The precious metals market is a gold mine that Costco is still trying to eat away at. Platinum bars created in Switzerland are being added to the wholesaler’s inventory.
The 1-ounce platinum bars, which Costco announced on Wednesday, will retail for $1,089.99 on its website in addition to its well-known gold and silver coins. According to the manufacturer, the bars are only available for purchase online and cannot be sent to Louisiana, Nevada, or Puerto Rico. Additionally, prospective purchasers must have a Costco membership, which runs between $65 and $130 annually.
It comes as no surprise that the business has kept exploring the precious metals industry. When gold bars were first introduced at Costco in August 2023, they sold out in a matter of hours after a refill, not quite two months later.
In April, Wells Fargo analysts revealed that Costco was selling gold bars for as much as $200 million every month.
“I’ve received a few calls from people who have seen on the internet that we’ve been selling one-ounce gold bars,” Costco’s then-chief financial officer Richard Galanti stated during the company’s September 2023 earnings call. “We only allow two per user, and after we post them into the site, they usually disappear within a few hours.”
Over 40% has been added to the value of gold in the last year, and over 70% in the last five years. However, in recent years, the price of platinum has fluctuated a little more. Although platinum’s value has decreased by more than 8% after hitting $1,100 earlier in 2024, it has increased by more than 15% over the last 12 months.
