First Costco, Now Walmart? Major Retailers Now Offer Gold Bars

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by Tyler Durden
Thursday, Dec 28, 2023 - 11:00 PM

X users report that Walmart is the latest major retailer to offer a variety of gold products in its online store. This comes several months after membership-based wholesale retailer Costco began selling 1 oz. gold bars. 

"Walmart is selling gold and silver. Are you awake yet? This is a financial change," one X user said. 

Another X user said: "First Costco, Now Walmart." 

Here's what others are saying:

Walmart appears to be getting on the precious metals action following Costco CFO Richard Galanti's comments earlier this month about incredible gold bar demand among consumers: 

"You've probably read about the fact that we're selling one-ounce gold bars. We sold over $100 million of gold during the quarter." 

Galanti continued:

"When we load them [gold bars] on the site, they're typically gone within a few hours."

Costco's and Walmart's gold rush comes as gold prices have soared 14% since early October to a new record high of $2,088 this week. Gold's strength has been underpinned by traders' aggressive pricing of Federal Reserve rate cuts.

The yellow metal "is the answer for many things at the moment – whether it's inflation carrying on, rate cuts or the uncertainty with very costly wars going on," said Jo Harmendjian, portfolio manager at Tiberius Group AG.