Costco is going platinum.
Wholesale Retailer – Who Got a Huge Boost selling gold bars – Announced Wednesday that it will sell 1-ounce platinum bars on its website for $1,089.99 each.
The company will also sell a 1-ounce Canadian Maple Leaf platinum coin at the same price.
The bars and coins are only available online and cannot be delivered to Louisiana, Nevada or Puerto Rico, the company said.
They are not eligible for returns or refunds.
Buyers must have costco membership – which costs between $65 to $130 per year.
The price of platinum has risen more than 15% in the past 12 months, closing at $1,019.60 an ounce on Wednesday.
Costco’s precious metals business has proven surprisingly lucrative for the Issaquah, Washington-based company since it began offering 1-ounce gold bars in August 2023.
In April, Wells Fargo analysts estimated that Costco had sold Value up to $200 million 24 carat gold bars per month.
“I’ve gotten a few calls from people who have seen online that we’re selling 1-ounce gold bars,” then-CFO Richard Galanti said on the company’s earnings call last September. “When we load them on the site, they usually disappear within a few hours, and we limit two per member.”
The price of gold has increased by more than 45% in the past year and by almost 80% in the last five years. according to the price of gold,
On Wednesday it closed at $2,679.90.
