Buying a jar of pistachio cream and ending the shopping day at the supermarket with a gold bar is a different but feasible way. On the shelves of the jewelry section at Costco Spain, hidden among food and clothing, gold bars shine: ranging from 10 to 100 grams, with prices ranging from 940 to 9,180 euros. A product in the wholesale chain, not affordable for everyone, but for all the curious who dare to cross the security barrier and face the high prices.
Since 2023, it has been possible to buy gold bars at the chain's locations in Spain, as if it were any other product. However, the company has declined to provide any assessment to this medium regarding the frequency or demand for their gold bars. Nevertheless, this does not seem to be an isolated case. In the USA, they are more forthcoming. As reported by Bloomberg in October, Costco executives valued gold bar sales, which had exceeded $100 million in their first fiscal quarter, as "a very significant part" of the chain's online trade. A study of their stores reflected the difficulty of most establishments in maintaining their stock. So much so that in mid-March, on the website of the large American supermarket chain, the PAMP Suisse Lady Fortuna gold ounce is labeled as sold out.
And in times of crisis or great uncertainty, gold shines as a safe haven asset. Especially in recent weeks, where the price of an ounce of gold has hit a historical record by surpassing $3,000 (around 2,270 euros). Experts have been warning about the significant rise in the value of this precious metal in recent months, a result of the massive purchases by central banks worldwide. This is a strategic move in times of high uncertainty, inflation, increasing public debt, and geopolitical risk.
Thus, gold has appreciated by 15% in the first months of 2025, following the golden -literally- path of 2024 when it reached highs and exceeded $2,624 (2,550 euros at the exchange rate), after growing by 27%. Not forgetting that in 2008, during the real estate crisis, gold also experienced significant increases in its value, up to 30.9%.
This increase in value translates into demand from individuals: "2024 was a record year for investment in precious metals (bullion) globally," explains Ugo Leca, spokesperson for the Catawiki platform, before noting that last year "we sold 80% more gold items compared to 2023." A trend that continues in 2025, "with a 60% increase in the first two months of the year."
Bringing the perspective to a more traditional level, such as gold buying and jewelry businesses, the responses continue along the same lines: gold continues to attract Spanish individuals who see the current context as an opportunity to acquire a "safe and tangible value," as explained by José Antonio, spokesperson for Andorrano Joyería: "People do not need to sell; they are buying to protect themselves."
In line with this, Jesús García, expansion director of QuickGold, states that in recent weeks they have observed an increase in the purchase of gold bars, "almost double the usual amount." "People are now using it as a safe haven asset, more than as an investment to make money in the short or medium term," explains García, adding that in the case of sales, which have not experienced such a significant variation, it is more common for users to get rid of jewelry.
The amount of gold (and the format) varies: MasterGold ensures that demand is concentrated on five and 20-gram bars. Meanwhile, Compro Oro Chamberí extends the range of formats from "fine powder" to five-gram bars. And Andorrano Joyería adds that customers are also very attracted to buying gold coins.
There is also versatility in the profile of the gold buyer, which has "evolved," moving from traditionally being "older individuals looking to preserve their wealth" to seeing "an increase in the participation of younger investors, including tech entrepreneurs and digital nomads, attracted by the stability and potential appreciation of gold," as explained by Luxoro.
However, different businesses in Spain share a common response: the purchase of gold has grown due to the revaluation of this precious metal, already initiated during the pandemic, and with an increased demand accentuated by conflicts in Ukraine and Gaza.
For more strategic investors, market analysts highlight the demand for this type of safe haven asset in funds and investment portfolios, to have a guaranteed minimum return. However, analysts from the Renta4 team warn that it is not possible to invest directly in this commodity from Spain. Therefore, "if a retail investor wishes to invest in gold, an option to consider is the possibility of investing in gold mining companies, which is not exactly the same but generally responds to gold movements albeit with a bit more volatility," explain the specialists.
Despite everything, experts have noted an increase in inquiries from individuals who want to include the precious metal in their portfolios and do not want to miss out on the race in this new gold rush. From the firm DWS, fee expert Oliver Eichmann explains that, "despite these high price levels, we still see a higher upside potential for gold in times of uncertainty like these. Within a 12-month horizon, the price of gold could reach $3,250 per ounce."