The high price of gold isn’t turning away American consumers just a month before the 2024 presidential election. Most Costco outlets across the country have been completely selling out their supplies of 1-ounce gold bars. The inflation caused by Joe Biden and Kamala Harris is destroying families financially and gold is one of the only ways to hedge against it.
The price of gold has gone up 41% over the past year. While inflation is one of the worries that’s fueling the buying spree, there are other concerns as well. The trash economy that Biden and Harris have created is teetering on the brink. Everyone senses it. The only question is whether we can get Donald Trump reelected in time to save the country from an economic apocalypse.
The price of gold has gone up from $1,864 an ounce last October to $2,640 an ounce this month. The spot price hit $2,686 an ounce on September 26th. Despite the high price, 77% of Costco outlets in America sold out of gold bars during the first week in October, according to a Bloomberg report.
Wells Fargo estimated back in April that Costco was selling around $200 million in gold per month. It’s likely higher now considering how the price has jumped.
Because of their success selling gold and silver, Costco outlets started adding platinum for their customers as well. Canadian Platinum Maple Leaf coins and 1-ounce platinum bars are selling for around $1,089 apiece. There are limitations on how many coins and bars a customer can purchase at once.
Some might argue that it’s the wrong time to buy precious metals because of their volatility. Others argue that the volatility is due to the fragile economy and that having some gold and silver will be better than nothing if the economy completely collapses.
