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Costco Gold Bars Bought Out at Record Rate
It appears that Costco is offering gold bars, which customers are buying at a record rate.
The gold bars were characterized as one-ounce gold PAMP Suisse Lady Fortuna Veriscan bars by CNBC on Wednesday. According to the publication, they were going for around $1,900 each.
The bars were selling quickly, according to Costco's chief financial officer, Richard Galanti, who made the comment on Tuesday during the company's quarterly results call.
“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,” he commented.
The gold bars were marked as a “Member Only Item” by the corporation, and customers had to sign into their accounts to view the pricing.
There was a restriction of two bars per membership, according to the website.
The cofounder of Genesis Gold Group, Jonathan Rose, reportedly stated that Americans are apprehensive about the future in the CNBC story. As a result, some are changing into gold.
The outlet continued:
“With inflation still elevated, banks under the gun from a regulatory standpoint and looming issues in the commercial real estate market, the safe-haven aspect of gold and silver should be strong, Rose said.
“We know what the road map looks like: Bank failures, commercial loans defaulting at an alarming rate … they don’t seem to have a handle on inflation, and that’s why they keep raising interest rates,” he said. “The outlook for stability in the market isn’t good and people want a [tangible] asset that’s going to be a safe haven. That’s what gold and silver provide.”
Sen. Bob Menendez (D-NJ) was recently indicted by federal authorities on bribery charges following the alleged finding of $480,000 in cash and more over $100,000 in gold bars at his home in 2022, according to Breitbart News on Monday.”
This image of Menendez standing next to two gold bars was included in KTLA's article on Costco's gold bars from last Thursday:
“Menendez and his wife are charged with Conspiracy to Commit Bribery, Conspiracy to Commit Honest Service Fraud, and Conspiracy to Commit Extortion Under Color of Official Right,” the Breitbart News article said.
“This marks the second time he has been indicted on bribery allegations; he was indicted in 2015, but the case resulted in a mistrial,” it concluded.
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