Costco goes platinum.
The wholesale retailer, which makes significant profits from the sale of gold bars, announced on its website Wednesday that it would sell one-ounce platinum bars for $1,089.99 each.
The company will also sell a 1-ounce Canadian Maple Leaf platinum coin for the same price.
The company says bars and coins can only be purchased online and cannot be shipped to Louisiana, Nevada or Puerto Rico.
Not eligible for returns or refunds.
Buyers must have a Costco membership, which costs between $65 and $130 per year.
Platinum's value has risen more than 15% in the past 12 months, closing at $1,019.60 an ounce on Wednesday.
Costco's precious metals business has proven surprisingly lucrative for the Issaquah, Washington-based company since it began offering one-ounce gold bars in August 2023.
Wells Fargo analysts estimated in April that Costco sells up to $200 million worth of 24-karat gold bars each month.
“We've had a couple of calls where they've seen a call online saying we're selling one-ounce gold bars,” then-CFO Richard Galanti said last September. He spoke at a financial results conference. “Once loaded onto the site, they usually disappear within a few hours. We limit them to two per member.”
The value of gold has soared more than 45% in the past year and nearly 80% in the past five years. depending on gold price.
Wednesday's closing price was $2,679.90.
