Can't buy a gold bar from Costco? Here's how you can still get your ...

29 Sep 2023

CNBC

Costco, the wholesale store known for its bulk goods and $1.50 hot dogs, recently added a new item to its inventory — gold.

Costco has started selling online PAMP Suisse Lady Fortuna Veriscan 1oz gold bars in addition to another gold bar from the South African Rand Refinery, and the commodity has become a hot ticket item. As reported by CNBC, Richard Galanti, Costco's Chief Financial Officer said on Costco's 2023 Q3 earnings call "...we've been selling one-ounce gold bars, yes, but when we load them on the site, they're typically gone within a few hours and we limit two per member."

However, having a Costco membership isn't the only way to buy gold. If you don't happen to belong to the wholesale realtor, you still have other ways to own some of this precious metal.

Buying gold on the stock market

Although it may not give you the thrill of holding a physical bar of gold, investing in securities related to the commodity is another way to stake your claim. A good broker can give you easy access to the market with minimum fees. TD Ameritrade, for example, is a great place for investors of all levels to buy and sell gold exchange-traded funds (ETFs) or mutual funds. In addition to its secure and user-friendly website, the brokerage also provides a mobile app that lets you execute trades and take advantage of its educational tools and research.

TD Ameritrade

Fees/commissions

$0 commission on stocks, options and ETFs

Account minimum

Investment options

Includes stocks, bonds, mutual funds, ETFs, options, Forex, and futures

Terms apply.

Another broker that can help you invest in gold is Charles Schwab, which stands out from other online brokers by letting you purchase fractional shares of stock. This means you can invest in gold-related securities up to a dollar limit that you set (instead of having to pay for whole shares). Charles Schwab also offers customers access to their Personalized Portfolio Builder tool, which will help you design your portfolio using insight and guidance from Charles Schwab.

Charles Schwab

Minimum deposit and balance

Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No account minimum for active investing through Schwab One® Brokerage Account. Automated investing through Schwab Intelligent Portfolios® requires a $5,000 minimum deposit

Fees

Fees may vary depending on the investment vehicle selected. Schwab One® Brokerage Account has no account fees, $0 commission fees for stock and ETF trades, $0 transaction fees for over 4,000 mutual funds and a $0.65 fee per options contract

Bonus

None

Investment vehicles

Robo-advisor: Schwab Intelligent Portfolios® and Schwab Intelligent Portfolios Premium™ IRA: Charles Schwab Traditional, Roth, Rollover, Inherited and Custodial IRAs; plus, a Personal Choice Retirement Account® (PCRA) Brokerage and trading: Schwab One® Brokerage Account, Brokerage Account + Specialized Platforms and Support for Trading, Schwab Global Account™ and Schwab Organization Account

Investment options

Stocks, bonds, mutual funds, CDs and ETFs

Educational resources

Extensive retirement planning tools

Terms apply.

Buying gold through a self-directed IRA

Most custodians of conventional IRAs won't allow you to own physical gold in the tax-advantaged account, but it's a whole different story with a self-directed IRA (SDIRA). As the name implies, SDIRAs give you more control over what type of assets you can own, including real estate and precious metals.

It's important to know that the freedom an SDIRA provides also comes with increased risk, thanks to the challenges and complexities that come with investing in some of these alternative assets. If you're set on owning gold through a self-directed IRA, make sure you consult a certified financial planner or similar professional who can help you avoid costly mistakes.

Compare offers to find the best savings accountBottom line

Costco's gold bars are selling out quickly, but you can still own gold through the stock market. If you decide to invest in a gold-related security, make sure you talk to a financial professional who can walk you through the basics and help you avoid common pitfalls.

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