Costco’s gold rush is bringing in big bucks.
The membership-based wholesale retailer sold an eye-popping $100 million in one-ounce gold bars last quarter, Costco CFO Richard Galanti said Thursday in an earnings call. Amid persistent inflation, consumers are snapping up the gold which previously sold out within hours.
The bars, which are currently out of stock, cost between $1,950 and $1,980 this fall. The spot price for gold was more than $2,000 an ounce as of Monday.
Gold has traditionally performed well during periods of economic turbulence, earning a reputation as an inflation hedge. Spot gold prices reached a record high of more than $2,100 an ounce in early December, as fears of a recession persisted.
The company reported strong earnings last quarter and notched $1.59 in profits this quarter, up roughly 17% from the same time last year, a financial statement shows.
The company’s stock rose 3% to $653 on Friday.
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