In the last quarter, Costco, the membership-based wholesale retailer, reported a remarkable $100 million in sales of one-ounce gold bars, as disclosed by Costco CFO Richard Galanti in an earnings call on Thursday.
Faced with ongoing inflation concerns, consumers swiftly purchased the gold bars, which sold out within hours. These bars, currently unavailable, were priced between $1,950 and $1,980 this fall, while the spot price for gold exceeded $2,000 per ounce as of Monday.
Gold is historically considered a reliable investment during economic uncertainties, earning its reputation as an inflation hedge. In early December, spot gold prices reached a record high of over $2,100 per ounce amid lingering fears of a recession.