Maybe flipping Costco gold isn’t the answer to your financial problems. That’s because the company is limiting purchases of its 24-karat gold bars after they went too viral online.
A personal finance influencer recently went viral on TikTok after making almost $600 in profit from selling a 1-ounce gold bar he purchased from Costco in the spring of 2024. Some viewers questioned whether he sold at the right time, but he isn’t the only one selling right now.
Rising gold prices
A Bloomberg article from October 2024 details how Costco struggled to maintain its inventory of the gold bars as the price of bullion skyrocketed. The price of gold is up over $3,200 and is expected to increase.
That probably explains why customers can only buy one Rand Refinery 1-ounce gold bar per transaction at a minimum of two units per day. The bars are nonrefundable and obviously are not eligible for price adjustments.
So you’re not going to buy a gold bar from Costco one day and then return it for a higher price the next year. You’ll have to go to a gold and silver shop for that.
Viral gold scheme leads to Costco profits
Costco is raking in millions of dollars in profits from this operation, and it seems like social media content is only helping the retailer bring in even more revenue.
That’s the curse of being a successful influencer. If your audience grows too large, your cost-saving tips might ruin the good time for everyone.
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