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Gold
News via Media Man
Costco
selling more than $300 million in gold bars per month,
Wells Fargo estimates
April
2024
A
major retailer is reportedly raking in more than $300
million a month from selling gold bullion bars as
the price of the precious metal soars.
Costco
has struck gold by selling its one-ounce bullion bars
— so much so that the big-box retailer is reportedly
raking in as much as $200 million (AUD$306 million)
a month as the price of the precious metal skyrockets.
Revenue
“may now be running” at $100 million to
$200 million monthly, Wells Fargo said, according
to CNBC — a rapid acceleration from the $100
million sold in one-ounce gold bars in its fiscal
first quarter that ended in late 2023.
“Our
work suggests there has been significant interest
given COST’s aggressive pricing and high level
of customer trust,” Edward Kelly, an equity analyst
at Wells Fargo, said in a note to clients Tuesday,
per CNBC.
Though
Costco doesn’t disclose its price for the nearly
pure 24-karat gold bars to nonmembers, it’s estimated
that the wholesaler tacks on a 2% charge above the
spot price, which as of Wednesday morning was around
$2,340 an ounce. That would put the price at Costco
at nearly $2,400.
The
price of gold has soared 13% this year as investors
seek a safe haven from inflation that has remained
stubbornly high despite the Federal Reserve raising
interest rates to a 22-year high.
On
Wednesday, the Consumer Price Index came in at a hotter-than-expected
3.5% for March — well above the Fed’s 2%
target — to cast doubt on whether the central
bankers will begin cutting interest rates as early
as June.
Costco’s
gold bars have become so sought-after that they sell
out in seconds — and there are Reddit threads
dedicated to scoring one.
In
the discussion called “r/Gold,” Reddit users
announce when Costco gets its gold bars back in stock.
The
company has raised the limit of how many gold bars
its shoppers can purchase to five from two.
It
appears the pattern in which new stock comes in remains
unclear, though one said to check the website “Wednesdays
and Fridays” for new gold inventory.
The
Washington-based chain denotes that its gold bars
— which come in with a serial number and proof
of authenticity — includes insured UPS two-to-three-day
shipping.
One
Redditer advised Costco members to use their Costco
Executive Member card to receive 2% cash back to purchase
the gold bars, as they’re eligible for the award.
Customers
who use their Citigroup credit cards are eligible
to receive another 2% cash back.
The
gold’s pricing, cash-back sales and shipping
costs suggest “it’s a very low profit business
at best,” Wells Fargo’s Kelly wrote in his
Tuesday note.
Another
Reddit user attributed the craze to Costco making
an investment in gold attainable.
“It’s
hard — just about impossible — for a regular
person to buy reputable gold without either paying
a significant markup over the value, or not ever holding
the gold in-hand. Costco solved that: real known-purity
gold, in-hand, almost no markup,” the user wrote.
Representatives
for Costco did not immediately respond to media's
request for comment.
(Wires,
Newswire)
Gold
is a chemical element with the symbol Au (from Latin:
aurum) and atomic number 79. This makes it one of
the higher atomic number elements that occur naturally.
It is a bright, slightly orange-yellow, dense, soft,
malleable, and ductile metal in a pure form. Chemically,
gold is a transition metal and a group 11 element.
It is one of the least reactive chemical elements
and is solid under standard conditions. Gold often
occurs in free elemental (native state), as nuggets
or grains, in rocks, veins, and alluvial deposits.
It occurs in a solid solution series with the native
element silver (as electrum), naturally alloyed with
other metals like copper and palladium, and mineral
inclusions such as within pyrite. Less commonly, it
occurs in minerals as gold compounds, often with tellurium
(gold tellurides).
Gold
is resistant to most acids, though it does dissolve
in aqua regia (a mixture of nitric acid and hydrochloric
acid), forming a soluble tetrachloroaurate anion.
Gold is insoluble in nitric acid alone, which dissolves
silver and base metals, a property long used to refine
gold and confirm the presence of gold in metallic
substances, giving rise to the term 'acid test'. Gold
dissolves in alkaline solutions of cyanide, which
are used in mining and electroplating. Gold also dissolves
in mercury, forming amalgam alloys, and as the gold
acts simply as a solute, this is not a chemical reaction.
A
relatively rare element,[6][7] gold is a precious
metal that has been used for coinage, jewelry, and
other arts throughout recorded history. In the past,
a gold standard was often implemented as a monetary
policy. Gold coins ceased to be minted as a circulating
currency in the 1930s, and the world gold standard
was abandoned for a fiat currency system after the
Nixon shock measures of 1971.
In
2020, the world's largest gold producer was China,
followed by Russia and Australia.[8] A total of around
201,296 tonnes of gold exists above ground, as of
2020.[9] This is equal to a cube with each side measuring
roughly 21.7 meters (71 ft). The world consumption
of new gold produced is about 50% in jewelry, 40%
in investments and 10% in industry.[10] Gold's high
malleability, ductility, resistance to corrosion and
most other chemical reactions, and conductivity of
electricity have led to its continued use in corrosion-resistant
electrical connectors in all types of computerized
devices (its chief industrial use). Gold is also used
in infrared shielding, production of colored glass,
gold leafing, and tooth restoration. Certain gold
salts are still used as anti-inflammatories in medicine.
(Wikipedia)
News
Victims'
misery a goldmine for chequebook TV, by Peter Weekes,
Ben Doherty - 7th May 2006
Why
there's gold in them thar cells, by Carmel Egan -
6th May 2007
News
Human
Statue Bodyart
Gold
plated attractions at this years Australasian Gaming Expo (SYDNEY,
AUSTRALIA) 19 August 2014 – It was wins all round for visitors, exhibitors
and those behind the scenes at the 25th anniversary of the Australasian Gaming
Expo (AGE), held last week at Sydney Exhibition Centre @ Glebe Island 
In
addition to the regular displays of the latest gaming and hospitality equipment,
there was much to see and do at the event’s new venue. Live animal encounters,
a life size replica of the Delorean from the Back to the Future movie franchise,
free pizza and coffee samples and the chance to win free trips to Las Vegas helped
to draw a crowd described as by the event organiser as “remarkable”. 
“This
year’s visitor attendance has been remarkable – which was both reassuring
for exhibitors and an endorsement of the approach taken by AEG Ogden to the task
of operating the venue and the New South Wales Government’s provision of
additional visitor transport options”, commented Gaming Technologies Association
(GTA) CEO Ross Ferrar. 
As
one of the first organisers to book space at Glebe Island, Ross and his team had
confidence in the interim venue from the get-go and he credits AGE 2014’s
success in no small part to the SEC@GI team. 
According
to SEC@GI Venue Operations Manager Marc Singerling, getting the little things
right is just as important as the big stuff. 
“Like
us, Ross and the team at GTA understand the importance of delivering the full
360 degree experience from the moment visitors and exhibitors step through the
door. Whether it’s the temperature of the coffee or getting just the right
lighting on each exhibitor stand, each touchpoint needs to complement the others. "It’s
a pleasure to work with them on this show and we’re thrilled to welcome them
to Glebe Island during the Darling Harbour redevelopments.” Sydney
Exhibition Centre @ Glebe Island has been purpose built to provide a fully functioning
event space while ICC Sydney, the new exhibition, conference and entertainment
complex in Darling Harbour is being developed. (Casino
Life Magazine) *Click
here for full article Websites Human
Statue Bodyart Tabcorp
Gaming Solutions Tabcorp Australasian
Gaming Expo Media
Man Int Media
Man Casino
Life Magazine
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