Bidenomics: Gold bars selling like hotcakes at Costco

How’s this for a vote of  ‘zero confidence’ in Joe Biden and his self-touted “Bidenomics” which is nothing more than inflationary government spending?

According to CBS Marketwatch:

The discount retailer said this week it has started selling 1-ounce bars of gold, but that demand is so strong it can’t keep them in stock even with a limit of two bars per member. The company is selling two types of bars: a 1-ounce gold PAMP Suisse Lady Fortuna Veriscan bar, which bears the imprint of a silhouette of the goddess of fortune with a cornucopia, and a 1-ounce bar from South Africa’s Rand Refinery, stamped with an elephant design. 

Both bars are about half an inch long. The PAMP Suisse bar is registered and comes with a digital certificate that can be accessed with a QR code, while the Rand bars come with their own serial numbers.

Retailing for $1,980 and $1,950 a pop, the bars sell for slightly more than the going price of an ounce of gold, which is $1,875 on the spot market, and are blowing off the store shelves. Sales are going so fast Costco has limited the purchase of the bars to two to a customer.

It may sound wild that people have this kind of money to throw around, but they do.

And since they aren’t using it to buy computers or a car or any other high-end purchase, it’s obvious they’re doing it for other reasons:

• To preserve the value of the money they have as Bidenflation snaps the value of it away in cash accounts; 
• To keep their assets out of the purview of increasingly intrusive banks, which have been surveilling purchases of items such as guns and expropriating accounts of those with the “wrong ideas,” on behalf of the increasingly intrusive federal governemnt
• To use as an investment, a measured bet that the value of the bars will only go up in this age of Bidenflation.

They are likely right on all fronts. According to CBS Marketwatch:

Gold bars and coins can serve as a reliable hedge against inflation. The precious metal’s historical value, limited supply, global recognition and diversification abilities make it an attractive asset for investors seeking protection against inflation.

Which is a strong vote of “no confidence” in Joe Biden’s economic policies of spend-spend-spend.

Biden has blown through one stimulus and omnibus spending bill after another, the most recent the mockingly named “Inflation Protection Act” which has brought us unstopping inflation. While the Fed may not be printing money as much as before (they are errantly targeting interest rates instead of the money supply), the excess money in the system is still creating high prices. Biden, however, doesn’t know any solutions to any of the vast problems he’s created other than turning on the money spigots. That’s why we have too much money in the system chasing too few goods, which is the textbook definition of inflation.

And he’s not going to stop, any more than he’s going to stop his disastrous open-border policies. Inflation is going to just keep coming.

Gold used to be the purview of big professional investors and individual wackos out in the woods convinced the end of the world is ahead.

Now it’s become a choice investment of the little guy, the guy out in the ‘burbs with the SUV who goes to Costco to get bargains in bulk to save money.

It’s a sign that we are becoming a gold bar society that is so inflation-wracked we can’t keep dollars anymore in big amounts, given their inevitable depreciation due to inflation. That’s a sad commentary on how much inflation has permeated our system now. When gold bars start flying off the shelves at Costco, it’s clear that Joe Biden has created another problem.

Image: Pixabay / Pixabay License