GOLD NEWS

Costco Moving $200 Million in Bullion per Month

Thu Aug 01 2024

There are several different directions in which the business (and hobby) of coin collecting is going at the same time, each of these being a plus for the future of the hobby. The U.S. Mint’s future coinage that will include pop culture iconography will involve the non-collecting general public and may have future ties to such venues as Comic-Con. Considering the audience for such merchandise will not only help the bottom line of participating dealers but will likely lead to new collectors joining what I will call “the mainstream” of the hobby.

Likewise, Costco is now reported to be selling an estimated $200 million worth of gold and silver bullion coins and ingots a month, once again, to the non-collecting public. Yes, there are investors in this mix. There is good reason for this. Costco prices are often very close to the commodity market spot price in addition to a 2 percent reward to Executive members and an additional 2 percent if a Costco credit card is used for payment. These same buyers will likely sell to a coin dealer since Costco doesn’t re-purchase these products.

The Mint recently released designs for a trio of commemorative coins marking the 250th anniversary of the Marine Corps and the 2024 American Innovation Set. Modern commemorative coins are a popularly collected area of the mainstream hobby.

This news comes just before the August American Numismatic Association convention in Rosemont (Chicago), Ill. The ANA convention is an excellent barometer of the more advanced collector market and a starting point for the fall season. Coin collecting continues to be active in many ways, some of them relatively new and exciting.

Source: https://www.numismaticnews.net