Gold has transformed into a lucrative revenue stream for Costco, where sales of the precious metal have surged to unprecedented levels, hitting an estimated $200 million per month. This remarkable growth comes on the heels of Costco's entry into the gold market in late 2023, signaling a significant shift in consumer behavior and investment preferences.
According to analysts at Wells Fargo, the rapid acceleration in gold sales underscores the strong demand for the product, fueled by Costco's competitive pricing and reputation for reliability.
Edward Kelly, an equity analyst at Wells Fargo, told CNBC, "Our work suggests there has been significant interest given COST's aggressive pricing and high level of customer trust."
