In April, Wells Fargo analysts estimated that Costco generated 100 to 200 million dollars per month after the debut its 24-karat one-ounce gold bars.
The price of the bullion, which first went on sale a year ago in October 2023, varies depending on the market value. (To the price of gold (It was trading at $2,641.87 an ounce as of 9 a.m. EST on Thursday.)
Related: 'Typically Disappears Within Hours': This $1,900 Costco Product Is Flying Off The Shelves
Now, Costco is adding platinum bars to its inventory of precious metals, for CNBC. Platinum bars for sale for $1089.99.
In March, the company also added silver coins to the lineup. Consumers can purchase a pack of 25 2024 Canada Maple Leaf silver coins weighing one troy ounce and composed of 99.99% pure silver for about $849.99 on the Costco website.
Costco
What is Platinum?
Platinum is a hard, precious metal that is even rarer than gold. Its white-silver color looks like silver, but it is much heavier. While the metal is often used for jewelry, it is corrosion resistant and does not tarnish from heat, so it is widely used to make car parts and labware.
Costco's platinum bars are selling for $1,089.99 each, slightly more than press time value of about $1,000 per ounce.
Should You Buy Costco Platinum Bars?
Platinum is used to make catalytic converters for cars and has many other commercial uses, so experts agree that demand could remain strong.
However, MarketWatch reports that while many advisors view metals in a portfolio as a hedge against inflation, financial experts often suggest buying them as an ETF, not an actual bar. That's because keeping the physical item means added headaches like finding the right storage and having a harder time when you want to sell.
However, Jimmy Lee, chief executive of Wealth Consulting Group, an advisory firm, told the media that “a certain segment wants to own some physical things” with today's economic volatility.