Costco sold $100 million in gold bars last quarter

December 16, 2023 6:36 AM

Published December 16, 2023 6:58 AM

(NBC, KYMA/KECY) - One Costco product has proven to be as good as gold. The warehouse giant says it sold more than $100 million worth of gold bars in the most recent quarter, which ended in November.

A company executive announced the news during an earnings call on Thursday.

Sold on the company's website and tipping scales at one ounce, the bars usually sell out just a few hours after they are posted online.

Each member of the retail giant is limited to two bars. Investors have taken a "shine" to gold recently.

It's currently selling for just over $2,000, but J.P. Morgan said the price of the precious metal could reach 2,300 dollars an ounce in 2024.

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Dillon Fuhrman

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