On October 3, an article by Ernest Hoffman for Kitco News reported that Costco has expanded its precious metals offerings by adding solid platinum bars, following the success of its gold bars. According to Kitco, Costco is now offering its members the opportunity to purchase one-ounce platinum bars online for $1,090 each. These bars, manufactured by Swiss metals producer MKS PAMP, are listed as 999.5 pure platinum, and they are available exclusively to Costco members.
Kitco also noted that members can only buy one bar per transaction, with a maximum of five bars per member. One buyer praised the new offering, calling it a great addition to any precious metals collection. According to the Kitco article, the buyer highlighted Costco’s pricing and the value of earning cash rewards on the purchase.
The Kitco report also mentioned that Costco recently announced that its net sales for the fourth quarter of fiscal year 2024 reached $78.2 billion, up 1.0% from the previous year. The company credited a substantial portion of its e-commerce success to bullion products, with gold sales seeing double-digit growth over the last three months. Costco’s Chief Financial Officer, Gary Millerchip, said in a statement quoted by Kitco that gold had become a major driver of online sales in the quarter.
According to Kitco, analysts are increasingly paying attention to Costco’s success in the bullion market. Greg Melich of Evercore ISI asked during a recent earnings call if Costco might consider bringing its Kirkland Signature private label into the gold market. However, Costco CEO Ron Vachris said there are no plans for such a move.
Kitco went on to say that Costco has partnered with the Royal Canadian Mint to offer a Gold Maple Leaf Single Mine bullion coin to its members. The coin is crafted from gold sourced from Agnico Eagle’s Detour Lake mine in Northern Ontario, further expanding Costco’s unique bullion offerings.
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