Last quarter, Costco sold approximately $100 million worth of one-ounce gold ingots, according to CFO Richard Galanti, in response to consumer inflation concerns.
CBS News reports that the bars sold for as much as $1,980 during the fall, but they are presently unavailable. Google Finance reports that gold futures have surpassed $2,030 as of Sunday.
During an earnings call on Thursday, Galanti disclosed the triumphant sales of gold bars in response to a query regarding holiday consumer trends.
“They’re buying gold,” he said, according to Business Insider.
One 24-karat, 1-ounce gold bar from the Rand Refinery in South Africa and another bar of the same weight and karat from PAMP Suisse in Switzerland are both available on the Costco website. Memberships are restricted to two purchases at each establishment.
Given the persistent inflationary pressures surpassing the 2% objective set by the Federal Reserve Bank, consumers might consider allocating a portion of their portfolios toward gold, an asset class that has historically served as a hedge against inflation.
Ryan DeLarme is an American journalist navigating a labyrinth of political corruption, overreaching corporate influence, a burgeoning censorship-industrial complex, compromised media, and the planned destruction of our constitutional republic. He writes for Badlands Media and is also a Host and Founder at Vigilant News. Additionally, his writing has been featured in American Thinker, the Post-Liberal, Winter Watch, Underground Newswire, and Stillness in the Storm. He’s also writes for alt-media streaming platforms Dauntless Dialogue and Rise.tv. Ryan enjoys gardening, kung fu, creative writing and fighting to SAVE AMERICA
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