The Associated Press reports that Costco is consistently selling out the one-ounce gold bars that it has been marketing via its website.
In fact, the story says, they are selling out “faster than discounted 170-ounce jugs of laundry detergent.” Selling out so fast that Costco has had to impose a two-bar limit on sales.
According to the story, “Unlike some other discount finds at the retail giant, gold bars come with hefty price tag. No prices were listed Wednesday because the bars were unavailable, but multiple media outlets reported last week that the 1-ounce gold pieces — offered in two designs — were selling for just below $2,000 each.
“That’s slightly higher than the current market price of gold, which stood at about $1,835 per ounce Wednesday afternoon.
“Costco did not specify how many gold bars have been sold recently, or how often it restocks them.”
The Associated Press reports that “chances are, interest around Costco’s gold bars isn’t going away anytime soon. Although one or two ounces of gold won’t have a huge impact on diversifying one’s investment portfolio, experts note that there’s been increasing investor demand for precious metals in recent years, and that’s likely to continue.”
KC’s View:
I think what we’re seeing here is the foundation for a defense that will be made for Sen. Robert Menendez (D-New Jersey), who recently was indicted on corruption charges after federal investigators found $480,000 in cash and more than $100,000 worth of gold bars at his home.
Menendez is going to refer everyone to his Costco membership and say that the gold bars weren’t bribes, but rather savvy purchases made at his local membership warehouse.
It is, of course, a defense that will only seem credible if he also has a basement full of 170-ounce jugs of laundry detergent. Which he probably doesn’t. Though, when you think about it, that much detergent might be useful for whatever other laundering activities in which he may be engaged.
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