The surge in gold purchases, with Costco reporting $200 million a month in gold bullion sales, is attributed to a combination of factors including global monetary changes, with Treasury Secretary Janet Yellen's visit to China to discuss currency strength reminiscent of strategies from a decade ago. Retailers like Costco have capitalized on this trend, witnessing a significant increase in sales from offering precious metals, notably 1-ounce bars of 24-karat gold, alongside traditional goods. Despite the boost in same-store sales, profits from these high-value items remain elusive. The phenomenon reflects broader economic concerns, prompting individuals and entities, from everyday shoppers to central banks, to invest in gold as a safeguard against potential financial instability, signaling 'bad times ahead'.
The warehouse club has seen a spike in sales ever since it began selling 1-ounce bars of 24-karat gold last September. https://t.co/hUzAHoYuFU
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Costco gold and silver sales are boosting same-store sales, but profits elusive https://t.co/weCvr0U7ja
The gold rush in aisle four: Costco shoppers stock up on precious metals along with their groceries https://t.co/EpgOqAe48o https://t.co/EpgOqAe48o
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