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

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.

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.

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.

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.

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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