Costco is continuing to expand its presence in the precious metals market by adding 1-ounce Swiss-made platinum bars to its lineup. The wholesaler, known for offering a wide variety of bulk goods and household items, announced the new platinum bars priced at $1,089.99 each. These bars join Costco’s growing precious metals selection, which already includes popular gold bars and silver coins.
The platinum bars are only available for purchase online and cannot be delivered to addresses in Louisiana, Nevada, or Puerto Rico, according to the company’s website. Customers must also be Costco members to buy the bars, with memberships ranging from $65 to $130 per year.
Costco’s venture into the precious metals market began in August 2023 when it introduced 1-ounce gold bars to its product offerings. The gold bars quickly became a hit with customers, often selling out within hours of being restocked. Reports from Wells Fargo analysts earlier this year revealed that Costco was selling up to $200 million worth of gold bars monthly, signaling the strong demand among its members.
During an earnings call in September 2023, Costco’s then-chief financial officer Richard Galanti confirmed the popularity of the gold bars. “When we load them on the site, they’re typically gone within a few hours, and we limit two per member,” Galanti explained.
While gold has seen significant price increases in recent years—rising over 40% in the past year and more than 70% over the last five years—platinum has had a more turbulent trajectory. The price of platinum has climbed more than 15% over the past 12 months, but it has dropped by over 8% since surpassing $1,100 earlier in 2024.
By adding platinum bars to its selection, Costco is diversifying its offerings in the precious metals market, catering to a broader range of investors. The inclusion of platinum, despite its recent volatility, demonstrates Costco’s commitment to tapping into the growing demand for precious metals as a form of investment and wealth preservation.
As the wholesaler continues to expand its portfolio of investment products, it further solidifies its position as a one-stop shop for customers looking to invest in gold, silver, and now platinum. With the demand for precious metals on the rise, Costco’s move into the market signals the increasing appeal of tangible assets in today’s economic landscape.
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