Miami, Florida – Costco is making waves in the precious metals market by introducing Swiss-made platinum bars to its selection. With the addition of 1-ounce platinum bars priced at $1,089.99 on its website, Costco continues to expand its offerings beyond its popular gold bars and silver coins. These platinum bars are exclusively available for purchase online, with restrictions on delivery to Louisiana, Nevada, and Puerto Rico. Prospective buyers must also hold a Costco membership, which ranges from $65 to $130 per year.
The move by Costco to venture into the precious metals market is not unexpected, given the success of its gold bars, which were introduced in August 2023 and consistently sold out within hours of restocking. Analysts at Wells Fargo revealed that Costco was generating up to $200 million in sales of gold bars monthly. Richard Galanti, the former Chief Financial Officer of Costco, mentioned in a September 2023 earnings call that the 1-ounce gold bars were quickly snapped up online, usually selling out within hours and limited to two bars per member.
While the value of gold has surged over the past year and the last five years, platinum prices have experienced fluctuations in recent years. Platinum has seen an increase of over 15% in value in the past 12 months, although it has dipped more than 8% from its peak of $1,100 earlier in 2024. Costco’s entry into the platinum market reflects the ongoing interest in precious metals as investment options, especially amid economic uncertainties.
Investors looking to diversify their portfolios may find Costco’s platinum bars appealing, as the company continues to tap into the lucrative market for precious metals. With the growing demand for alternative investment assets like platinum, Costco’s move to offer Swiss-made platinum bars aligns with the current market trends. The unveiling of these platinum bars underscores Costco’s commitment to providing a diverse range of products to meet the evolving needs and preferences of its members.