In a recent move, Costco Wholesale Corporation has introduced a new restriction on the purchase of gold bars for its members. Starting Friday, May 16, customers who attempt to buy three or more of the company’s one-ounce gold bars will encounter a message stating, “Limit of 1 transaction per membership, with a maximum of 2 units per 24 hours.”
Earlier this year, Costco members enjoyed the ability to purchase up to five gold bars within a 24-hour period. When Costco first ventured into selling bullion bars in 2023, members were initially allowed two purchases. This flexible policy has now been tightened to manage the overwhelming demand.
Costco Sells $100M in Gold Bars: Now They’re Adding Platinum to the Mix
Since the inception of gold bar sales two years ago, Costco has achieved remarkable success, selling over $100 million worth of gold bars. This achievement coincides with a dramatic rise in the spot gold price, which nearly doubled – from approximately $1,810 per ounce in February 2023 to a record high close to $3,500 last month.
Riding the wave of success from the gold bars, Costco expanded its precious metals offerings. Last fall, the retailer introduced bars of solid platinum, further diversifying its product line and appealing to investors looking to broaden their portfolios.
For those seeking exclusive investment opportunities, Costco offers its members a unique chance to purchase one-ounce bars of the highly coveted metal directly through its website. These bars boast a purity of 999.5 pure platinum, crafted by the renowned Swiss metals producer, MKS PAMP.
Costco’s Exclusive Offer to Buy Gold
Members are granted the privilege to buy one bullion bar per transaction, with a cap of five bars for each member. This exclusive offer ensures that more members can take advantage of this precious opportunity.
Costco’s bullion products have been a significant contributor to the company’s flourishing online sales. In a statement released in September, the company revealed that its gold sales had experienced a “double-digit” growth over the preceding three months.
During a conference call on September 26, Costco’s CFO, Gary Millerchip, highlighted that gold served as a “meaningful tailwind” for the store’s e-commerce sales during the quarter. The demand for these online gold bullion products is so high that they frequently sell out at a rapid pace.
The remarkable success of precious metals at Costco has not gone unnoticed by industry analysts. Greg Melich, Senior Managing Director at Evercore ISI, humorously acknowledged the trend, inquiring about the continued attention given to gold bullion.
