Costco sells platinum bars for $1,089.00

Costco Wholesale (COST) is moving forward in the field of precious metals. While gold bars and silver coins have previous used to be top of mind for shoppers, the retailer is now adding a third precious metal: platinum.

Costco sells one ounce platinum bars for $1,089.99 on its website alongside popular gold bars and silver coins. Platinum bars are available for buy online only to loyalty members. Cannot ship to Louisiana, Nevada or Puerto Rico.

In April, the company found gold — almost literally. At the time, Costco would have stepped in 200 million dollars every month by selling gold bullion, according to a research note from Wells Fargo (WFC).

Costco started selling its gold bars last September for $2,000 a pop. By the end of January, it began offering one-ounce silver coins a pack of 25 for $675.

The company recently reported strong quarterly earnings, which were mainly fueled by it e-commerce businessincluding categories such as: Appliances, Home Furnishings, Gift Cards and Gold & Silver.

Gary Millerchip, Costco’s chief financial officer, told investors during the company’s Sept. 26 earnings call that Costco has helped customers by keeping prices low on essential items such as chicken, macadamia nuts, Spanish olive oil and packaged baguettes .

“We want to be the first to drop prices and the last to raise them,” Millerchip said.

The commitment to low prices comes, however, as Costco raises its membership fee for the first time in seven years. As of September 1st, individual memberships are now $65, up from $60, while executive members have increased to $130 from $120.

Millerchip said the timing of the membership increase was “very deliberate”, noting that the two-year delay was partly due to the impact of COVID-19 and rising inflation. Costco typically raises its membership fee every five years.