Key Takeaways
-
Warehouse retailer Costco is adding platinum bars to its online precious metals offerings, following the popularity of its gold bars.
-
Costco’s 1-ounce platinum bars are only available online and customers are limited to one per membership.
-
After Costco introduced gold bars last year, they sold out within hours of adding new inventory.
Costco (COST) has started selling 1-ounce platinum bars on its website, adding to its existing gold and silver offerings.
The platinum bars, reportedly priced at $1,089.99, are only available online and have a limit of one purchase per membership. That’s a slight markup on the platinum spot price of $1,025, according to APMEX.
The membership-based retailer launched gold bars on its website in August 2023 and would sell out of them within hours, with members being limited to two gold bars. In April, Wells Fargo analysts reportedly estimated the company was selling $200 million worth of gold bars per month.
Platinum as a Commodity
For decades, platinum traded at a premium to gold; however, this trend has reversed since 2008. Today, platinum is commonly used in jewelry and plays a crucial role in many industries, including the auto industry as it’s used for catalytic converters for vehicles.
The price of platinum is up less than 2% since the start of the year, compared to a 28% increase for gold.
Read the original article on Investopedia.
Source Agencies
