Costco is selling gold bars. Here's how to buy gold now.
Gold has always been a safe haven for investors seeking to preserve and grow their wealth in times of economic uncertainty. Its timeless appeal as a tangible asset with intrinsic value makes gold an attractive investment option — which is why this precious metal has grown in popularity in recent years. And, now investors can even buy gold bars at Costco.
Costco recently added two types of one-ounce bars of 24-karat gold to its list of merchandise, both of which have a price tag of just slightly under $2,000. But if you're hoping to snag gold bars from the wholesale warehouse, you'll have to be quick. Costco CFO Richard Galanti said on its most recent earnings call that the gold bars sell out on its website in a matter of hours.
But the good news is that you aren't limited to Costco if you want to purchase gold. There are other routes you can take to invest in gold, whether you're interested in gold bullion, like gold bars and coins, or another type of gold investment. Learn more about your gold options with a free information kit.
How to buy gold now
If you want to purchase gold but can't get it from Costco or aren't a member of the wholesale warehouse, here are the other options worth considering:
Physical gold
Investing in physical gold involves buying tangible assets like coins and bars, like the ones Costco is selling. Here's how to purchase this type of gold:
- Research trusted mints: Start by researching reputable mints such as the U.S. Mint, Royal Canadian Mint or Perth Mint to get a clear idea of what you're looking for when purchasing gold bullion.
- Select gold coins: If your plan is to buy gold coins, it may benefit you to choose from well-known gold coins like the American Eagle, Canadian Maple Leaf or Australian Kangaroo.
- Find reputable dealers: Before buying, you'll want to find trustworthy dealers or banks that offer these coins or gold bars. Be sure to read customer reviews and look for established dealers that have a reputation for selling quality gold bullion.
- Check the certification: After you've found a dealer, it's important to ensure your gold has proper certification and carries a recognized hallmark so you know it's the real deal.
Gold ETFs
Gold exchange-traded funds (ETFs) are funds that hold holds gold as their underlying asset, and are an easy way to invest in gold without having to worry about storage or insurance like you would with physical gold. Here's how to buy shares in a gold ETF:
- Research ETFs: There are a wide range of gold ETFs to choose from, so start by exploring some of the more popular options to find out how they've performed historically.
- Open a brokerage account: If you don't already have one, open a brokerage account at a brokerage that offers the gold ETF you want to buy shares in. Note that you may have to pay fees to your brokerage for buying or selling any gold ETF shares, so it may benefit you to compare fees or extra costs before choosing a brokerage.
- Place your order: Buy shares of your chosen gold ETF through your brokerage account, just like you would with stocks.
Gold stocks
Investing in gold mining companies or gold-related stocks can provide exposure to the gold market with the potential for higher returns compared to physical gold. And, it's relatively simple to buy into these types of stocks:
- Research companies: Identify and research individual gold mining companies to determine which options fit your overall investment plan.
- Open a brokerage account: If you don't have one, open a brokerage account. As with gold ETFs, you'll likely have to pay for brokerage fees when you buy or sell your gold stocks, so take that into account.
- Place your order: Buy shares of your selected gold mining company through your brokerage account.
Gold IRAs
A gold individual retirement account (IRA) allows you to hold physical gold within your retirement portfolio and offers a range of unique benefits to investors. Here's how to set up a gold IRA:
- Select a reputable custodian: Research and choose a reputable gold IRA custodian approved by the IRS.
- Open a gold IRA account: Work with the custodian to open a self-directed gold IRA account.
- Fund your account: Transfer funds from your existing IRA or 401(k) into your gold IRA.
- Select your gold: Work with your custodian to purchase IRS-approved gold coins or bars for your gold IRA.
The bottom line
If you want to purchase gold, Costco isn't your only option. You can easily purchase physical gold, gold stocks and ETFs or other types of gold investments through a reputable dealer or broker. And, while gold can offer a range of benefits to investors, no investment is completely risk-free. So, just be sure to do your homework beforehand so you can make the most informed decision for your investment portfolio.
