Costco gold bar sales reach $100 million amid inflation fears

Costco sold about $100 million in one-ounce gold bars last quarter, Costco CFO Richard Galanti said, amid consumer concerns about inflation.

The bars are currently out of stock but sold for up to $1,980 over the fall, according to CBS News. Meanwhile, as of Sunday, gold futures are more than $2,030, according to Google Finance. 

Galanti announced the success of the gold bar sales during an earnings call Thursday when he was asked about holiday consumer trends.

"They're buying gold," he said, according to Business Insider. 

The company sells out of its gold "within a few hours" of it being listed online, Galanti previously said. 

Costco's website features one 24kt-1 oz gold bar from South Africa's Rand Refinery and another bar with the same weight and karat from Switzerland's PAMP Suisse. Both bars are limited to 2 purchases per membership.

As inflation remains above the Federal Reserve Bank's target rate of 2%, consumers may be turning to gold to balance their portfolio, as the precious metal has traditionally been used as a hedge against inflation. 

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