Wholesale retailer Costco is expanding its offering of precious metals. After previously adding gold bars and silver coins to its shelves, the company is now offering platinum bars.
Platinum bars can be purchased only through Costco’s website, with a 1-ounce bar retailing for $1,089.99. Additionally, the company excluded Nevada, Louisiana, and Puerto Rico from deliverable locations for this particular precious metal, with returns and refunds being unavailable.
Costco adding more precious metals to its lineup doesn’t come as a surprise, given the company’s success with gold bars and coins. Since being introduced in September 2023, gold bars have regularly sold out, so much so that the company was required to place a limit of only two bars per member. It later also started selling silver coins in packages of 25.
Gold bars and silver coins have been the main drivers of increased sales for Costco’s e-commerce platform. The precious metals are estimated to bring between $100 million and $200 million per month in revenue for the company.
According to experts, Costco doesn’t make a significant profit on these items. However, they keep the company in the focus of consumers while also helping it add new members. Only those with a Costco membership, which recently saw a price hike for the first time in seven years, can buy precious metals.