Welcome to Extreme Investor Network, where we bring you the latest and most valuable insights in the world of business news. Today, we’re diving into the world of precious metals with exciting news from Costco.
Costco, the beloved wholesaler, is once again making waves in the precious metals market by introducing Swiss-made platinum bars to its selection. These 1-ounce platinum bars are now available for purchase on Costco’s website for $1,089.99, joining their already popular offerings of gold bars and silver coins. However, it’s important to note that these platinum bars are only sold online and cannot be delivered to Louisiana, Nevada, or Puerto Rico. Additionally, a Costco membership is required to make a purchase, with membership fees ranging from $65 to $130 per year.
This move by Costco comes as no surprise, as the company has seen massive success with its gold bars since they were launched in August 2023. Analysts at Wells Fargo have reported that Costco has been selling as much as $200 million worth of gold bars a month, with the bars consistently selling out within hours of a restock. Richard Galanti, then-chief financial officer of Costco, shared during an earnings call in September 2023 that the gold bars are in high demand, often disappearing from the site within a few hours.
While the price of gold has seen significant growth over the past few years, the price of platinum has had its ups and downs. Platinum has risen more than 15% in the past 12 months but has dropped over 8% since reaching a high of $1,100 earlier in 2024. Despite these fluctuations, platinum remains a valuable commodity for investors looking to diversify their portfolios.
Stay tuned to Extreme Investor Network for more exclusive insights and updates on the latest trends in the business world. And remember, when it comes to investing in precious metals, Costco is paving the way for innovative and accessible opportunities for all investors.
– CNBC’s Jeff Cox contributed to this report.