Mark Jackson
Costco has begun selling gold bars, with consumers snapping up the precious metal at a record pace. The retail giant is offering 1-ounce gold bars from South African mining company Rand Refinery and Swiss supplier PAMP Suisse on their website for $1,949.99 and $1,979.99, respectively. According to product details, 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.”
Costco’s chief financial officer, Richard Galanti, said Tuesday during the company’s quarterly earnings call that the bars were selling fast. “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. When Breitbart News searched the Costco website Thursday morning, the company had listed the gold bars as a “Member Only Item,” and buyers must sign into their accounts to view the price.
The retail giant’s decision to sell gold has sparked commentary on the average American citizen, with Americans 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 cent mark-up in store.
Experts warned shoppers they could be getting a poor deal, particularly after violent swings in the 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 percent 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 latest interview over at SGT Report discusses “$1,000 Silver — Seriously, Stop Laughing,” with a great discussion by four very smart individuals. The same people Andy Schectman was talking about are loading their boats with as much Gold and Silver as they can find and they’re laughing all the way to the bank because they’re buying at what Andy says are “make believe prices.” After the Great Financial Crash of 2008, I made a decision. From that point forward, I would simply do what the Big Boys were doing. I would simply watch what they’re doing and copy it. Oh, and if they had Jim Cramer telling people the OPPOSITE (i.e. Cramer says Gold is a loser, but the Central Banks are buying with both fists) that was usually the perfect confirmation I needed. So that’s been my strategy since 2008 and it’s worked very well for me.
I’ve got Jordan Peterson and Peter Schiff in a fascinating conversation about the Value of Gold. And it’s not just some academic debate. This could very soon be one of the most important things in your world when the U.S. Dollar crashes and gets its value cut in half….or worse. These guys know what they’re talking about and this short 8 minute clip is definitely worth your time to watch.
Look, I hope I’m wrong but I think we’re in for a massive event that is going to destroy bank accounts and destroy the U.S. Dollar. So what happens to YOU when that happens? Watch this and then scroll down for how I can help you stay safe right now….
