Costco Is Selling up to $200 Million in Gold Bars Each Month

Costco has taken in significant revenue since it started selling gold bars online last year, said a Wells Fargo analyst in a note issued on April 9.

The retailer last year started selling one-ounce gold bars for about $2,000 depending on the price of gold. The firm is also selling silver for approximately $675 for a tube of 25 coins.

Wells Fargo estimated that the firm’s revenue for gold “may now be running at” $100 million to $200 million each month, reported CNBC. The major U.S. bank did not provide an estimate for Costco’s silver sales.

“Our work suggests there has been significant interest given Costco’s aggressive pricing and high level of customer trust,” said Edward Kelly, with Wells Fargo, in a note to clients.

“The accelerating frequency of Reddit posts, quick online sell-outs of product, and [Costco’s] robust monthly [ecommerce] sales suggests a sharp uptick in momentum since the launch.”

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