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Canadians who flocked to Costco Wholesale Corp. when it began selling gold bars have made a pretty penny on their investment.
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In October 2023, Costco offered one-ounce gold bars to Canadian shoppers for $2,679.99. The retailer limited customers to buying two bars per week due to the rabid demand.
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Fast forward less than two years and those same bars are being sold on Costco’s website for $4,689.99, though they are sold out as of June 25. One-ounce bars are currently being sold by Toronto-Dominion Bank for $4,703.73.
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On the market, one ounce of gold was worth $4,590.85 as of June 25, according to JM Bullion Inc., meaning Costco gold buyers have made nearly $2,000 per bar on the purchase.
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Gold prices have skyrocketed since United States President Donald Trump took office, due in large part to the uncertainty of his trade policies. Gold is largely considered a stable investment in times of turmoil.
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Gold prices have climbed more than 28 per cent this year, hitting a record of US$3,473 earlier this month before falling.
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There are signs it may soon be time to sell, however. A recent report by Citigroup Inc. suggests gold prices may fall as much as 25 per cent by this time next year due to weaker demand and interest rate cuts in the U.S.
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English (US)