After recently announcing that its customers are buying more gold, Costco also appears to be selling Swiss-made platinum bars.
The company was reportedly selling the 1-ounce platinum bars for $1,089.99 on its website on Wednesday. The bars were only available online and were available to be purchased by the wholesale club's members. The sales page noted that the bars could not be delivered to Louisiana, Nevada or Puerto Rico.
While news of the platinum bars only surfaced this week, comments on the website indicate the product has been listed for weeks.
The page offering the bars is visible when logged out but after logging in to a Costco account the site returns a "Product Not Found" message. It was unclear if that simply meant they were currently sold out of the bars. IBTimes has emailed Costco for an explanation.
The warehouse retail club began selling one-ounce bars of 24-karat gold from Rand Refinery last year. It is also selling one-ounce 24k gold PAMP Suisse Lady Fortuna Veriscan bars.
Gold and jewelry sales were up double digits in the last quarter Gary Millerchip, the company's Chief Financial Officer, reported last week. He said the company saw "continued strength in bullion."
In December 2023, the company reported it had sold more than $100 million in gold bars in the quarter ending Nov. 26. Analysts at Wells Fargo now estimate that Costco is selling as much as $200 million of gold a month.
That month, Costco began selling 20-count packs of 1-ounce American Eagle Silver Coins produced by the U.S. Mint, and in February this year added to its silver lineup by offering 25-count tubes of 1-ounce Canada Maple Leaf Silver Coins produced by the Royal Canadian Mint.
Although the value of gold has risen more than 40% in the last year, the price for platinum has risen only about 14% in the past year.
TMX contributed to this report.
