Costco Wholesale Corp. is selling one-ounce gold bars, which store leadership says are selling out “within a few hours” of hitting the store’s website.
As of Wednesday, the gold bars are selling for a price of $1979.99 per ounce, MarketWatch reported. They are only available to Costco members, their website shows.
“I’ve gotten a couple of calls that people have seen online that we’ve been selling one-ounce gold bars,” Chief Financial Officer Richard Galanti said on Tuesday. “Yes, but when we load them on the site, they’re typically gone within a few hours, and we limit two per member.”
Gold is widely considered a safe investment because it typically holds its value and is an effective way to fight inflation.
Earlier this year, a CNBC survey found a record number of Americans feel negatively about the future of the U.S. economy amid inflation and fears of a looming recession.
According to the All-America Economic Survey, 69% of respondents said they were pessimistic about the economy both now and in the future. That was the highest percentage in the 17-year history of the survey.
“In the short and medium term, I see gold performing very well, especially with the potential fears of a global recession still being a possibility,” said Enoch Omololu, founder of Savvy New Canadians, a finance website. “Also, the turbulence that comes with the U.S. elections and the ongoing war between Russia and Ukraine means that market uncertainties can also help boost gold prices in the long term.”
“Gold is considered a safe investment and can help you protect your portfolio when the market is more volatile,” Omololu added. “In the long term, the asset won’t grow much compared to other high-risk, high-reward investments, but it will hold its value.”