U.S. wholesaler Costco is increasing its exposure to the gold and silver bullion markets with two new product offerings for its customers.
Newmont Corp., one of the largest mining operations in the world, announced early Wednesday it will be minting a traceable gold bar through MKS PAMP, of Switzerland, using Provenance technology.
According to PAMP’s website, Provenance is “a cutting-edge traceability solution that leverages the blockchain technology to track the global precious metal supply chain, from source to end product, guaranteeing responsible sourcing through a transparent approach.”
Each bar has a QR code that may be scanned and accessed through a smartphone app to verify authenticity.
Costco’s newest one-ounce bar will feature PAMP’s recognizable Lady of Liberty design.
“The Newmont and MKS PAMP teams collaborated to deliver this traceable gold bar to consumers to honor their long-standing collaboration. The PAMP one-ounce Lady of Liberty gold bar is sealed in secure CertiPAMP packaging, which serves as a certificate of authenticity and quality perfection,” the Newmont press release states.
Shares of Newmont have gained 39.1% over the past year, according to the press release, which is in step with the industry performance average of 39.4%.
Peter Toth, chief development officer at Newmont, recently told Kitco News, “The opportunity for Newmont gold to be accessible, direct to consumers, is a testament to our commitment to promoting gold as a prized commodity worth pursuing and owning. Our commitment to sustainable mining practices and sourcing transparency makes purchasing gold attainable for consumers – even while shopping for household goods.”
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