costco Continue to encroach on the gold mine of the precious metals market. The wholesaler is adding Swiss-made platinum bars to its selection.
Costco announced Wednesday the launch of a 1-ounce platinum bar, which will be sold on its website alongside its now-famous gold bars and silver coins for $1,089.99. The company said the bars are only sold online and cannot be shipped to Louisiana, Nevada or Puerto Rico. Interested buyers will also need to become a Costco member, which costs between $65 and $130 per year.
It’s no surprise that the company continues to delve deeper into the precious metals market. Costco launched the gold bars in August 2023, and within two months they were sold out within hours of restocking. Wells Fargo analysts reported in April that Costco sells up to $200 million worth of gold bars each month.
Costco’s then-CFO Richard Galanti said on the company’s September 2023 earnings call: “I got a few calls from people who saw online that we had been selling 1-ounce gold bars. .
The value of gold has risen by more than 40% in the past year and by more than 70% in the past five years. But platinum prices have been somewhat volatile in recent years. Platinum has gained more than 15% in value over the past 12 months, but has fallen more than 8% since breaking above $1,100 in early 2024.
—CNBC’s Jeff Cox contributed to this report.