We've seen some crazy rushes on items in the past, resulting in them selling out. Remember when people were obsessively buying toilet paper? Madness. But, now, Costco is selling out of something else completely, resulting in a buying limit per customer.
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Now, it's the infamous Costco gold bars that are selling out in the stores. The PAMP Suisse Lady Fortuna Veriscan and the Rand Refinery's South African bullion available in Costco are now limited to one per person.
The bars now sell for $3,389.99, including shipping on their website. This may seem like a crazy amount, but when you consider that they were worth only $2,779.99 last year, it's easy to understand why people are buying them.
As the US dollar tanks on the international market, buying gold is a sure way to save wealth. Gold only ever seems to climb and outperforms many other methods of investing. It has always been a great way to store wealth, especially when a country's currency is doing as badly as the dollar.
Should You Join The Costco Sell Out Gold Rush?
I have always been an advocate for smart investment using anything other than a Commercial Bank. They will almost always stiff you on savings accounts, and more often than not, your 'investment' account will result in lower interest than the country's inflation.
So, looking at other avenues, there are a few places to go. Land is a slow, steady, and clever investment. But, on a small scale with similar and often better returns, is gold. Year after year, it outperforms most ISAs and savings accounts. You can also own it and sell it on the international market.
This is why Costco is selling out of gold on a new scale. People are looking at the current US market volatility and opting to keep their money out of the banks, and in gold bars instead. Would I recommend you do the same? Absolutely. Look at the price history of gold and tell me it won't be worth more next year.
Many countries often invest in gold, especially when they have volatile currencies. In 2021, the Turkish president even had to beg his people to sell their gold reserves to save their collapsing Turkish Lira. For many, owning your wealth in solid form is preferable to leaving it to the banks.
