The bars are solely accessible on-line, however can’t be delivered to sure American jurisdictions resembling Louisiana, Nevada or Puerto Rico, the corporate mentioned in an announcement Wednesday.
With the platinum product, Costco is trying to replicate the success it had with the PAMP gold bars, which launched in August 2023 and have become an instantaneous hit, usually promoting out inside hours of a restock.
Earlier this yr, analysts at Wells Fargo reported that Costco was promoting as a lot as $200 million price of gold bars a month.
The brand new providing comes at a time when platinum is struggling to match the efficiency of gold in what may very well be a monumental yr for valuable metals. In 2024, the metallic has solely risen 1%, in comparison with a close to 30% achieve for gold.
That is additionally regardless of a noticeably wholesome demand and provide shortfall within the world platinum market, which the World Platinum Funding Council says ought to “provide some assist for costs.”
At press time, the spot worth of platinum is at $1,009.50 per ounce.