Last December, wholesale retailer Costco announced that they had sold over $100 million worth of gold in Q3 2023. ” You’ve probably read about the fact that we’re selling one-ounce gold bars. We sold over $100 million of gold during the quarter, ” sad CFO Richard Galenti.
Now, Wells Fargo estimates that Costco “may now be running at” $100 million to $200 million per month in gold sales.
“Our work suggests there has been significant interest given COST’s aggressive pricing and high level of customer trust,” said analyst Edward Kelly in a Tuesday note to clients. “The accelerating frequency of Reddit posts, quick on-line sell-outs of product, and COST’s robust monthly eComm sales suggests a sharp uptick in momentum since the launch, ” CNBC reports. Costco is selling one-ounce bars made of nearly pure 24-karat gold. While the price is not disclosed online to nonmembers, it’s estimated that the product generally […]
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