Costco Wholesale (COST) is now selling platinum bars along with silver coins and gold.
The grocery retailer and warehouse club said that its members can now purchase one-ounce platinum bars at a cost of $1,089.99 U.S. each through its website.
The sale of platinum bars comes as the price of the precious metal has risen more than 15% over the last 12 months to a peak of $1,100 U.S. per ounce.
Platinum is considered a precious metal and is mostly used to make jewelry. However, it has some industrial applications and is used to refine crude oil.
Costco is selling platinum bars following the success the company has had with silver coins and gold bars over the past year.
Costco began selling gold bars in August 2023, and they immediately became a hit with consumers.
Analysts at Wells Fargo (WFC) reported earlier this year that Costco was selling $200 million U.S. worth of gold bars a month.
The price of gold has increased more than 40% over the last 12 months and is currently trading at $2,665.50 U.S. an ounce, near an all-time high.
The platinum bars can only be purchased online by people who have a valid Costco membership.
Costco’s stock has increased 56% over the last 12 months and currently trades at $878.53 U.S. per share.
