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In a surprising turn of events, Costco has struck gold with online shoppers, raking in more than $100 million in sales of the precious metal during its fiscal first quarter, which concluded on November 26. This revelation was shared by Costco’s Chief Financial Officer, Richard Galanti, during the company’s recent earnings call.
The sought-after 1-ounce gold bars have become a hot commodity, consistently selling out within hours of being listed on Costco’s website. In September, Galanti noted that the gold bars, priced at $2,069.99 per ounce on the website, were in high demand, often disappearing swiftly despite their premium cost compared to the latest spot price of $2,020.58.
To manage demand, Costco has implemented a two-bar limit per membership, making it challenging for customers to amass a significant position in the precious metal. Despite this limitation, customer satisfaction appears high, evident in the product’s impressive 4.9-star rating on Costco’s website, backed by nearly 800 reviews. However, a few customers expressed dissatisfaction with the imposition of stiff state sales taxes.
The surge in gold prices, up by approximately 12% this year, has undoubtedly contributed to the popularity of these gold bars. JPMorgan, in its commodities outlook, predicts a potential breakout rally for gold in 2024, with an anticipated peak price of $2,300 per ounce, driven by expected decreases in interest rates.
While JPMorgan acknowledges the possibility of gold retracing to $1,900 per ounce in the coming months, the bank suggests that this could set the stage for investors positioning themselves for a midyear rally in 2024.
Recent market dynamics, including a weakened U.S. dollar and lowered Treasury yields following the Federal Reserve’s announcement of three rate cuts in 2024, have further propelled gold’s weekly gains.
However, it’s important to note a distinctive feature of Costco’s gold bars—they are nonrefundable. This characteristic adds an intriguing element to the investment, emphasizing the commitment required by those venturing into the world of precious metals through this unconventional retail channel. As Costco continues to make waves in unexpected markets, the success of its gold sales underscores the evolving landscape of online retail and consumer investment preferences.
What Would You Do If Pharmacies Couldn’t Provide You With Crucial Medications or Antibiotics?
The medication supply chain from China and India is more fragile than ever since Covid. The US is not equipped to handle our pharmaceutical needs. We’ve already seen shortages with antibiotics and other medications in recent months and pharmaceutical challenges are becoming more frequent today.
Our partners at Jase Medical offer a simple solution for Americans to be prepared in case things go south. Their “Jase Case” gives Americans emergency antibiotics they can store away while their “Jase Daily” offers a wide array of prescription drugs to treat the ailments most common to Americans.
They do this through a process that embraces medical freedom. Their secure online form allows board-certified physicians to prescribe the needed drugs. They are then delivered directly to the customer from their pharmacy network. The physicians are available to answer treatment related questions.
