I recently made my monthly trip to Costco. I braved the crazed pre-Thanksgiving crowds to pick up my usual bargains: a giant bag of coffee beans, a four-pack of New York strip steaks, a case of kombucha (my favorite non-alcoholic drink), and a few other items the retailer sells in bulk at big discounts. This time, however, I was in search of an extra special item: a gold bar. If you weren't aware, Costco sells 1-ounce gold bars and they're flying off the shelves. I just checked the current price on the company's website: $2,690. In its September 2023 earnings call, the big box store revealed it sold more than $100 million in gold bars in its fiscal first quarter, which adds up to about 51,700 ounces of the precious metal. But good luck getting one. Costco was out of them when I visited. And this week, I called my local store to check if they've restocked. Nope. It's still out of gold bars and doesn't know when the next shipment will arrive. Last month, a store manager told me that when they do get a shipment, they all sell the same day. It's no wonder. Buying gold has become extremely popular since late 2022. You can see that by looking at its recent rally. It's up 47% over the past two years and 22% so far this year. As a result of its two-year rally, gold hit an all-time high a month ago. It came off that high in early November as investors pumped money into stocks during the post-election market rally, but it's now rebounding again... |
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