Riding on the heels of its wildly popular gold bars, Costco is now selling platinum bars for $1,089.99.
The wholesaler made the announcement Wednesday. The bars will only be available online to Costco members and cannot be delivered to Louisiana, Nevada or Puerto Rico.
It is no surprise that Costco, which also offers silver coins, continues to mine the precious metals market, CNBC reports. Wells Fargo analysts estimated in April that Costco was selling as much as $200 million of 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,” said Richard Galanti, then-chief financial officer of Costco, on the company’s earnings call in September 2023. “When we load them on the site, they’re typically gone within a few hours, and we limit two per member.”
Gold has risen 40% in value in the past year, and more than 70% in the last five years, whereas platinum is up 15% in the past 12 months. It peaked at $1,100 in May, but has since declined by 8%.
Costco began selling gold bars in August 2023 and silver coins since this past March.