Costco’s latest gold bars are said to be sold out in hours after the company started selling them.
“I’ve gotten a couple of calls that people have seen online that we’ve been selling one-ounce gold bars,” Richard Galanti, the company’s CFO, told the investors of Costco on a Tuesday fourth-quarter earnings call.
“Yes, but when we load them on the site, they’re typically gone within a few hours and we limit two per member.”
According to the information available on the Costco website, the company has been quickly selling out the one-ounce gold bars. They are selling the one-ounce 24-karat gold from South Africa Rand Refinery for $1,949.99. They also sell from Swiss Supplier PAMP Suisse for $1,979.99. Both products have an average rating of 4.9 on the Costco website.
The products include insured signed for air shipping through popular logistic company UPS.
However, both of the products displayed on its listing show that the buyers cannot return them and get a refund. Also, Galanti confirmed that the users can only buy two of each item through their membership.
The market price for one ounce of gold was worth $1,890. Right now, Reddit users have been sharing their interest in purchasing one of these products. A massive number of Reddit users have been discussing on the platform about their struggle to get one of them. Also, the executive customer membership holders are eligible for a 2% cashback.