The retail giant has recently been selling 1 oz. bars of authentic 24-karat gold from South African mining company Rand Refinery and Swiss precious metal supplier PAMP Suisse on their website for $1,949.99 and $1,979.99, respectively, according to Insider.
According to the product details on Costco’s page, Rand Refinery’s gold bars are individually stamped with a unique serial number and arrive in a sealed black assay card, while PAMP Suisse’s gold bars are individually “controlled, registered, and secured” within CertiPamp packaging with an official Assay Certificate and a digital certificate accessed with a QR Code.
Both items are non-refundable, provide air shipping via UPS and currently have a 4.9 out of 5 average rating on the company’s website, with one member writing on Rand Refinery’s gold bar customer rating that it was a “beautiful piece of gold” and “brand new.”
It’s an incredible commentary on the average American citizen. Americans are literally choosing to transact U.S. dollars for gold.
The price of gold has risen 28 per cent in past 12 months, but it is a volatile market, declining by more than six per cent in the past two months alone.
On September 24, Costco’s 100g bar was on sale for £4,939.99, when the market price for that much gold was £4,619.70 – equal to a seven per percent mark-up in store.
Many are saying the Costco pricing is “not great” on Gold: Bulk-buy retailer Costco starts selling GOLD worth up to £24,500 in its supermarkets – but shoppers are warned to be wary because of violent price fluctuations
Bulk-buy specialist Costco is now offering bars of gold for up to £24,500 a time
Experts warned people could be getting a poor deal after swings in gold market this year.
While the company’s mark-up on gold is up to seven per cent on the market rate, it is also selling silver bars at a whopping 28 per cent premium.
Many investors have been turning to what they see as the security of gold this year, amid huge uncertainties in the world economy caused by Covid-19, international tensions and political discord in America.
The price of gold has risen by 28 per cent in the past 12 months to almost $1,900 (£1,469) an ounce, it is a volatile market.
