Costco is getting bigger in the precious metals game by adding 1-ounce platinum bars to what it sells. This comes after the store had a successful launch of gold bars last year, which sold out quickly, often in just a few hours.
The new platinum bars are made in Switzerland and have a high purity of 999.5. They come from a refiner that has been given a special award called Good Delivery accreditation from the London Bullion Market Association (LBMA).
Costco's New Platinum Bars
Last year, Costco's gold bars became very popular with shoppers, leading to a lot of stock shortages. After they started selling silver coins, Wells Fargo, a big financial company, estimated that Costco was selling up to $200 million worth of gold and silver every month to its members.
By adding platinum bars, Costco hopes to attract even more customers who want to invest in precious metals. Right now, you can buy a platinum bar from Costco for $1,089.99, CBS News.
However, finding them might be a challenge because they can be hard to find in stock. These platinum bars can only be purchased online, and Costco has said that delivery is not available in some states, including Nevada, Louisiana, and Puerto Rico.
Other states like New York and Utah may also have delivery restrictions. Once you place an order, you can expect to receive your platinum bar within three to five days. However, it's important to remember that you cannot return or get a refund for these orders.
Costco has made rules about how many platinum bars you can buy. Each member is only allowed to purchase one set of a maximum of five platinum bars at a time. This rule is likely to help more people get a chance to buy these new products.
Thinking about investing in platinum? That's something potential buyers should think about carefully. Platinum hasn't seen the same big price increases that gold has over the years.
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Platinum Price Trends
In the past year, platinum prices have gone up about 16%, while gold prices have jumped by 42%. According to a company called FactSet, the current market price for platinum is $1,004 per ounce.
That means the price Costco is asking for the platinum bars is about 8% higher than the market value, according to USA Today. This information is really important for anyone thinking about investing in platinum.
Costco has a strong history of selling precious metals. In the past, they've sold silver coins and gold bars that were very popular. In fact, from September to November 2023, Costco reported that they sold more than $100 million in gold bars during just three months.
Each 1-ounce, 24-karat gold bar cost around $2,000, showing how much people wanted these products.
Along with the new platinum bars, Costco recently raised its membership prices. This is the first price increase since 2017. The annual membership fee for Gold Star memberships in the United States and Canada has gone up from $60 to $65.
Similarly, the price for executive memberships has increased from $120 to $130. Now, the maximum annual reward for executive members has also gone up, changing from $1,000 to $1,250.
