Move over, gas and hot dogs. Costco shoppers are snatching up the store's 1-ounce gold bars despite the market's lofty price for the precious metal.

A flurry of buying from Costco is happening amid signs elsewhere that cash-strapped Americans are cashing in on gold's rally. New York's pawn shops and jewelers have seen a flood of sellers.

Gold’s rally has owners of the precious metal torn between taking profit or sitting on their hoard. Here’s a handy guide.

The Swiss-made bars are only available to Costco members, whose annual fees range from $65 to $130. Made of 999.5 pure platinum, the bars are non-refundable and limited to one transaction per membership at a maximum of five units per order. They are only available online and can’t be delivered to customers in Louisiana, Nevada or Puerto Rico.

The company sold more than $100 million in gold bars in a three-month period between September and November 2023. It's betting that platinum will do just as well.

Gold (GC=F) prices hovering around record highs isn't stopping Costco (COST) shoppers from buying gold bars. According to a Bloomberg study, around 77% of surveyed Costco outlets have reported that bullion bars were sold out in the first week of October.

The 1-ounce platinum bar sells for $1,090. Sales of gold bars on Costco's website have previously sold out in minutes.

Gold’s breathtaking surge in 2024 to repeated record highs has not stopped bullion from flying off shelves at Costco stores across the US. Costco’s one-stop shopping convenience is taking gold buying to the masses by offering prices that undercut traditional precious metals Add to that gold’s appeal as a safe haven and hedge against inflation,

The trend, based on calls made to 101 stores in 46 states, highlights a growing shift among shoppers to secure the tangible assets as a hedge against financial instability. The stores surveyed said they had restocked their gold products.