The Costco gold rush is making a lot of money.
The membership-based wholesale retailer sold a staggering $100 million in one-ounce gold bars last quarter, Costco Chief Financial Officer Richard Galanti said on an earnings call Thursday.Consumers snapped up gold that was sold out in a matter of hours.
The bars, which are currently sold out,. The spot price of gold was more than $2,000 an ounce on Monday.
Gold has traditionally performed well during periods of economic turmoil, earning a reputation as a hedge against inflation. spot gold Prices hit an all-time high of more than $2,100 an ounce in early December, as fears of a recession persisted.
Costco's golden earnings contributed to last quarter's strong earnings. The company earned $1.59 in profit this quarter, up about 17% from the same period last year, according to a financial statement. sample.
Costco shares rose 3% to $653 on Friday.
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