Costco adds platinum bars to its precious metals lineup

costco The precious metals market continues to chip away at that gold mine. The wholesaler is adding Swiss-made platinum bars to its selection.

Costco announced the 1-ounce platinum bar on Wednesday, selling for $1,089.99 on its website alongside its now-famous gold bars and silver coins. The bars are sold online only and cannot be delivered to Louisiana, Nevada or Puerto Rico, the company said. Interested shoppers will also need a Costco membership, which costs $65 or $130 a year.

It's no surprise that the company continues to enter the precious metals market. Gold bars launched at Costco in August 2023, and sold out within hours of restocking even two months later. Wells Fargo analysts reported in April that Costco was selling $200 million worth of gold bars a month.

“I got a couple of calls that people saw online that we were selling 1-ounce gold bars,” Richard Galanti, then Costco's chief financial officer, said on the company's earnings call in September 2023. “When we load them onto the site, they're usually gone within a few hours, and we limit two per member.”

Gold has risen more than 40% in the past year and more than 70% in the last five years. But platinum prices have been a little rocky in recent years. Platinum has risen more than 15% over the past 12 months, although it has fallen more than 8% since peaking at $1,100 in early 2024.

— CNBC's Jeff Cox contributed to this report.