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Costco is estimated to be selling as much as $200 million in gold bars monthly
By Jeff Cox
CNBC, New York
Tuesday, April 9, 2024
Gold has turned into money for Costco, where yellow metal sales begun last year have turned into a cash cow for the big-box retailer.
In fact, sales are so brisk that analysts at Wells Fargo expect revenue "may now be running at" $100 million to $200 million a month, a rapid acceleration since bullion hit the warehouse club late in the summer of 2023.
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Guanajuato Silver Reports Best Ever Quarterly Production
Company Announcement
Friday, April 5, 2024
VANCOUVER, British Columbia, Canada -- Guanajuato Silver Co. Ltd. announces consolidated production results for the three months ended March 31, 2024. Production results are generated from the company's wholly owned El Cubo Mines Complex, Valenciana Mines Complex, and San Ignacio Mine in Guanajuato, Mexico, the El Horcon Mine in Jalisco, Mexico, and the Topia Mine in Durango, Mexico.
Production during the quarter of 987,312 silver-equivalent ounces is the best quarter in the company's history since production began at the company's El Cubo mines complex in Q4 2021. ...
James Anderson, chairman and CEO, said: "Q1 generated our best production performance to date and continues the trend of demonstrable quarter-over-quarter increases in precious metals production. ..."
... For the remainder of the announcement:
https://gsilver.com/news/2024/897-uanajuatoilvereportsestveruarterlyroduction20240405
"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 the bank, said in a note to clients today. "The accelerating frequency of Reddit posts, quick on-line sell-outs of product, and COST's robust monthly eComm sales suggest a sharp uptick in momentum since the launch."
If Kelly’s assessment is correct, that would represent quite a move for a product that only debuted last August and generated about $100 million in sales in Costco’s fiscal first quarter that ended in late November 2023.
Costco is selling 1-ounce bars made of nearly pure 24-karat gold. While the price is not disclosed online to nonmembers, it's estimated that the product generally sells for about 2% above the spot price, which as of this morning was around $2,357 an ounce. That would put the price at Costco just more than $2,400. ...
... For the remainder of the report:
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