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Families looking to buy bulk packs of toilet paper and insanely cheap hot dogs at Costco can now make a fuss like the prospectors of old, because retailers have money to spare, and digital Because it’s flying off the shelves…potentially billions.
The store, known for selling everything in bulk, has recently entered the precious metals market, selling one-ounce 24-karat gold bars in the store for about $2,400 each. This has been going on for about 6 months or so and at this point… it’s clearly a money maker.
Wells Fargo analysts reportedly told customers earlier this week that Costco could earn between $100 million and $200 million a month from gold sales. amazing!
Now, if you’re thinking of stocking up on Costco’s gold, take a breather…because the warehouse giant has rules about buying gold.
Customers are limited to five gold bars per membership. Of course, these items sell like hotcakes, and each time they’re restocked, they’re posted on the website within hours.
Interestingly, CNBCalso reports that the company isn’t making much money on gold…as cashback offers and shipping costs are relentlessly squeezing revenue. In other words, the great deals Costco offers make gold bars a steal… if you can get your hands on them.
That said, the company has been hoarding Fort Knox-level gold and may be storing it for a rainy day. Some economists have suggested that selling gold is a smart business move as more investors appear to be returning to assets such as gold.
So get the gold while you can…and get the giant tuna can while you’re at it.
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