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Costco has been selling up to $200 million worth of gold bars and silver coins each month, according to a Wells Fargo analysis.Costco is selling one-ounce, 24-karat gold bars, according to its online store. It has also increased the maximum number of bars that can be purchased at once from two bars per customer when the product was first introduced to now allowing five bars per customer.Costco has also been selling silver coins, advertised as 99.
Given its pricing and shipping costs, however, it’s likely a “very low-profit business at best,” analysts with Wells Fargo wrote in a note to clients on Tuesday. “The reason that we looked at this is that it’s becoming a larger contributor to sales for them,” said Edward Kelly, managing director of equity research at Wells Fargo.
“It’s not that $100 or $200 million a month is a lot for Costco, but it’s new business and they didn’t have that business last year.”G Mining’s Brazil gold mine nears completion, on track for production in H2Sibanye-Stillwater to axe 4,000 jobs in gold mines restructuring
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