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In the company’s earnings call on Thursday, CFO Richard Galanti said that Costco sold $100 million in one-ounce gold bars between July and September.
According to media reports, during the call Galanti was asked what consumer trends Costco was seeing this holiday season; he answered: "They're buying gold."
In 2020, Costco started selling gold to its U.K. members and added it to North American stores earlier this year. Members are limited to two bars from the same supplier each and according to Galanti, the gold sells out in hours.
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