Did you know you can buy gold at Costco? It's true. Costco began selling one-ounce gold bars last year and now members of the warehouse club can purchase silver coins as well.
Deciding to add gold and silver to their inventory was a shrewd decision. Analysts at Wells Fargo expect revenue “may now be running at” $100 million to $200 million a month" from gold, according to CNBC.com.
Gold prices are rising and rose above $2,500/oz for the first time on expectations that the Federal Reserve is inching closer to cutting interest rates, according to seekingalpha.com. The spot price for a troy ounce is fetching $2,525 on the commodities market. That is a 2.63% increase in one week as of August 21, 2024.
For the silver coins, members have two options: A 20-count of American Eagle Silver coins for $6999.99 or a 25-count of Canada Maple Leaf Silver coins that is currently sold out. Both sets contain one troy ounce coins. They are available online with a limit of five units per member and are not eligible to be returned cost or refunded.
For the gold bars, here are three options — PAMP Suisse Lady Fortuna Veriscan and PAMP American Buffalo or the PAMP American the Free Statue of Liberty. All varieties are one troy ounce and made of 24-karat gold. They are currently priced at about $2,569.99 and $2,549.99 respectively.
The gold bars sell out regularly, and when available, can only be purchased online with a limit of two per member and are not eligible to be returned or refunded. Delivery is not available to Nevada or Louisiana.
Costco ships the gold bars and silver coins via UPS insured shipping and a signature is required on delivery.
Membership price hiked in July
When Costco CFO Richard Galanti was asked about this last year during earnings calls, he said it was “a question of when, not if." That day has come and Costco is raising its annual membership fees by $5 for non-executives and by $10 for executives in the United States and Canada. The change is effective September 1.
The new Costco fee for non-executive memberships in the U.S. and Canada will be $65, up from $60. Executive membership fees will be $130, up from $120, which consists of the $65 primary membership fee plus the $65 Executive upgrade.
In addition, the maximum annual 2% reward associated with Executive memberships will increase to $1,250 from $1,000.
One way to save, however, is by taking advantage of online marketplace Stack Social's one-year Costco membership offer.
- Gold Star Membership: With this plan, you’ll need to pay Costco's $60 per year regular fee but you'll receive a $20 digital Costco Shop Card by email.
- Executive Gold Star Membership: Under this offer, you’ll pay Costco's $120 per year regular fee but receive a $40 digital Costco Shop Card by email.
