Costco is making gold off its own gold.

The retail chain is making $100 million to $200 million a month by selling gold bars, according to a Wells Fargo equity research note. Last October, the company began selling 1-ounce bars made of nearly pure 24-karat gold priced at about $2,000.

"We view the addition of gold/silver as a smart move for Costco, as it only reinforces its value position," the report said. "That being said, pricing at that level and shipping costs suggests it's a very low-profit business at best."

Equity analysts said the wholesaler priced its gold appropriately by selling about 2% above spot prices to members before a 2% cash back reward for executive members and an extra 2% in cash back for those with a Citi card.

The metal was responsible for about $100 million in sales between its debut and the end of the fiscal quarter ending Nov. 26.

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Costco also selling silver coins

The warehouse retailer has committed to the metal market by also selling silver coins recently. The coins are sold in tubes of 25 and are nonrefundable.

The 1-ounce Canada Maple Leaf Silver Coins were priced at about $680 before selling out online earlier this month.

Also for sale are coins with a maple leaf on the front and a silhouette of King Charles III on the back, which may be available for less at your local warehouse. Costco members can buy a total of five tubes of coins.

Also found on the site: a 2024 1-ounce Canada Maple Leaf 24-karat gold coin priced at $2,219.99.

Price of gold is up 0.87% today

Costco's success with the metal comes as spot prices for gold rose more than 13.70% since the start of 2024.

The price of gold traded at $2,349.44 per troy ounce as of 9 a.m. ET Monday, a 0.87% increase since Sunday.

The lowest trading price between the 24-hour period was $2,318.90 per ounce while the highest was $2,365.35 per ounce.

Contributing:Mike Snider, USA TODAY, Tony Dong and Farran Powell, BLUEPRINT