Costco is experiencing rush on one ounce GOLD BARS selling for 'bargain' price ... trends now
Fanatical Costco customers have been sent scrambling in recent weeks after a surprising product became a best seller - gold bars.
The brand is known for its out-of-the box range of bargain items, from titanic tubs of Nutella to caviar and saunas.
Now, in a surprising turn, a range of gold bars available online has seen customers clambering to get their hands on one of the nuggets - with two options weighing just 1 oz and costing in the region of $1,950.
The gold rush came as Costco pleased investors with promising quarterly returns this week.
On the earnings call Tuesday CFO Richard Galanti confessed: 'I’ve gotten a couple of calls that people have seen online that we’ve been selling one-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,' he added.
While the bars appear to be only online in America, TikTok creators have revealed that Costco locations in Korea have the items on shelves - with images showing some going for up to $79,000.
Costco has rolled out two gold bars on its online site, one from PAMP Suisse (left) for $1979, and another from Rand Refinery for $1949
The race to land one of Costco's gold bars has been bolstered by the raw materials' intrinsic value in the economy, seen by many as a long-term investment that can survive economic dips.
Amid a dwindling economy, banks have upped their supplies of gold as they hedge their bets against inflation.
According to GoldHub, resilient jewelry demand and healthy investment has led to a 'supportive environment for gold prices.'
Costco has seemingly seized this moment, rolling out two 24-karat varieties of gold bars from Rand Refinery, for $1,949, and PAMP Suisse, for $1,979.
Both bars are reportedly valued slightly more than gold futures, which on Wednesday sat at $1,890.70 per oz.
The items are, as Galanti noted, limited to two per customer, and it's easy to see
