Costco has already sold gold bars worth $100M as Doomsday Preppers fear currency collapse

Costco began selling one-ounce gold bars last year, but they quickly sold out of the $1,900 priced items. Incredibly, they recorded a $100 million profit in the first quarter of the fiscal year with the gold bars selling out in mere hours and driving the profits.

Many doomsday preppers, who have predicted the imminent collapse of the economy and currency, are said to have bought the gold bars because they hold their value and wealth even through economic downturns.

Costco has also previously sold doomsday prep kits that cost $6,000 and were equipped with 600 cans of food. “You’ve probably read about the fact that we’re selling 1-ounce gold bars,” said Richard Galanti, who is the chief financial officer of Costco, as reported by Fox Business. “We sold over $100 million of gold during the quarter,” he continued.

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With the upcoming election and the recent losses in cell service from some of America’s biggest networks, some people fear an imminent doomsday scenario.

“I think these people are realizing that, hey we don’t have a crystal ball per se, but we have a good road map and they are looking at the problems the economy is having right now,” Jonathan Rose, CEO of Genesis Gold Group, told The U.S. Sun.

Rose said that gold, which has been used in bartering for thousands of years, is a “safe haven” because of how it holds its value. “And with the dollar losing its value, there’s just the general economic concern of combating inflation and that’s why many people will move to a safe haven,” he said.

Some Americans are worried about the direction in which they perceive the country to be going and this has prompted further fears of doomsday scenarios. John Hay, who is the editor of “Apocalypse in American Literature and Culture” and an associate professor at the University of Nevada, said this fear is informing the actions of many people.

“Lots of people are more confident that a massive disaster is impending than that American prosperity will continue,” he told CNBC. “Tangible goods and products can feel more secure than promises and assurances.”

Meanwhile, an expert in investment, William Bernstein, who is the author of “The Four Pillars of Investing” said that is understandable that people who may fear for their futures would invest in gold, because of its ancient reputation.

“Gold represents a traditional, pre-industrial, pre-modern-finance form of wealth and exchange,” he said. He further described the commodity as “simplicity, solidity, and ancient tradition.”

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