Costco is going platinum.
The wholesale retailer — which has gotten a massive boost from peddling gold bars — announced Wednesday it will sell 1-ounce platinum bars on its website for $1,089.99 each.
The company will also sell a 1-ounce Canada maple leaf platinum coin for the same price.
The bars and coins are available online only and cannot be delivered to Louisiana, Nevada or Puerto Rico, the company said.
They are not eligible for returns or refunds.
Buyers must be have a Costco membership – which costs between $65 to $130 a year.
The value of platinum has increased more than 15% over the past 12 months, closing at $1,019.60 an ounce Wednesday.
Costco’s precious metal business has proven to be surprisingly lucrative for the Issaquah, Wash.-based company since it began offering 1-ounce gold bars in August 2023.
In April, Wells Fargo analysts estimated that Costco has sold up to $200 million worth of the 24-karat gold bars a month.
“I’ve gotten a couple of calls that people have seen online that we’ve been 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’re typically gone within a few hours, and we limit two per member.”
The value of gold has soared more than 45% over the past year and has spiked nearly 80% in the last five years, according to Gold Price.
It closed at $2,679.90 on Wednesday.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
