The sale of precious metals drives the company’s e-commerce development

Costco customers are buying gold and silver in droves from the major company, helping it boost e-commerce sales last quarter.

“Overall e-commerce sales growth this quarter was driven by gold and silver bullion, gift cards and devices,” Chief Financial Officer Gary Millerchip told investors on NBC News on Thursday.

The membership-based company also reported 20.7 percent growth in online sales in the third quarter and first 36 weeks of fiscal year 2024.

The company has been observing an increase in this trend for several months. In October, Millerchip told investors that gold bars “typically disappear within hours” of appearing on the site as buyers flock to snap them up.

The company was forced to place a limit on the number of bars per buyer to ensure there was enough.

Jonathan Rose, CEO of precious metals broker Genesis Gold Group, told the Associated Press last year that sales may have been influenced by inflation and public concerns about the U.S. dollar.

Meanwhile, even though food prices are skyrocketing across the U.S., during the same Thursday call, Millerchip also said the infamous $1.50 hot dog deal is safe and healthy.

“Oh, and to clear up some recent media speculation, I also want to confirm that the $1.50 hot dog price is safe,” Millerchip said.

Former Costco CEO Jim Sinegal jokingly warned his successor, Craig Jelinek, to keep the hot dog at $1.50 at all costs.

“I once came to (Mr. Sinegal) and said, ‘Jim, we can’t sell this hot dog for fifty dollars. We’re losing ground. And he said, “If you pick up that fucking hot dog, I’ll kill you.” Think about it,” Jelinek recalled earlier.

Millerchip also told investors that Costco is seeing an increase in purchases of discretionary items, including toys, tires, lawn and garden and health and beauty.

Independent contacted Costco for comment.