Costco's Gold Rush: One-Ounce Bars Bought for £2,000 Now Worth Over £3,500 in Just 12 Months

Costco's quiet rollout of one-ounce gold bars in October 2023 sparked a buying frenzy that's since delivered significant gains for early purchasers.

Now, as prices climb above $3,500 per ounce, those who snapped them up are sitting on profits that could exceed 40 per cent in under two years.

From Bulk Buys to Bullion Boom

Costco, the US-based wholesale giant known for selling everything from rotisserie chickens to flat-screen TVs, made headlines when it added one-ounce gold bars to its online inventory.

The bars, sourced from reputable refiners like PAMP Suisse and South Africa's Rand Refinery, were priced at nearly $2,000 (approx. £1,480) in late 2023.

The move was unexpected, but demand was instant. 'Yes, but when we load them on the site, they're typically gone within a few hours,' said Costco CFO Richard Galanti during a quarterly earnings call in September 2023.

The company limited purchases to two bars per member, and the items were non-refundable, yet that didn't deter buyers.

A Year Later: Gold's Meteoric Rise

Fast forward to September 2025, and those same bars are now fetching upwards of £3,500 on secondary markets, thanks to a surge in global gold prices. The price of gold has climbed steadily amid economic uncertainty, inflation concerns, and geopolitical tensions. Investors have flocked to safe-haven assets, pushing demand and prices skyward.

According to Costco UK's current listings, one-ounce gold coins and bars now retail for well over £2,700, with some premium items exceeding £3,000. On resale platforms and among private collectors, prices have breached the £3,500 mark, particularly for bars with limited availability or high brand recognition.

Gold's rise isn't just about Costco, but points to a broader trend. The World Gold Council reports that central banks have been aggressively buying gold to diversify reserves, while retail investors have turned to bullion as a hedge against volatile markets.

Costco's entry into the market gave everyday consumers a chance to participate without needing to navigate specialist dealers or complex investment platforms.

Not All That Glitters

Still, the gold rush hasn't been without hiccups. Some buyers have struggled to resell their bars, especially those purchased without clear provenance or certification. Costco's return policy excludes precious metals, meaning buyers are stuck with their purchase, even if market conditions shift.

While gold is widely viewed as a stable, long-term asset, its appeal often hinges on liquidity—the ability to sell when needed. As MRK Precious Metals notes, 'For many investors, it's also about flexibility—being able to sell when you need to.'

But physical gold, unlike ETFs or futures, requires navigating a fragmented secondary market. Add in shipping, taxes, and authentication costs, and the shine of tangible wealth can quickly dull. For casual buyers expecting quick profits, the reality of gold ownership may be more complex than anticipated.

Despite these caveats, the overall sentiment remains bullish. For those who bought early and held on, the returns have been remarkable.

A New Kind of Shopper

Perhaps the most fascinating aspect of Costco's gold experiment is the type of buyer it attracted. Not just seasoned investors, but everyday people—teachers, nurses, retirees—who saw an opportunity to diversify their savings.

The blend of accessibility, trust in the Costco brand, and rising gold prices created a perfect storm. And while the company hasn't disclosed exact sales figures, the bars' rapid sell-out rate suggests strong and sustained demand.

With gold prices still climbing and Costco continuing to offer limited quantities online, the question now is whether the trend will hold.

For now, those who locked in at £2,000 are watching their investment grow. And for everyone else? It might be time to refresh that Costco page, just in case.

What's Next for Costco's Gold Offering?

Restrictions tightened again in May 2025, limiting buyers to one bar per transaction due to sustained demand. Prices on Costco's site had climbed to about $3,389.99, up from roughly $2,780 in 2023. While analysts predict gold won't double again in the next year, they remain cautiously optimistic given persistent economic uncertainty.

Even so, with the gold price 2025 still climbing, analysts believe gold remains a solid hedge against economic uncertainty. Those who bought early continue to enjoy exceptional returns. For the rest, the scramble to refresh Costco's page continues.