costco We continue to mine the gold mine that is the precious metals market. This wholesaler has added Swiss-made platinum bars to its range.
Costco on Wednesday unveiled 1-ounce platinum bars that will be sold for $1,089.99 on its website alongside its now-famous gold bars and silver coins. The company says the bars are only sold online and cannot be shipped to Louisiana, Nevada or Puerto Rico. Interested buyers will also need a Costco membership, which can cost between $65 and $130 annually.
No wonder the company has continued to delve into the precious metals market. The gold bars went on sale at Costco in August 2023 and sold out within hours of being restocked less than two months later. Wells Fargo analysts reported in April that Costco sells $200 million worth of gold bars each month.
Richard Galanti, Costco’s then-chief financial officer, said during the company’s September 2023 earnings call that “we received several calls from people who said they saw the call online saying they were selling 1-ounce gold bars.” “It was,” he said. Once you load them onto the site, they usually disappear within a few hours and are limited to two per member. ”
The value of gold has increased more than 40% in the past year and more than 70% in the past five years. However, platinum prices have become a bit volatile in recent years. Platinum’s value has risen more than 15% in the past 12 months, but has fallen more than 8% since hitting $1,100 in early 2024.
—CNBC’s Jeff Cox contributed to this report.