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First Costco, Now Walmart: Major Retailers Suddenly Begin Selling Gold
“Are you awake yet?”
This article originally appeared on ZeroHedge and was republished with permission.
Guest post by Tyler Durden
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.
Another X user said: “First Costco, Now Walmart.”
Here’s what others are saying:
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.
Copyright 2023 ZeroHedge
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