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Costco has a reputation for raking in dough by getting its devoted members to spend their hard-earned money on things they didn’t even know they needed before they started browsing the warehouse chain’s offerings—which apparently includes the gold bars that have become a pretty hot item.
As someone who typically tries to avoid developing an emotional attachment with international corporations, I’ve been unable to resist the urge to become a loyal member of the Kirkland Gang over the years.
I knew I was Officially Washed when I reached a point in life where I realized I genuinely looked forward to making the trek to Costco.
There are certainly some downsides—long checkout lines, people with zero spatial awareness being given free rein to use a giant shopping cart, the realization you don’t know what you’re going to do with five pounds of canned peaches once you get home—but browsing the aisles and capping off the trip with its iconic $1.50 hot combo is still a strangely enjoyable experience.
While I usually prefer to do my Costco business in person as opposed to online, there are obviously plenty of people who prefer the convenience of the latter option—and according to Business Insider, that includes plenty of customers who’ve been unable to resist the gold bars the chain has started selling on its website.
Earlier this year, Costco began to quietly sell one-ounce 24K gold bars online: ones produced by PAMP Suisse retail for $1,980, while those sourced from the Rand Refinery in South Africa will set you back $1,950 a pop.
It’s not exactly a major bargain when you consider pure gold is selling for around $1,900 an ounce as of this writing, but it’s still a pretty streamlined way to add some precious metals into your investment portfolio (Executive members who get 2% back on purchases will also come pretty close to breaking even compared to the market price).
The outlet reports Costco CFO Richard Galanti addressed the decision to sell the gold bars in an earnings call on Tuesday, and while members are limited to two bars apiece, they’re apparently a very hot ticket when you consider he remarked “they’re typically gone within a few hours” after being restocked.
What a world.