Platinum rush? Costco is selling a new precious metal in the U.S. – National
After strong consumer interest in its gold bars, Costco is polishing plans to offer another precious metal: platinum bars.
The retail giant is now offering one-ounce bars of platinum, but the product is not available to customers in Canada yet. It’s not just Canadians who are missing out, though. The bars are also not available to customers in the states of Nevada and Louisiana, as well as in the U.S. territory of Puerto Rico.
The Costco website lists the item as a one-ounce (roughly 28.3 grams) 999.5 pure platinum bar “with a proof-like finish.” The bars bear the image of Lady Fortuna, the Roman goddess of luck and good fortune – an image also on some of Costco’s gold bars.
Customers will need a Costco membership to buy these bars. Unlike most other products available at Costco, however, you can’t buy this one in bulk. There is a limit of one transaction per membership, with a maximum of five units per member. The bars are also non-refundable.
A view of the platinum bar listing, as it appears on the Costco website.
Screengrab
The platinum bars are available to order online, with Costco promising delivery in the United States within three to five business days.
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Users have to sign in using their U.S. Costco membership to check the price of the platinum bars. A one-ounce bar sold by TD Bank is valued at C$1,500, while the value in U.S. dollars is listed on exchange markets as roughly $1,000.
Costco is betting on precious metals after the success of its gold products. Last year, the retailer launched the 24-karat PAMP Suisse Lady Fortuna Veriscan bars, available to Costco members in both the United States and Canada.
Speaking during the company’s quarterly earnings call last year, Costco chief financial officer Richard Galanti said the bars are in high demand and getting your hands on one can be tricky right now.
“I’ve gotten a couple of calls that people have seen online that we’ve been selling one-ounce gold bars,” he said. “Yes, but when we load them on the site, they’re typically gone within a few hours, and we limit two per member.”
It’s not clear whether Costco plans to expand the offering of platinum bars into Canada.
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