This fast-selling item continues to be a goldmine for Costco.
The members-only retailer sold a jaw-dropping $100 million value of one-ounce gold bars in its latest quarter as buyers proceed to swoop up the blingy blocks, the corporate’s CFO Richard Galanti said in an earnings call this week, in response to Business Insider.
He said patrons were exchanging their dollar bills for gold bars when reportedly asked what consumer trends Costco was seeing this holiday season.
The piece of gold can go for around $2,000. Costco
Galanti has previously told investors that gold bars were an enormous hit.
He said in an earnings call earlier this fall that gold bars sell out “inside just a few hours” of appearing on the retail giant’s website.
In an effort to maintain the gold in stock, Costco members are only allowed to buy two bars each and might only buy them online — however the buying frenzy hasn’t shown any signs of slowing.
The bars, from South Africa, are pure gold and are usually not refundable. Each is “individually stamped with a novel serial number,” in response to Costco’s website.
The retail giant only sells the gold bars online and limits each customer to only two blocks. Getty Images
While the worth was not publicly available on the shop’s website Thursday, gold was trading at $2,035 per ounce in the course of the Thursday earning call, Business Insider reported.
With Post wires
