Costco Adds Platinum to Precious Metals Lineup After Gold Success
Published On: October 9, 2024
Costco is expanding their precious metals offerings with the introduction of platinum bars, available exclusively online to members. This follows the retailer’s success with gold bars, which have sold out rapidly and reached impressive sales figures. Now, as platinum’s value rises, Costco is hoping to tap into a similar consumer interest.
- Price: 1-ounce platinum bars are available for $1,089.99 online
- Purity: Bars are 999.5 pure platinum, sourced from Swiss refiner MKS PAMP
- Purchase limit: Available exclusively to members, with a limit of five bars per transaction
- Availability: Shipping is limited to certain states, excluding Nevada, Louisiana, and Puerto Rico. Sales began in October 2024, following a successful gold bar rollout in 2023
Costco is adding platinum bars to their range of precious metals after experiencing a surge in gold bar sales that reached over $200 million a month last year. With the value of platinum rising 14% over the past year, Costco is capitalizing on heightened interest in precious metals by offering the bars at a slight markup over market value.
Costco's move into the platinum market reflects a growing trend among major retailers offering precious metals, with interest in these assets on the rise. Like Walmart and Amazon, Costco has expanded its product range to include gold, silver, and now platinum. However, Costco differentiates themselves with membership-based pricing and a more extensive selection. Walmart offers precious metals, including platinum, through partnerships with dealers like APMEX, while Amazon provides a wide array of gold and silver products, such as coins, bars, and jewelry, appealing to various consumer segments.
This expansion into platinum not only enhances Costco’s product diversity but also taps into the growing consumer interest in tangible assets as a hedge against market volatility. For consumers and investors, Costco’s addition of platinum offers a convenient option for portfolio diversification, while potentially increasing membership value.
Economically, the move signals increased retail involvement in precious metals, often seen as safe-haven investments during uncertain times. Though Costco’s low-margin strategy may not generate significant profits from platinum, the business benefits from increased membership engagement and a reputation for unique offerings.
Costco’s latest offering underscores a trend of consumers seeking physical assets like gold and platinum, viewed as a stable value store amidst economic fluctuations. For Costco, this move further cements their position as a versatile retailer, while for consumers, it provides another accessible entry point into precious metal investing.