Gold at Costco?

Here is a direct link to the Lady Fortuna bar (currently sold out and will redirect to a not available message):

https://www.costco.com/1-oz-gold-ba...veriscan-new-in-assay.product.4000186760.html

and for Canada:

https://www.costco.ca/1-oz-gold-bar...veriscan-new-in-assay.product.4000201245.html

 

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I think that’s going to be the norm, out of stock !

 

So... I got a Rand Refinery 1oz bar from Costco, but... I am a little concerned. The packaging is not pristine; ok, no big deal. I did not notice it when I was ordering, but the photo has the elephants on the front, unlike virtually any photos I could find (e.g. JM Bullion). My bar also has the elephants on the obverse. I decided to weigh it, with the assay card and it comes out to 39.3g. Unfortunately, I cannot find any official statement of total weight. Then, the cheapest Sigma detector has readings in and out of the expected range, but that device only has a .999+ setting, not a .9999 setting. Apparently, Costco is not offering returns on this item either. Any thoughts out there?

 

Yup. But I can't say it on this forum.

 

I am assuming that is a negative! I am going to try to find a local jewelry shop that will run an XRF for me, but even that may not be good enough if plating is very heavy. The bar does not look thick when compared to the same type of bar sold by JM Bullion, so if it is a fake, it is not a copper/brass core. Maybe some other metal. Yes, as someone said above, I cannot imagine Costco knowingly or otherwise passing off fake bars, that said... it's not like they have enormous experience in this area. When I placed the order for this bar, it was on a day that gold was up a lot last week. The premium essentially vanished because they did not have dynamic pricing.

 

Also... Costco has the rand bars in stock, for now: https://www.costco.com/.product.4000202779.html?&ADBUTLERID=homepage_banner_rand
The current price is: $1,989.99 (vs JM Bullion's $2,067.68), with Kitco showing spot at: 1968.90

 

Yeah I read about these gold bars at Costco last week sometime and it may be a good deal for someone who lives in BFE but I don't have any interest in gold bars at all, not even at spot price.

 

I would think anything bought at COSTCO
would carry the option for a return especially
something like this, so isn’t the bar/ pacjj on aging new ?

 

NC? Interesting. Back when I was an accountant in Florida, I told them to go pound sand. They tried to levy a 1099 vendor for NC taxes, and their real estate was in Florida. I researched the issue and found that NC had to go through a legal process in Tallahassee to garnish 1099 income. So I wrote them back and told them the process. Problem solved, never heard from them again.

 

https://www.kitco.com/news/2023-12-15/Costco-sold-100-million-in-one-ounce-gold-bars-in-Q3.html

 

That doesn’t surprise me one bit, let me know when they out sell the 1/4 hot dog
now that would be something..LOL

 

So, around 50,000 gold bars? I'm not surprised!

 

in just 3 months

 

Costco's a big chain. 600 in the US, 100+ in Canada, a hundred-odd elsewhere. So less than a hundred per store, if they divided them up evenly.

 

The gold ingots were not available in the stores in the USA - only from the their website. From what I'm reading, it sounds like they have the ingots in stores in the UK and Australia.

 

Yeah, I'd forgotten how it was set up.

 

Why did we get left out

 

Personally would be cautious about buying gold at Costco. Amazon sells gold too but again, if it isn't from a verifiable precious metals dealer, I personally would stay away. That's my take on it. : )

 

I think a company like Costco would have
things throughly inspected before putting
up for sale as reputation is everything, I don’t buy bars I buy coins like saints, liberties and an occasional buffalo.

 

Costco has now started selling 20 coin tubes of Silver Eagles via the website. They sell out almost instantly when they become available.