Discount bulk retailer Costco Wholesale Corporation (NASDAQ:COST) sold $100 million worth of gold bars in the most recent quarter, its CFO said Thursday.
When asked about consumer trends for the fiscal first quarter on an earnings call, CFO Richard Galanti said: “They’re buying gold.”
Costco’s gold offering, one-ounce bars of 24-karat gold, sell out “within a few hours” of being listed online, Galanti said.
The gold bars are limited to two per membership.
On Friday, the product was unavailable on Costco’s U.S. website. They are being sold in Canada for C$2,829.99 (about US$2117).
Gold prices are expected to peak at $2,300 per ounce in 2024 according to JPMorgan analysts.
Costco shares traded up 4.6% at US$659.62 on Friday afternoon.