Ballet West...

Ballet West

The rising demand for ballet tickets: why they’re harder to get

Ballet West’s box office is experiencing demand they’ve never seen before, leaving many interested patrons unable to secure tickets they want.

Electrician repairing ceiling fan with lamps indoors...

Lighting Design

Stay cool this summer with ceiling fans

When used correctly, ceiling fans help circulate cool and warm air. They can also help you save on utilities.

Side view at diverse group of children sitting in row at school classroom and using laptops...

PC Laptops

5 internet safety tips for kids

Read these tips about internet safety for kids so that your children can use this tool for learning and discovery in positive ways.

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why printer security should be top of mind for your business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Costco’s hottest item isn’t rotisserie chickens, but $2,000 gold bars