Platinum rush? Costco is selling a new precious metal in the U.S.
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.
Due to high consumer demand for gold bars, Costco is refining its plans to introduce another precious metal: platinum bars.
The retail giant has started offering one-ounce platinum bars, but these products are not yet available to customers in Canada. Additionally, residents of Nevada and Louisiana, as well as those in the U.S. territory of Puerto Rico, also cannot access these bars.
According to the Costco website, the item is described as a one-ounce (approximately 28.3 grams) bar of 999.5 pure platinum featuring a proof-like finish. The bars display the image of Lady Fortuna, the Roman goddess of luck and fortune—similar to some of Costco’s gold bars.
To purchase these bars, customers must have a Costco membership. Unlike most other items sold at Costco, these bars cannot be bought in bulk. Each membership is limited to one transaction, allowing a maximum of five units per member. Furthermore, the bars are non-refundable.
The platinum bars can be ordered online, with Costco ensuring delivery within three to five business days in the United States. Customers need to log in with their U.S. Costco membership to view the pricing for the platinum bars. A one-ounce bar from TD Bank is priced at approximately C$1,500, while its value in U.S. dollars is about $1,000 according to exchange market listings.
Building on the success of its gold products, Costco is investing in precious metals. Last year, the retailer launched the 24-karat PAMP Suisse Lady Fortuna Veriscan bars, which are available to Costco members in both the United States and Canada.
During the company’s quarterly earnings call last year, Costco chief financial officer Richard Galanti noted that there is high demand for the bars, making them difficult to acquire.
“I’ve received a couple of calls from people who 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 remains uncertain whether Costco intends to expand the availability of platinum bars to Canada.
