Costco has changed the gold-buying game, making precious metal ownership more accessible than ever. The warehouse retailer started selling 24-karat gold bars in June of 2023, later adding silver coins and eventually platinum bars to the mix.
Among its bullion products, Costco’s 1-ounce gold bars have been an especially big hit. In April of 2024, a Wells Fargo report estimated that the company’s gold bar sales were bringing in as much as $200 million per month in revenue.
The overwhelming demand has posed challenges for Costco to keep its gold bars in stock. A Bloomberg survey conducted in October 2024 found that 77% of 101 Costco stores across 46 states were sold out of gold bars, even though fresh inventory had arrived just weeks earlier.
The Millennial Gold Rush
For centuries, people have been leveraging gold to protect their wealth during times of inflation and economic uncertainty. But we’re now seeing an influx of millennials with a more optimistic outlook on gold compared to older generations.
According to financial services company State Street, the average millennial invests 17% of their portfolio in gold, with Gen X and baby boomers trailing behind at about 10%. And a 2023 Gallup poll found that consumers rated gold as a better investment than stocks and mutual funds for the first time in a decade. So, what’s driving this modern-day gold rush?
Gold’s Big Surge in 2024
In 2024, gold logged its best annual performance in over a decade, reaching $2,777 per ounce at the end of October. Sky-high prices have stirred excitement among investors, both veterans and newcomers alike.
Many believe there’s still further appreciation to come, with experts optimistic about gold prices as we enter 2025. JPMorgan analysts predict the metal reaching up to $3,000 per ounce this year!
Several factors contribute to gold’s popularity as an asset. Aside from strong prices, inflation and the importance of portfolio diversification remain top-of-mind for investors.
Buying Costco Gold
The gold bars sold at Costco are manufactured by two well-known refineries: MKS PAMP and Rand Refinery, each of which are certified by the LBMA (London Bullion Market Association). MKS PAMP bars come with digital certificates, whereas Rand Refinery bars have serial numbers.
Bars are available in several different sizes, including 1-ounce, 10-ounce and 50-gram options. One of the most popular products is the Lady Fortuna 1-ounce bar, featuring the Roman goddess of prosperity.
For first-time gold buyers, Costco has the appeal of familiarity and ease. Rather than opening an account and buying gold shares, investors can simply order online or even buy gold on the spot at select stores.
Selling Costco Gold to Realize Gains
Shoppers around the country are eager to invest in precious metals and take advantage of appreciating gold prices. Once a bar is purchased, when the price of gold climbs further, some investors will sell to reap cash returns.
While buying gold bars has become more convenient than ever, selling gold bullion at a fair price isn’t quite as easy. Many holders of Costco gold have been left wondering how to sell their recent purchase for a profit.
Costco doesn’t buy back or accept returns on gold bars, and many gold-buying businesses offer much less than the market price of gold. Most cash-for-gold operations aim to buy gold cheaply and then sell it at a much higher price, making it challenging for sellers to fully profit from gold’s rise in value since the time of their purchase.
Where is the Best Place to Sell Costco Gold?
In order to maximize your returns when you’re ready to sell your Costco gold bar (or any gold product, for that matter), look no further than Garfield Refining. While we’re primarily known for buying scrap gold in the form of jewelry and dental material, we also purchase (and sell) gold and silver bullion!
Unlike most online gold-buying businesses who act as middlemen, Garfield offers both the convenience of an online buyer and the high payout percentage of a gold refinery. We value your gold based on current market prices.
As an established gold refinery with over a century of experience, Garfield makes selling precious metals easy. We pride ourselves on transparency, a smooth and secure transaction process, and providing our clients with the highest possible payouts. We’re also known for our award-winning customer service.
How to Sell Costco Gold
Garfield’s process is quick, easy and secure. When you’re ready to sell your gold, simply visit our website, fill out our form, and we’ll send you a free, insured shipping label. Once your shipment arrives at Garfield, we’ll send you a confirmation email. If you’re ever wondering about the status of your shipment, feel free to give us a call. The customer service team at our Philadelphia headquarters is incredibly friendly and helpful.
Once your shipment is received, you’ll get paid within just a few business days. We offer several payment options including cash, check and ACH.
Why Garfield Refining?
With 133 years in business and over 1 million satisfied customers, Garfield Refining has built an unparalleled reputation as North America’s premier precious metals refinery. We’ll get you the most for your gold, silver, platinum and/or palladium. Whether you’re looking to sell a Costco gold bar, bullion of any kind, jewelry, or even a dental crown, we’re here to help.
Ready to sell your gold bullion? Download a free shipping label today!