I don't know if this is a sign of anything other than people being worried about an inevitable economic crash and a collapse of the dollar, but that worry alone is enough to raise your eyebrows.
The wholesale mega-store Costco not only sold innumerable $1.50 hot dogs, but in the last quarter alone they have sold $100 million worth of gold bars online.
The 1-ounce bars typically sellout within a few hours after they are loaded to Costco's website, Galanti said back in September. The PAMP Suisse Lady Fortuna Veriscan series appeared to be unavailable Friday.
Gold enthusiasts on Reddit said the bars were going for slightly more than $2,000 as recently as last week. Customers are limited to two bars per Costco membership, which would make it difficult to build a real position in the precious metal.
I didn't even know you could buy gold at Costco!
I guess they really do have everything!
While it might be tough to build a stockpile of gold through Costco, many buyers are probably just buying the precious metal up wherever they can find it as the US dollar continues to weaken.
Gold is on pace for a weekly gain on a weaker U.S. dollar and lower Treasury yields after the Federal Reserve on Wednesday signaled three rate cuts are in store for 2024. The precious metal was trading at $2,036.19 an ounce Friday morning.
Just one more sign that NO ONE trusts the handling of America's economics anymore!
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