Costco is seeing a gold rush. What's behind the demand for its 1-ounce gold bars?

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. While not a typical outlet for the sale of precious metals, the members-only warehouse chain has seen its 1-ounce gold bars sell out faster than discounted 170-ounce jugs of laundry detergent. In a company earnings call last week, CFO Richard Galanti said the gold bars, sold exclusively online, are “typically gone within a few hours” of appearing on Costco's website — adding that there's a two-bar limit per member. No prices were listed Wednesday because of the bars' unavailability, but multiple media outlets reported last week that the 1-ounce gold pieces — offered in two designs — were selling for just below $2,000 each. Precious metals can be highly volatile, the commission said, and prices rise as demand goes up — meaning “when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers.” If you do choose to invest in gold, the commission and others add, it's important to educate yourself on safe trading practices and be cautious of potential scams and counterfeits on the market.