Costco's growing business peddling the shiny metals comes amid stubborn inflation and record-high gold prices.
Shoppers are heading to Costco for more than just budget-friendly hot dogs. The warehouse club has seen a spike in sales ever since it began selling 1-ounce bars of 24-karat gold last September. With the gold bullion selling out faster than the store could replenish its stock, the discount giant in January added silver coins to its offerings of precious metals.
But the shiny metal is also a traditional hedge against inflation, which remains stubbornly persistent, as well as stock market volatility. Adding to its current allure, gold prices have risen over the past year, hitting several milestones in the last few weeks alone — climbing from a then record high of $2,160 per ounce in early March to today's price of $2,353.15. The value of gold has grown 14.5% since January — higher than any of the major indices on the New York Stock Exchange.
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