Gold has turned into money for Costco , where yellow metal sales begun last year have turned into a cash cow for the big-box retailer.
In fact, sales are so brisk that analysts at Wells Fargo expect revenue "may now be running at" $100 million to $200 million a month, a rapid acceleration since bullion hit the warehouse club late in the summer of 2023.
"The accelerating frequency of Reddit posts, quick on-line sell-outs of product, and COST's robust monthly eComm sales suggests a sharp uptick in momentum since the launch."
Costco is selling 1-ounce bars made of nearly pure 24-karat gold.
The government is on pace for a $2 trillion deficit this year, adding to a total debt load that has surpassed $34.6 trillion.
Persons:
Gold, Edward Kelly
Organizations:
Costco
Locations:
Wells