Time to clear out some of these browser tabs with interesting/funny stories that have come up this week. First up, Costco has been selling 1 ounce gold bars on its website (only pops up for a second for me), but inventory is sporadic and they sell out quickly (limit 2 per member). Per multiple media articles, the Costco CFO even addressed it in an official quarterly earnings call:
In a quarterly earnings call last week, Costco chief financial officer Richard Galanti told investors that the bars have been flying off the shelves, reported CNBC, saying, “I’ve gotten a couple of calls that people have seen online that we’ve been selling 1 ounce gold bars. Yes, but when we load them on the site, they’re typically gone within a few hours, and we limit two per member.”
At first I thought this was cute, but then I realized that there are multiple ways that the total savings is even more than just the low cost over spot:
- First, the cost premium over spot is quite low at Costco, lower than other bullion websites.
- You still earn credit card rewards. Most other bullion websites will add a surcharge if you pay with a credit card.
- You can earn an additional 2% rewards if you are an Executive member.
- You get free shipping.
- Watch out for taxes at checkout. Depending on your area, you may or may not be subject to sales tax for gold bullion purchases over a certain amount. You may need to contact Costco after purchase to receive a refund of sales tax charged.
This could indeed work out to a good deal if you are in the market for gold bullion, but I have a feeling it’s going to be like trying to grab Taylor Swift tickets after this media coverage.
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Hmm, not available. How to score one?
How can I sell it? what’s the best way to sell it? and what would be the transaction cost of selling?
I don’t get it. How is lower than other Bullion vendors like APMEX? I am not still able to figure why is this attracting so many buyers? What am I missing?
Some are going for novelty, some driven by fear, some to be able to brag in social circles, some are Costco fans who only need a slight nudge to buy anything there. Generally you can buy gold cheaper with Ebay. With BoA Cash Rewards card you can but one each quarter with 5.25% cashback. I don’t see any reason to buy gold. With 10s of trillions of dollars printed by central banks all over the world, it is no longer a hedge. Gold has started moving with stock market, just like crypto and housing.