It’s been about a year since the Costco 24k gold bar rollout, and the wholesaler just added a new precious metal to their bullion department: platinum. Anyone with a membership can now buy one-ounce platinum bars in just a few clicks.
With gold prices hitting several new record highs this year, investor demand has followed. Costco’s gold bars have been flying off the shelves, as members are eager to stock up whenever the spot price pulls back. Will the platinum bars follow suit?
While platinum’s price rises have been modest compared to gold, Costco’s scarcity-driven marketing is a big part of what keeps bullion buyers coming back. Many investors enjoy the “treasure hunt” appeal, eager to snatch up limited-time products before they’re gone. Costco’s gold bars often sell out within just a few hours of being re-stocked.
The Costco Gold Rush
Gold bar sales at Costco have been successful to say the least. This past April, a Wells Fargo report estimated that the company was making $100-$200 million from gold bar and silver coin sales. Not even record-breaking gold prices going into Q4 deterred buyers. A recent Bloomberg survey found that 77% of Costco stores sold out of gold bars within first week of October.
Many millennials have turned to gold as a safe haven asset, looking to protect and diversify their wealth. Financial management company State Street found that millennials have the highest allocation to gold in their portfolios, at 17% – far outpacing both boomers and Gen X at 10%. Many newer gold investors have also been looking for the best place to sell their bullion, leading them to precious metal refineries like Garfield.
Demand for Platinum is Growing
While gold has been dominating headlines lately, platinum’s demand has been quietly growing behind the scenes. In Q2 of 2024, investment demand for platinum reached its highest level since Q3 2020. The World Platinum Investment Council (WPIC) predicts that the metal’s demand will increase by 517,000 ounces by the end of this year, which will be a 15% increase from 2023.
Buying Costco Platinum
Each of Costco’s one-ounce platinum bars currently costs around $1,089.99. Produced by Swiss-based refinery PAMP, the bar’s design reflects its gold counterpart, featuring Lady Fortuna, the Roman goddess of prosperity. A Costco membership is required for purchase. Customers are limited to one purchase per day, 5 bars max per transaction, available online only. Side note: Walmart is selling platinum too, but with a higher markup at $1,132.28 per bar.
Costco’s Unique Appeal
People really seem to love buying precious metals from Costco, as seen in social media posts from happy customers across the country. Much of the appeal lies in convenience and familiarity. Rather than buying gold shares or researching reputable bullion dealers, Costco members can simply buy their gold or platinum from a trusted brand known for everyday products like gas and groceries.
Buying precious metals at Costco can be a pretty fun experience, but there’s one caveat. Unlike most bullion dealers, Costco offers no buyback service. This can leave investors uncertain about their options when metal prices go up and they wish to sell for a profit.
Buying Costco Platinum vs Gold
From an investment perspective, both gold and platinum have their advantages and drawbacks. Platinum is less liquid than gold, and its demand is more industrially-driven. This can result in higher premiums relative to the spot price. Even though a platinum bar costs less than a gold bar, the percentage of the markup could be higher.
Gold is seen as a more stable long-term investment, attracting investors in times of economic uncertainty, as its price tends to rise in such conditions. Platinum is subject to greater price swings depending on industrial demand – it can offer higher growth potential, but it’s riskier.
It’ll be interesting to see how Costco’s platinum sales pan out as we finish out the last quarter of 2024. All in all, it’s been a very exciting year in the world of precious metals. Costco now has gold, silver and platinum available.Who knows, maybe they’ll even add palladium bullion one day!
Selling Costco Platinum to Realize Gains
It’s not quite as convenient to sell platinum as it is to buy it from Costco. When prices surge and it’s time to sell, investors need to find the right buyer in order to reap the greatest returns. There are always fees associated with selling precious metals, so it’s crucial to find a reputable buyer who charges the lowest fees, resulting in the highest payout.
Many precious metal buyers aim to purchase gold or platinum cheaply and then resell it at a much higher price, making it difficult for sellers to fully profit from the metal’s rise in value since the time of their purchase.
Where is the Best Place to Sell Platinum Bars?
In order to maximize your returns when it’s time to sell that Costco platinum bar (or any other form of bullion), look no further than Garfield Refining. Unlike other buyers who act as middlemen, we offer both the convenience of an online buyer and the competitive payouts of a refinery. We value precious metals based on their current market price, offering industry-leading payments. We’re also known for our award-winning customer service, prioritizing long-term relationships with our clients.
How to Sell Platinum to Garfield Refining
Our process is quick, simple and secure. When you’re ready to sell your precious metals, simply visit our website to download a free, insured shipping label. Once we receive your shipment, we’ll send you a confirmation email. You can also give us a call anytime for a status update from one of the experts at our Philadelphia-based refinery.
Once your shipment is received, we’ll process it right away to get you paid ASAP – usually within just a few business days. We offer several payment options including ACH, checks, wire transfers and even bullion exchange. (Yes, you can sell your bullion and trade it in for a different type of bullion!)
Why Garfield?
Garfield Refining has built a longstanding reputation as one of the country’s most trusted precious metals refineries. We offer the highest possible payouts for your gold, silver, platinum and palladium, ensuring a smooth transaction process every time. Whether you’re looking to sell a Costco bar, gold or silver coins, jewelry, or even a dental crown, we’ve got you covered!
Ready to sell your precious metals? Download a free shipping label today!