Costco The goldmine that’s the dear metals market continues to be exploited. The wholesaler is expanding its range to incorporate platinum bars made in Switzerland.
Costco announced Wednesday that along with its now-famous gold bars and silver coins, 1-ounce platinum bars can even be available on the market on its website for $1,089.99. The bars will only be sold online and can’t be shipped to Louisiana, Nevada or Puerto Rico, the corporate said. Interested shoppers can even need a Costco membership, which costs between $65 and $130 per yr.
It's no surprise that the corporate continues to dive into the dear metals market. Gold bars launched at Costco in August 2023 and sold out inside hours of restocking lower than two months later. Analysts at Wells Fargo reported in April that Costco was selling as much as $200 million price of gold bars every month.
“I got a few calls that people saw online that we were selling 1-ounce gold bars,” Richard Galanti, Costco's then-chief financial officer, said on the corporate's September 2023 earnings call to the location, they are often gone inside a number of hours and we limit two per member.”
The value of gold has increased by greater than 40% previously yr and by greater than 70% within the last five years. However, the worth of platinum has been somewhat steeper in recent times. Platinum's value has risen greater than 15% previously 12 months, even though it has fallen greater than 8% since surpassing $1,100 in early 2024.
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