LOS ANGELES — Costco is broadening its range of precious metals offerings by introducing platinum to its collection.
The New Addition
Now available on the Costco website, the big-box chain is selling Swiss-made 1 oz. platinum bars priced at $1,089.99, with a requirement of a Costco membership to make a purchase. These bars feature Lady Fortuna, the Roman goddess of prosperity, as depicted on the manufacturer’s website.
Costco’s decision to add platinum to its offering comes after the successful introduction of gold bars in 2023, which generated over $100 million in sales during the first quarter. Earlier this year, the chain also started selling silver coins for the first time at a price of $675, with a limit of five coins per member.
Comparing Precious Metals
While the price of gold has reached record highs recently, platinum has seen a more moderate increase in value compared to gold year to date.
Marketing Strategy
Costco’s decision to sell precious metals is more about marketing and brand image than actual sales figures. The chain is known for its “treasure hunt” shopping experience, where customers are enticed by unexpected and limited-time offerings throughout its stores to keep them coming back.
By creating a sense of urgency and scarcity around certain products, Costco aims to capture the attention of its members and drive engagement in-store and online.
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