Costco’s gold rush is bringing in huge bucks.
The membership-based wholesale retailer offered an eye-popping $100 million in one-ounce gold bars final quarter, Costco CFO Richard Galanti stated Thursday in an earnings name. Amid persistent inflation, customers are snapping up the gold which beforehand offered out inside hours.
The bars, that are presently out of inventory, value between $1,950 and $1,980 this fall. The spot value for gold was greater than $2,000 an oz as of Monday.
Gold has historically carried out properly in periods of financial turbulence, incomes a status as an inflation hedge. Spot gold costs reached a report excessive of greater than $2,100 an oz in early December, as fears of a recession continued.
Costco’s gilded beneficial properties contributed to sturdy earnings final quarter. The corporate notched $1.59 in earnings this quarter, up roughly 17% from the identical time final yr, a monetary assertion exhibits.
Costco inventory rose 3% to $653 on Friday.
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