The Blubber

The company has introduced 1-oz platinum bars for sale on its website, priced at $1,089.99. The same price applies to a 1-oz. Canada Maple Leaf platinum coin, both carrying a premium of around $94.

These Swiss-made bars and coins aren't available for delivery everywhere in the U.S. and cannot be shipped to Nevada or Louisiana, according to the company’s website. They are also non-returnable and non-refundable. Stock tends to sell out quickly, so customers need to act fast when they become available.

Reddit users have already created a subreddit called "Costco Precious Metals" to notify each other when gold, platinum, and silver offerings are restocked.

Adding precious metals to its online catalog has boosted Costco’s e-commerce performance. During an earnings call earlier this year, Chief Financial Officer Richard Galanti noted that the rise in online sales in late 2023 was "driven by gold and more recently silver."

Costco shoppers seem to prefer gold over silver. A Wells Fargo analyst report earlier this year estimated that the company’s gold bar sales bring in between $100 million and $200 million per month. Sales of the 1-oz. 24-karat gold bars, which began last October, are priced at about $2,000 each.

While these sales generate substantial revenue, the research suggests profits from them are minimal. The true value lies in reinforcing Costco’s image of offering value to its customers, likening it to a high-end version of their popular rotisserie chickens—a way to draw attention.