Costco is more than giant boxes of snack foods, rotisserie chicken, hot dogs, tires… and whatever wholesale items people typically load up their carts with. Members can also buy gold bars through the Canadian company.
If they decided to purchase those 1-ounce gold bars last year, it would have set them back around $2,495, according to Fox Business. By this Thursday, those bars are worth an estimated $3,557 – meaning that purchases could make a $1,000 profit if they sell them, a 42% gain.
Fox Business noted that gold prices slipped Thursday. However, that slip came after prices hit an all-time high Wednesday, per CNBC. Even as prices slipped, the outlet said that gold was emerging as a safe-haven investment, with the “politicization of monetary policy,” driving its success.
Gold has long been seen as a safe haven asset, from ancient Egypt to the days when the U.S. held to the gold standard. It is especially valued during times of uncertainty. Today, President Donald Trump’s tariff policies, wars around the globe, post COVID-19 pandemic inflation and a weakening labor market all have contributed to economic uncertainty.
Americans were already feeling down about the economy last week, before the U.S. Bureau of Statistics released data this Friday that employment numbers were lower than expected. However, a weakening job market might trigger the Federal Reserve Bank to lower interest rates, which make it harder for people to borrow money.
That jobs report also came with another boost to the gold market. According to Yahoo!Finance, gold futures opened at $3,602 per ounce on Friday, up 1% from Thursday’s close of $3,565.80.
So, the lucky Costco members who snapped up gold bars last year might want to keep their eyes on the market. The rest of us will enjoy a hot dog and soda at the food cart for a less pricey $1.50.