Costco is expanding its collection of precious metals to include platinum.
The big-box retailer now sells Swiss-made 1 oz. Platinum bars are on its website for $1,089.99, but a Costco membership is required to purchase them. The manufacturer’s website describes the bar as featuring Lady Fortuna, the Roman goddess of prosperity.
Costco Is Now Selling Platinum Bars For $1,089
Costco is attempting to recreate its recent success with gold bars, with platinum joining the long list of precious metals that collectors are purchasing at the store.
In 2023, it began selling gold bars, selling more than $100 million in the first quarter of that year, according to the company’s quarterly report. Then, early this year, Costco began offering silver coins for the first time, priced at $675. Members can purchase up to five coins, which are non-refundable.
However, the price of gold is a better bet for collectors because it has lately reached new highs. Meanwhile, platinum’s price has climbed moderately in comparison to a gold year so far.
Costco Is Now Selling Platinum Bars For $1,089
However, Costco’s move is primarily about marketing rather than growing sales. After all, few people actually store gold bars in their houses. It is selling precious metals to enhance its “treasure hunt” marketing concept, which involves peppering its stores with unexpected, limited-time items to keep customers coming back.
“We try to create an attitude that, if you see it, you ought to buy it because chances are it ain’t going to be there next time,” the man who founded Costco once said. “That is the treasure-hunting aspect. We regularly acquire the product and purposefully run out of it from time to time.”
SOURCE | CNN
