Costco is now selling Swiss-made 1 oz. platinum bars for $1,089.99 on its website, with a Costco membership required for purchase. The bars feature Lady Fortuna, the Roman goddess of prosperity, according to the manufacturer’s website. Costco is expanding its collection of precious metals to replicate the success it has had with gold bars, as collectors continue to snap up these items from the retailer. In 2023, Costco began selling gold bars and sold over $100 million worth of them in the first quarter of that year. They then started selling silver coins earlier this year, priced at $675 each with a maximum purchase limit of five coins per member. While the price of gold has hit record highs, the price of platinum has risen modestly compared to gold year to date.
The decision to expand their precious metal offerings is more about marketing for Costco than simply increasing sales. While not many people are actually storing gold bars in their homes, the retailer sells these items to strengthen its “treasure hunt” brand image. Costco is known for stocking its stores with unexpected, limited-time items to keep shoppers coming back, creating a sense of urgency among customers to make a purchase when they see something they like. This strategy aligns with the founder’s philosophy of creating a sense of excitement for customers to buy items when they see them, knowing they may not be available the next time they visit the store.
By offering platinum bars, Costco is diversifying their selection of precious metals to attract different types of collectors. While gold remains a popular choice due to its record high prices, platinum provides an alternative option for those looking to invest in precious metals. The decision to sell platinum bars follows the success of their gold bar and silver coin sales, demonstrating a growing demand for these items among consumers. Costco’s move to expand their collection of precious metals reflects their commitment to offering a wide range of products to appeal to a diverse customer base.
Incorporating platinum bars into their product lineup is part of Costco’s strategy to maintain their competitive edge and keep customers engaged. The retailer’s emphasis on limited-time and unique items adds an element of excitement to the shopping experience, encouraging customers to make impulse purchases. Costco’s approach to selling precious metals aligns with their overall business model, focusing on offering high-quality products at competitive prices while also providing a unique and enticing shopping experience for consumers. By continuing to expand their offering of precious metals, Costco aims to capitalize on the growing interest in these items and strengthen their position in the market.
Overall, Costco’s decision to sell platinum bars is a strategic move to enhance their brand image and drive customer engagement. By offering these high-value items, the retailer aims to attract collectors and investors looking to add to their portfolios. Through their “treasure hunt” approach to product offerings, Costco creates a sense of urgency and excitement among customers, encouraging them to make purchases and return to the store for future limited-time items. As Costco continues to expand their selection of precious metals, they reinforce their commitment to providing unique and valuable products to their customers, further solidifying their position as a leading retailer in the industry.
