In the latest earnings call, Costco's Chief Financial Officer Richard Galanti revealed that the membership-based wholesale retailer recorded an astonishing $100 million in sales of one-ounce gold bars in the last quarter. The surge in demand for gold came amidst persistent inflation concerns, with consumers quickly snapping up the precious metal, resulting in a complete sell-out within hours.

During the fall, Costco offered the gold bars at a price range of $1,950 to $1,980 per bar. However, due to the growing interest in gold, the bars are presently out of stock. As of Monday, the spot price for gold was listed at over $2,000 per ounce, making the Costco offering quite attractive to investors.

Gold has long been considered a safe haven investment during periods of economic turbulence, earning a reputation as an effective hedge against inflation. This perception has been further reinforced as spot gold prices reached an all-time high of more than $2,100 per ounce in early December, with fears of an impending recession prevailing.

In response to this impressive sales performance and the positive outlook for gold, Costco's stock experienced a significant upward surge of 3%, reaching $653 on Friday. This demonstrates the confidence that investors have in the company's ability to capitalize on consumer demand and make the most of market opportunities.

Considering the current economic climate and the uncertainties surrounding inflation, it seems that Costco's gold rush is proving to be a lucrative venture. As consumers continue to seek out assets capable of preserving their wealth, the popularity of gold is unlikely to wane any time soon.