It’s all about trust.
The nation may have left the gold standard behind in 1933, but Costco (COST) shoppers have proven that gold is a red-hot buy.
Sure, it’s an investment, but it’s also “reflecting this yearning for real money,” economist and senior fellow at the Independent Institute Judy Shelton told Yahoo Finance executive editor Brian Sozzi on Yahoo Finance's Opening Bid podcast (video above; listen below). “Gold is kind of a surrogate for the real economy, and it represents commodities but also that traditional role of money you can trust.”
The wildly popular Costco bullion was introduced to warehouse club members last year via 24-karat 1 oz bars. The product has flown off the shelves, with Costco raking in a reported $200 million per month in gold bar sales. Demand has been so great that the retailer has begun to offer platinum bars.
According to Shelton, the gold rush at Costco likely has personal meaning to the financially skittish consumer. Over the past few years, consumers have become accustomed to watching inflation spike as high as 9% while the US dollar lost 20% of its purchasing power. This hasn't exactly stoked Americans' confidence.
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