Costco Went BIG With Gold! Sold Out In Under 24 Hours!

Costco is ated again and they are going big time with gold and it's paying off big time we'll talk about it and so much more as we explore Costco strikes again making big news with the precious metals Community they are now selling 100 g gold bars from pamu although they don't look exactly like this I'll talk about it and we'll get into why this is such a good deal or at least it was cuz people snatched These Bars up in less than 24 hours I'm reporting to you from Business Insider and Dominic reuter writes that Costco had 100 g gold bars for $ 7600 and they sold out in less than a day now I went and checked and see what some of the other B dealers are selling uh gold bars for of this size 100 g gold bars are selling for about $ 7800 that's well over $200 above what you normally would pay and even though this is not spot price that Costco is selling them for well if you do it right you will get them for right around spot price and this is the largest gold product that Costco has ever sold 100 G bar size but they are of the struck variety and it was is briefly available and sold out in less than a day Costco has been selling gold and silver at a rate of $2 million per month per analyst estimates and it's showing no signs of slowing down you've heard me report exclusively on this channel about how they've been accumulating Silver Eagles at a dramatic rate pretty much wiping out two months worth of Supply from the United States mints and uh that's one of the reasons why premiums for silver Eagles have gone up for a while and they have been selling other products as well it's pretty in interesting to see that they've become kind of like a small silver and gold dealer uh now they don't have the variety and you have to buy in bulk or you have to buy you know one gold bar or 100 g gold bar in this case but you can't buy a single coin uh in terms of silver but it is exciting because if you take advantage of it and if you are a member of Costco anyway well these are pretty good deals even on the surface look no further than what happened just this past week the company's largest gold product a 100 G 24 karat gold bar from Pam s that last sold for $7,595 199 weighing as much as three and a half standard coins which is kind of a strange description of it it's not really what it weighs it's it's 3.21 5 O the two square in slabs cost as much as a high mileage used car and actually that is probably about right you could buy a you know a higher mileage older used car for about that price for the price of one of these now this is the cast variety that you see in your screen here and I kind of like these better it's more tactile you know you hold these in your hands and you're feeling the weight some of the assade gold bar and there's a little bit you know it's it doesn't quite give you the same experience although they are nice but just do have to be careful with buying gold bars of this size because there's much more temptation to for conniving folks to find a way to uh to drill out some of the gold and put tungsten in there uh and it be well worth it there's plenty of space these things are relatively thick so make sure that whenever you buy you're you're purchasing from a reputable dealer now is Costco a reputable dealer yes they are I I can't imagine that they would not have done the homework to make sure that they you are getting the right uh and a genuine product as to where they Source their products well we don't know for sure it could be a variety of wholesalers which is likely the case uh for how they accumulate uh their gold and silver products it's pretty amazing the price didn't dissuade gold buyers that is a pretty expensive price PR uh but they snapped up the stash of 100 g gold bars in less than a day but it is unclear how many units were in this offering but the product listing shows dozens of reviews from verified customers and pretty remarkable to see this occurring so quickly and selling out so quickly and someone had pointed out that Costco's 2% rewards for executive membership plus 2% from Costco's credit card translate to some big bucks savings on a large purchase so the combined rewards would have come in around $300 which is makes the bar less than spot price which is not a big and not a bad winfall for converting Dollars into gold assuming prices hold because Costco prices its precious metal so close to the market spot price the reward can make the deal extremely competitive well more than competitive we're talking about under spot price so likely Savvy buyers took advantage of that uh that savings for sure uh pretty remarkable uh it's unlikely that Costco is making much profit at these rates from its precious metal business um but that might not matter for the company right now between the e-commerce cheat code of routing hundreds of millions of dollars through online sales attracting new members incentivizing existing members to upgrade and boosting the appeal of the credit card there are other plenty of other benefits for Costco to enjoy uh they're often reminded that investors uh that were a Topline company referring to their dedication of growing sales rather than maximizing profits and nothing drives that idea home quite like selling through a stack of $7,600 gold bars and less than a day so think about it it's the convenience you know sometimes you go to a gas station and you buy gas at a pretty competitive price they're not making money on the gas it's when you go in to pay for it that is assuming you don't use your credit card um and you actually go in the store which happens much less likely these days but I digress and you go into the store and then you buy yourself a pack of gum or a candy bar or a drink there's where they make their money so in a sense it's kind of hard to say how they make their money now if you're not doing that and I think that's kind of the idea that Costco has here so they're offering this to be competitive and they're they themselves are buying in bulk and they may be able to time the markets and hedge themselves in this area but uh one thing that I've been doing on this channel is giving you the latest news with regards to Costco and precious metals I was one of the first channels to report on Costco selling gold and silver um but long before that in fact back in 2017 uh Walmart has been selling gold and silver we know Amazon does as well but you got to be very very careful because anybody can sell anything on Amazon it seems like these days but as far as the big big uh retail outlets well there you've got it Walmart in fact some really good deals can be had over at walmart.com who mainly deal with bulling exchanges and atmax and several other companies it's pretty remarkable and pretty amazing to see and that the world of precious metals is expanding out Costco was just the latest to offer it and it has become literal headline news to find out that hey you can buy gold at Costco who would have thk it and here we are it brings gold into the Limelight and it helps Costco and that didn't happen back in 2017 of course a channel like mine makes news uh makes it news but you know I don't don't have very much of a reach than that the major media do it's it's something but there it is so that's the latest news now that we have here but what Costco is doing now the question is is what will they carry next in the World of precious metals uh something like this making Business Insider news and and others well uh it just goes to show you some others have reported even physically going down to their local Costco and finding indeed silver and gold the 10o silver bar uh that Ro Canadian Mint and others that are for sale there some people can literally walk into the store and buy one of course as you know there is return policies for most stuff with these retail outlets but that ain't happening for gold and silver once the transaction is complete there's no returns no deposit no return but uh you know who would want to trade these back in for cash I wouldn't and I bought these gold bars well I'm hanging on to them that's for sure you buy and hold and so it's it's exciting to see I mean I can't imagine walking into a Costco and seeing a 1 oz gold bar much less a 100 g gold bar I've never seen it at the Costco that's in my area and so I'd be very curious to see if if you the viewer has ever seen silver or gold physically in the store um when when you've shopped in Costco would love to know and again the savings comes from uh the the benefits that you get from uh from from the higher premium membership and using their card a lot of people take advantage of that to be able to get the savings to be able to get gold for under spot price pretty amazing so there you have it uh you know this is something I like to do on this channel is to Showcase some uh some precious metals and other things and as well let's talk about the latest news and Analysis in the world of gold and silver if you find 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