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Gold bars gaining popularity at Costco

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Costco officials said the gold bars could be sold out within hours.

Radio-Canada

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After the toilet paper madness during the pandemic, it's time for a gold rush in the country's supermarkets: gold bars #x27;gold, coins and other precious metals can now be found in their aisles.

With the price of an ounce of gold having reached record highs in recent weeks – above $2,000 – the metal's popularity has also been reflected among retailers. According to Costco CFO Richard Galanti, the company sold more than $100 million worth of gold during a recent 12-week period.

In the United States, Walmart also began selling gold, silver and platinum bars to consumers online .

Costco did not respond to requests for comment from CBC News, but company representatives previously said during a meeting with investors that gold bars were selling within hours of being posted online.

Erfan Hashempour, a resident of Richmond Hill, Ontario, has invested in gold and silver over the past few years by purchasing coins. He was particularly surprised to see that gold bars and coins were on sale at his local Costco warehouse.

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We expect to find everything at Costco, but not gold, he was surprised.

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Erfan Hashempour invests in gold for both cultural and financial reasons.

For Mr. Hashempour, gold is an investment both cultural and financial. I am originally from Iran. In our culture, gold has always been important, he explains.

If he invests in certain precious metals, it is to diversify his financial and investment portfolio. It is also a way to address concerns about the long-term stability of currencies and stock market investments.

My parents and members of My family have always advised me to invest in precious metals such as gold and silver, because it is not something that depreciates [like] that has been the case for Iranian money over the past 40 years, he continues.

People looking to protect themselves [financially] are turning to precious metals, says Jonathan Rose, a precious metals salesman who works for Genesis Gold Group in Beverly Hills , in California.

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The volatility of cryptocurrencies and the fluctuating value of the US dollar are pushing people towards physical assets like gold or silver.

According to him, these investors are worried about movements in currencies or stock markets, and gold has proven itself as a stable investment.

He adds that other factors, such as the volatility of cryptocurrencies and the fluctuating value of the US dollar, are pushing people towards physical assets like gold or gold. ;money.

Whenever there is geopolitical instability in Internationally, people seek refuge or escape to safety.

A quote from Jonathan Rose, a precious metals salesman

However, David Wagner, a portfolio manager, believes that gold does not always protect against financial hazards such as inflation, and that people who invest in gold sometimes act out of fear.

If they think the U.S. currency is going to depreciate, they'll buy gold, says Mr. Wagner, who works at Aptus Capital Advisors in Cincinnati, Ohio. To be completely honest, these people expect the end of the world to come soon.

Many people trust an investment they can see, feel and hold in their hands, Wagner said. For these same reasons, he adds, it can also give them a false sense of security: physical investments can be lost or stolen.

This kind of #x27;concern is, however, not likely to move those who invest in gold, like Mr. Hashempour.

I feel like gold is an investment sure… while things can go wrong for companies whose shares you buy on the stock market.

A quote from Erfan Hashempour, investor

The latter specifies, however, that he holds many traditional investments in stocks and currencies, and that he did not put all his eggs – golden or not – in one basket.

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