One of the most interesting consumer gold investment stories of 2023 occurred when Costco, one of America’s largest and most beloved retailers, announced that they’d be selling solid gold bars. These 1 oz gold bars, which retailed for a little above gold’s spot price on their website, often sell out within hours of appearing in stock.
Despite selling these gold bars, they don’t buy gold back from their members. So what should buyers do when they’re ready to cash in on their investment?
In their most recent earnings call, Costo’s Chief Financial Officer Richard Galanti said that they sold more than $100 million in gold bars during its most recent quarter. That’s a lot of gold now sitting in people’s homes, safety deposit boxes, or buried in their backyards!
The gold bars, which currently sell for over $2,000/oz (and are limited to 2 per member), offer a compelling store of value as a hedge against interest rates, US dollar, and stock market investments. While there are many reasons people choose to invest in gold, its stability and hedge against inflation are among the most popular.
But once you are ready to sell your gold bar, where do you sell it? Costco isn’t going to buy it back from you.
At Cash for Gold Mailer, we pay 95% of the current market price for 24 karat, investment-grade gold. This is the highest price we pay for any gold, and many investors use our gold exchange to cash in on gold investments.
Our customers appreciate the fast, easy, secure, hassle-free process that we provide. Instead of trying to sell it personally (which can carry some safety risk), using an online marketplace (which can charge high fees), or an auction house (which can take a long time and charge an even higher fee), our transparent gold buying service makes for a fast and easy way to sell your gold bars.
So, if you bought gold bars at Costco, Cash for Gold Mailer is the perfect place to sell them (when the time comes)!
When you buy a gold bar, it’s typically with the intention to hold it for a long time. But as life circumstances change, you need cash, or you just want to take advantage of soaring gold prices, you may need a trustworthy exchange to sell your gold to.
Many people also receive gold in an inheritance. Sometimes they’ll want to keep this gold – especially if it’s investment-grade like these gold bars – but other times they have a greater need for the money. And of course you can’t take a gold bar to the grocery store or car dealership. People who inherit old or broken gold jewelry often want to sell it too, as it’s not as strong as of an investment and often holds little or no sentimental value.
People who sell gold bars often also have scrap gold jewelry, dental gold, or other gold they sell at the same time. For other types of gold, we pay up to 90% of spot price. You can read this article on how to calculate the value of your scrap gold.
Of course, the price is also heavily dependent on the current market price of gold per ounce.
With gold nearing all-time highs in late 2023, now may be the perfect time to search your house for gold to sell.
Gold prices have risen 12% this year (in 2023, as of December 15th). That sounds great, but the S&P has returned over double that at 25%. While it’s more volatile, younger investors in particular tend to hold more stocks and equities as they seek higher long-term returns. So while it may make sense for an older person to invest in gold for its stability, if that gold is left to a child or grandchild, it can be advantageous to sell the gold and put it in an investment vehicle that can seek higher returns.
JPMorgan is forecasting a breakout rally for gold in 2024 with a peak of $2,300 (about 10% higher than the current price) an ounce as interest rates are expected to fall, according to the bank’s commodities outlook published earlier in December.
At Cash for Gold Mailer, we’re here to help you exchange your gold for cash. Whether you bought a gold bar at Costco, investment-grade coins, or if you just have a pile of old gold jewelry collecting dust, we’ll buy it!
Our gold mailers are fully insured, safe, and allow you to sell your gold without even leaving your home. We also offer a satisfaction guarantee – if you don’t like our offer for your gold, we’ll send it back to you safely, no questions asked.