The major retail company Costco Wholesale Corporation (NASDAQ: COST) now has 1-ounce gold bars engraved with a Roman goddess for sale and they are selling out quick.
News of the new product’s availability at Costco’s online store spread like wildfire on Wednesday and the company is limiting the amount that members can purchase.
The 24-karat Lady Fortuna Veriscan bars supplied by Switzerland’s PAMP are currently going for $2,679.99, exclusively on the company’s website.
PAMP or Produits Artistiques Métaux Précieux translates to artistic precious metals products, Lady Fortuna is the Roman goddess of good fortune and VERISCAN is a secure and reliable scanning technology used to verify a PAMP product’s legitimacy.
“When we load them on the site, they’re typically gone within a few hours and we limit two per member,” said the company’s Chief Financial Officer Richard Galanti to investors on a call about Costco’s quarterly earnings Tuesday.
Costco currently sells 24-karat gold bars from a South African supplier as well for $30 less and the price on both products includes shipping from UPS.
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Costco operates a total of 861 warehouses in multiple countries throughout the globe. A membership at the warehouse chain will cost you $60 or $120 annually depending on the type you choose.
PAMP was founded in Ticino, Switzerland in 1977 and eventually merged with the Swiss precious metals trading company MKS in 2021 following its success in the previous decades.
For the month of August, Costco generated net retail sales totalling US$18.42 billion, a 5 per cent increase year-over-year. As of September 3, the company had a hefty cash balance of US$13.7 billion.
The price of gold has risen by over 11 per cent in the past year and it is currently worth $2,533.41 per ounce.
One Costco share currently costs US$563.53 on the Nasdaq stock exchange and their value has steadily increased by over 15 per cent in the past year.
rowan@mugglehead.com
