Move over, gold rush! Costco selling popular platinum bars
The value of platinum is up 15% from 2023.
More Americans are adding an unexpected item to their grocery lists: precious metals.
Costco shoppers aren't just buying rotisserie chicken and toilet paper in bulk, but also platinum bars.
Members of the popular retailer can now pick up 1-ounce platinum bars for $1,089.99, a slight markup from its market value of approximately $1,000.
The value of platinum is up 15% from 2023. Kelly Bania, a senior research analyst for Capital Markets told ABC News Costco's offering is not surprising.
"I think it's just very emblematic of Costco's strategy to offer some of the best margins on the product," Bania said.
The demand for platinum bars has grown so much in the last year that some Costco members might have to wait until the platinum bars are back in stock.
Other retailers are also offering platinum bars for sale, including Walmart, which offers platinum in different sizes, including a 1-once bar for about $1,132.28.
In addition to platinum, Costco also sells gold bars.
Humphrey Yang, the personal finance content creator behind @humphreytalks, shared that he bought a 1-ounce piece of gold from Costco in April.
"I got this one-ounce gold bar from Costco for $2,359," Yang said in an Instagram video post.
"I think this gold bar will hold its value so I don't really think I spent $2,359. I more just converted one currency to another," Yang added.
As of Oct. 4, the value of an ounce of gold has soared 44% in the past year to about $2,667.80.
"Consumers are able to do their research and see the prices for these precious metals on the exchanges and see what kind of value they're getting from these retailers," Bania said.
The rise of precious metals also promises a boost for retailers like Costco. This year, Wells Fargo reported Costo was generating up to $200 million a month in gold sales.
But the price of precious metals can fluctuate and investments aren't guaranteed. As with other investments, there can be fees associated when selling precious metals, and anyone considering investing in precious metals should do their research thoroughly.