In a bold new move, Costco has officially entered the platinum market. The wholesale giant, renowned for its bulk offerings and competitive pricing, is now selling 1-ounce platinum bars and Canadian Maple Leaf platinum coins through its website, each priced at $1,089.99. This development signals Costco’s continued foray into precious metals, adding to the momentum it built when it began selling 1-ounce gold bars in August 2023.
Platinum: The New Addition
The availability of these platinum bars and coins is limited to online sales, with restrictions on deliveries to Louisiana, Nevada, and Puerto Rico. Costco has also made it clear that the purchases are non-refundable, and only members—who pay an annual fee ranging from $65 to $130—are eligible to buy.
This marks a significant move for the retailer, which has been rapidly expanding its presence in the precious metals sector. The decision to offer platinum comes at a time when the metal’s value has surged by more than 15% over the past year, closing at $1,019.60 an ounce on the same day Costco made its announcement.
Near 10% Over Platinum Spot
Platinum’s current price of $999 per ounce marks a noticeable drop from Costco’s selling price of $1,089.99 for its 1-ounce platinum bars and coins. This difference highlights the premium Costco charges, which likely accounts for factors such as packaging, handling, and the convenience of purchasing through a trusted retailer. While Costco’s price is higher, it offers the assurance of authenticity and accessibility, particularly for investors who prefer buying from a well-known source. For those seeking a quick and reliable purchase, the premium may be worth the convenience, despite the current market price being lower.
Also read – Don’t Buy Gold Bars at Costco: Here’s WhyA Look Back: Costco’s Gold Success
Costco’s venture into selling precious metals started with gold, a market where it found overwhelming success. According to analysts at Wells Fargo, Costco was selling up to $200 million worth of 24-karat gold bars monthly earlier this year. The gold bars, which typically sell out within hours of being posted online, are limited to two bars per member.
Gold prices have been on a steep upward trend, climbing more than 45% over the past year and nearly 80% over the past five years. As of Wednesday, gold was trading at an impressive $2,679.90 an ounce, further highlighting the appeal of precious metals as a form of investment and wealth preservation.
Why This Matters
Costco’s entry into the platinum market reflects the growing demand for diversified precious metal investments. Platinum, while not as commonly traded as gold, has unique industrial and investment value. By offering both gold and platinum, Costco is positioning itself as a key player in the precious metals retail market, giving members more options to invest in high-value commodities.
This latest addition could further enhance Costco’s reputation as a go-to retailer for more than just bulk groceries, appealing to investors who are increasingly turning to precious metals amid economic uncertainty.
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Conclusion
Costco’s decision to go platinum underscores the rising appeal of precious metals in today’s market. As gold and platinum prices continue to rise, the retailer’s expanded offerings provide its members with greater access to valuable commodities. With its track record of quick sell-outs and high demand for gold bars, Costco is likely to see similar success with its platinum lineup.
