Gold has a long history of being traded, but it is not considered currency in the modern sense. Costco sells millions of dollars worth of gold bars every month, with buyers quickly snapping up the supply when it is released for sale. However, reselling gold bars can be much more challenging than buying them due to the complexities of trading commodities.
Costco’s gold bars sell out within hours of being released for sale, creating an allure of exclusivity. Despite the challenges of reselling, the wholesale club continues to move a significant amount of gold bars and silver coins each month. Some buyers have found themselves facing unexpected difficulties when trying to sell their gold bars.
Unlike stocks, trading commodities like gold can be more complicated due to the difference between what is paid and what is received when selling. Buyers may find it challenging to get their money back if they need to sell their gold bars. Costco does not allow returns, refunds, or price adjustments on gold bars, making it essential for buyers to find a willing buyer if they wish to sell their bars.
Gold bars are classified as collectibles by Costco and the IRS, meaning their value may fluctuate over time. The IRS may require a cut of any profits made on gold held for more than one year, adding additional expenses to selling gold bars. Between potential taxes, fees, and the difficulty of finding a buyer, trading gold bars may not be worth the trouble, even at Costco prices.