Latest news with #PAMPSuisseLadyFortunaVeriscan
Yahoo
15-05-2025
- Business
- Yahoo
Purchase limits have tightened on Costco gold bars as popularity boomed
Gold has become such a hot commodity that Costco is apparently limiting how much its members can buy. The warehouse retailer began selling 24-karat gold bars to its members in 2023, with a limit of two bars per person. Now, that limit has changed to one per transaction and a maximum of two bars per 24 hours, when you look on the retailer website. The price tag for a 1-ounce South African-made gold bar? $3,279.99, much higher than the $2,000 they were going for 19 months ago, shortly after Costco began selling them. However, that price increase is understandable as gold prices have risen more than 70% over that time – hitting record highs in April. Noodles & Company: Could shutter up to 21 locations in 2025 Another listing, for the 1-ounce Gold Bar PAMP Suisse Lady Fortuna Veriscan, limits members to one item per transaction and a maximum of two items per 24 hours, down from a limit of five items per 24 hours in January. The same product had a cap of two purchases per membership in September 2023, according to an archived snapshot of the listing. The retailer also has limits on other precious metals including: 1-ounce American Eagle gold coin ($3,329.99; one per transaction and two per 24 hours) 10-ounce silver bar ($359.99; one per transaction and 10 per 24 hours) One option without a limit is the smaller 5-gram gold bar on an 18-karat gold chain, priced at $1,149.99. Costco did not respond to a request for comment from USA TODAY. The gold bars constantly sold out when they were first available online in 2023. "When we load them on the site, they're typically gone within a few hours, and we limit two per member,' Costco's then-chief financial officer Richard Galanti told analysts during the company's earnings call in September 2023, according to a transcript from S&P Global Market Intelligence. Sales of gold and other categories including jewelry were up double digits in the 24-week period ending Feb. 16, chief financial officer Gary Millerchip said. The retailer also began selling silver Canadian coins in March 2024. Costco could be making $100 million to $200 million a month by selling gold bars, Wells Fargo Equity Research estimated in April 2024. If gold prices remain high – prices rose more than 1% on Thursday, May 15 – and economic uncertainty continues, the bars could remain popular purchases. "You know things are getting weird when your mom starts eyeing gold bars at Costco like it's toilet paper in 2020," one social media user quipped. Contributing: Fernando Cervantes Jr., Mary Walrath-Holdridge and Anthony Robledo, USA TODAY. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day This article originally appeared on USA TODAY: Costco gold bars: Retailer tightened purchase limits as prices rose
USA Today
15-05-2025
- Business
- USA Today
Purchase limits have tightened on Costco gold bars as popularity boomed
Purchase limits have tightened on Costco gold bars as popularity boomed Show Caption Hide Caption What's really going on with gold prices? Gold recently reached a record high as geopolitical tensions pushed investors towards the traditional safe play. Merryn Somerset Webb explains what's going on - and where things could go from here. Bloomberg - Politics Gold has become such a hot commodity that Costco is apparently limiting how much its members can buy. The warehouse retailer began selling 24-karat gold bars to its members in 2023, with a limit of two bars per person. Now, that limit has changed to one per transaction and a maximum of two bars per 24 hours, when you look on the retailer website. The price tag for a 1-ounce South African-made gold bar? $3,279.99, much higher than the $2,000 they were going for 19 months ago, shortly after Costco began selling them. However, that price increase is understandable as gold prices have risen more than 70% over that time – hitting record highs in April. Noodles & Company: Could shutter up to 21 locations in 2025 Another listing, for the 1-ounce Gold Bar PAMP Suisse Lady Fortuna Veriscan, limits members to one item per transaction and a maximum of two items per 24 hours, down from a limit of five items per 24 hours in January. The same product had a cap of two purchases per membership in September 2023, according to an archived snapshot of the listing. The retailer also has limits on other precious metals including: 1-ounce American Eagle gold coin ($3,329.99; one per transaction and two per 24 hours) 10-ounce silver bar ($359.99; one per transaction and 10 per 24 hours) One option without a limit is the smaller 5-gram gold bar on an 18-karat gold chain, priced at $1,149.99. Costco did not respond to a request for comment from USA TODAY. Costco: Consumers still snapping up gold bars The gold bars constantly sold out when they were first available online in 2023. "When we load them on the site, they're typically gone within a few hours, and we limit two per member,' Costco's then-chief financial officer Richard Galanti told analysts during the company's earnings call in September 2023, according to a transcript from S&P Global Market Intelligence. Sales of gold and other categories including jewelry were up double digits in the 24-week period ending Feb. 16, chief financial officer Gary Millerchip said. The retailer also began selling silver Canadian coins in March 2024. Costco could be making $100 million to $200 million a month by selling gold bars, Wells Fargo Equity Research estimated in April 2024. If gold prices remain high – prices rose more than 1% on Thursday, May 15 – and economic uncertainty continues, the bars could remain popular purchases. "You know things are getting weird when your mom starts eyeing gold bars at Costco like it's toilet paper in 2020," one social media user quipped. Contributing: Fernando Cervantes Jr., Mary Walrath-Holdridge and Anthony Robledo, USA TODAY. Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day
Yahoo
14-05-2025
- Business
- Yahoo
Costco restricts purchases of hot-selling item after insane demand
Is the 'bar' closed? Costco's Gilded Age may be coming to an end. The Big Box retailer is restricting purchases of its iconic gold bars after savvy buyers clamored to cash in on the precious metal amid market turmoil. Now, customers will be limited to buying only just one of the store's 1 ounce bars — which are available in PAMP Suisse Lady Fortuna Veriscan and the Rand Refinery's South African bullion — per transaction, compared to two before, Business Insider reported. Gold hoarders could still earn a pretty penny even with a one-bar limit, however. The store's 1 ounce Gold Bar PAMP Suisse Lady Fortuna Veriscan sells for an eye-popping $3,389.99 on the website including shipping and handling, meaning those who purchased the item last year would've raked in a healthy profit given its then price tag of $2,779.99, Quartz reported. Since the items' launch in 2023, the chain has seen a veritable gold rush as Costco prospectors flocked from far and wide to gobble up their gilded treasure trove. According to a Bloomberg survey from October of last year, approximately 77% of Costco branches across 46 states had sold out of gold bars within a week, even after receiving fresh stock, the Daily Hodl reported. In April 2024, Wells Fargo estimated that the commerce giant was earning $200 million per month in gold bar revenue, Quarts reported. 'Our work suggests there has been significant interest given COST's aggressive pricing and high level of customer trust,' Wells Fargo equity analyst Edward Kelly said in a note to clients. 'The accelerating frequency of Reddit posts, quick online sell-outs of product, and COST's robust monthly eComm sales suggest a sharp uptick in momentum since the launch.' The gold fever quickly spread via social media as well. Finance influencer Humphrey Yang went viral earlier this month after purchasing the PAMP Suisse gold bar for $2,359 in April 2024, and then selling it to a gold dealer for just under $3,000, netting himself around $600 in profit. Since Yang sold his bar, the price of gold has skyrocketed to a staggering $3,300 per ounce with Goldman Sachs upping its year-end forecast for gold from $3,300 to $3,700, Yahoo Finance reported. The precious metal's skyrocketing valuation comes as spooked investors stockpiled gold to safeguard themselves against economic uncertainty spurred by President Donald Trump's tariff offensive. In February, the president's tariff plans even prompted some of the largest banks in the US and Great Britain to fly gold bars from London to New York City on commercial flights as a hedge against inflation. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
Costco restricts purchases of hot-selling item after insane demand
Is the 'bar' closed? Costco's Gilded Age may be coming to an end. The Big Box retailer is restricting purchases of its iconic gold bars after savvy buyers clamored to cash in on the precious metal amid market turmoil. Now, customers will be limited to buying only just one of the store's 1 ounce bars — which are available in PAMP Suisse Lady Fortuna Veriscan and the Rand Refinery's South African bullion — per transaction, compared to two before, Business Insider reported. Gold hoarders could still earn a pretty penny even with a one-bar limit, however. The store's 1 ounce Gold Bar PAMP Suisse Lady Fortuna Veriscan sells for an eye-popping $3,389.99 on the website including shipping and handling, meaning those who purchased the item last year would've raked in a healthy profit given its then price tag of $2,779.99, Quartz reported. Since the items' launch in 2023, the chain has seen a veritable gold rush as Costco prospectors flocked from far and wide to gobble up their gilded treasure trove. According to a Bloomberg survey from October of last year, approximately 77% of Costco branches across 46 states had sold out of gold bars within a week, even after receiving fresh stock, the Daily Hodl reported. In April 2024, Wells Fargo estimated that the commerce giant was earning $200 million per month in gold bar revenue, Quarts reported. 'Our work suggests there has been significant interest given COST's aggressive pricing and high level of customer trust,' Wells Fargo equity analyst Edward Kelly said in a note to clients. 'The accelerating frequency of Reddit posts, quick online sell-outs of product, and COST's robust monthly eComm sales suggest a sharp uptick in momentum since the launch.' The gold fever quickly spread via social media as well. Finance influencer Humphrey Yang went viral earlier this month after purchasing the PAMP Suisse gold bar for $2,359 in April 2024, and then selling it to a gold dealer for just under $3,000, netting himself around $600 in profit. Since Yang sold his bar, the price of gold has skyrocketed to a staggering $3,300 per ounce with Goldman Sachs upping its year-end forecast for gold from $3,300 to $3,700, Yahoo Finance reported. The precious metal's skyrocketing valuation comes as spooked investors stockpiled gold to safeguard themselves against economic uncertainty spurred by President Donald Trump's tariff offensive. In February, the president's tariff plans even prompted some of the largest banks in the US and Great Britain to fly gold bars from London to New York City on commercial flights as a hedge against inflation. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
14-05-2025
- Business
- New York Post
Costco restricts purchases of this hot seller after insane demand
Is the 'bar' closed? Costco's Gilded Age may be coming to an end. The Big Box retailer is restricting purchases of its iconic gold bars after savvy buyers clamored to cash in on the precious metal amid market turmoil. Now, customers will be limited to buying only just one of the store's 1 oz bars — which are available in PAMP Suisse Lady Fortuna Veriscan and the Rand Refinery's South African bullion — per transaction, compared to two before, Business Insider reported. Advertisement Gold hoarders could still earn a pretty penny even with a one-bar limit, however. Gold and silver bars on display at a Costco Wholesale Corp. in Bayonne, New Jersey, Bloomberg via Getty Images The store's 1 oz Gold Bar PAMP Suisse Lady Fortuna Veriscan sells for an eye-popping $3,389.99 on the website including shipping and handling, meaning those who purchased them last year would've raked in a healthy profit given their then pricetag of $2,779.99, Quartz reported. Advertisement Since the items' launch in 2023, the chain has seen a veritable gold rush as Costco prospectors flocked from far and wide to gobble up their gilded treasure trove. According to a Bloomberg survey from October 2024, approximately 77% of Costco branches across 46 states had sold out of gold bars within a week, even after receiving fresh stock, the Daily Hodl reported. The store's 1 oz Gold Bar PAMP Suisse Lady Fortuna Veriscan. Costco In April 2024, Wells Fargo estimated that the commerce giant was earning $200 million per month in gold bar revenue, Quarts reported. Advertisement 'Our work suggests there has been significant interest given COST's aggressive pricing and high level of customer trust,' Wells Fargo equity analyst Edward Kelly said in a note to clients. 'The accelerating frequency of Reddit posts, quick online sell-outs of product, and COST's robust monthly eComm sales suggest a sharp uptick in momentum since the launch.' The gold fever quickly spread via social media as well. Finance influencer Humphrey Yang went viral earlier this month after purchasing the PAMP Suisse gold bar for $2,359 in April 2024, and then selling it to a gold dealer for just under $3,000, netting himself around $600 in profit. Advertisement Since Yang sold his bar, the price of gold has skyrocketed to a staggering $3,300 per ounce with Goldman Sachs upping its year-end forecast for gold from $3,300 to $3,700, Yahoo Finance reported. The precious metal's skyrocketing valuation comes as spooked investors stockpiled gold to safeguard themselves against economic uncertainty spurred by President Trump's tariff offensive. In February, the president's tariff plans even prompted some of the largest banks in the US and Britain to fly gold bars from London to New York City on commercial flights as a hedge against inflation.
