Seattle Culture
Costco’s Gold Rush Continues
Sales of gold bullion rise again
By Rob Smith September 27, 2024
In one of the many iconic Seinfeld episodes, comedian Kenny Bania describes a popular bit from his comedy act: “That’s gold, Jerry! Gold.”
He may as well have been referring to Costco’s ever-increasing sales of gold bars. The Issaquah-based warehouse chain said in its earnings call yesterday that sales of gold bars rose “double digits” in the company’s fiscal fourth-quarter, prompting analyst Greg Melich to ask CEO Ron Vachris a not-so-serious question.
“You called out the gold bullion again,” Melich asked. “I’m just curious, are there any plans to maybe bring Kirkland Signature (Costco’s private-label brand) into the gold bullion market?” Vachris didn’t bite: “No plans at this time,” he said.
As reported in numerous media outlets earlier this year, Wells Fargo estimates that Costco makes a staggering $100 million to $200 million each month in gold bar sales.
Costco began selling the one-ounce, 24-karat bars about a year ago, and only Costco members can buy them. They cost about $2,000.
Golden opportunities await.
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