First Costco, Now Walmart? Major Retailers Now Offer Gold Bars
X users report that Walmart is the latest major retailer to offer a variety of gold products in its online store. This comes several months after membership-based wholesale retailer Costco began selling 1 oz. gold bars.
"Walmart is selling gold and silver. Are you awake yet? This is a financial change," one X user said.
Walmart is selling gold and silver. Are you awake yet? This is a financial change. pic.twitter.com/WLxSrPJOSh
— Crypto Rich (@hustlewithRich) December 23, 2023
Another X user said: "First Costco, Now Walmart."
First Costco Now Walmart #Gold #Silver #Collapse pic.twitter.com/3hKT4BjzwD
— thetainvestor™ (@thetainvestor) December 26, 2023
Here's what others are saying:
Looks like $GOLD is reversing off this spike today that is attracting every last buyer including Walmart and Costco buyers
— @mcm_ct_usa (@mcm_ct_usa) December 27, 2023
Walmart is not selling bullion direct to consumer. They are being sold by @APMEX @usmint etc looks like they are just trying to capture as much exposure as possible for @Costco @Walmart customers ( which is smart, major FOMO at all time highs for GOLD )
— Darth Grogu (@_GalacticChild) December 27, 2023
Walmart appears to be getting on the precious metals action following Costco CFO Richard Galanti's comments earlier this month about incredible gold bar demand among consumers:
"You've probably read about the fact that we're selling one-ounce gold bars. We sold over $100 million of gold during the quarter."
Galanti continued:
"When we load them [gold bars] on the site, they're typically gone within a few hours."
Costco's and Walmart's gold rush comes as gold prices have soared 14% since early October to a new record high of $2,088 this week. Gold's strength has been underpinned by traders' aggressive pricing of Federal Reserve rate cuts.
The yellow metal "is the answer for many things at the moment – whether it's inflation carrying on, rate cuts or the uncertainty with very costly wars going on," said Jo Harmendjian, portfolio manager at Tiberius Group AG.