In response to growing demand for precious metals, Costco has introduced a new product: 1-ounce platinum bars. This follows the success of the retailer’s gold bars, which sold out quickly. The platinum bars are priced at $1,089.99 and are available exclusively online. The success of Costco’s precious metals coincides with increased interest from preppers and collectors. This product expansion is a direct response to heightened consumer interest in physical assets, especially amidst growing economic uncertainty. (Source: The U.S. Sun)
Newstro Quick Facts
- Costco’s 1-ounce platinum bars are now available for $1,089.99. These bars are 999.5 pure platinum and are currently only sold through Costco’s online store. Availability is limited to certain regions, excluding Louisiana and Nevada for delivery.
- The surge in demand for precious metals at Costco began with the launch of their gold bars, which sold out rapidly last year. The success has prompted Costco to add other precious metals, including silver and now platinum.
- As concerns about the economy and dollar devaluation grow, many doomsday preppers have turned to precious metals for bartering in a potential post-apocalyptic future, according to financial analysts and experts like Jonathan Rose of Genesis Gold Group.
Costco’s decision to sell platinum bars comes after a significant success in their precious metals market, specifically with gold bars that sold out in just a few hours after launching. Platinum, described as 999.5 pure, is now available for purchase online at $1,089.99 for a 1-ounce bar. However, delivery is restricted in certain regions, notably Louisiana and Nevada, leaving some customers waiting for wider availability.
This isn’t Costco’s first venture into precious metals; they previously sold gold bars and silver coins, which have proven incredibly popular among their membership base. Wells Fargo estimated earlier this year that Costco had been selling up to $200 million in precious metals per month. Such sales demonstrate a growing interest in physical assets, likely driven by concerns over economic instability, inflation, and potential dollar devaluation.
For many, the purchase of platinum and gold goes beyond investment. According to analysts like Jonathan Rose, CEO of Genesis Gold Group, doomsday preppers are particularly attracted to smaller denominations of precious metals for bartering purposes. This sentiment is shared by many Costco customers, who are looking at gold and platinum as tangible assets that could be utilized in a scenario where traditional currency might lose value or become unusable. These metals could be broken down into smaller pieces, much like candy bars, making them suitable for trade.
In addition to precious metals, Costco has previously introduced a variety of products geared toward preppers, including meal prep kits designed to last up to 25 years. These kits contain hundreds of servings of easy-to-prepare food, which have also been a hit among customers concerned about future crises. Such products, combined with the popularity of precious metals, show a clear trend towards preparation for worst-case scenarios among a significant portion of Costco’s shoppers.
| Term | Definition |
|---|---|
| Costco | An American multinational corporation which operates a chain of membership-only big-box retail stores. |
| Platinum | A dense, malleable, and precious metal used for various industrial purposes and as an investment asset. |
| Gold | A precious yellow metal that has been used for jewelry, currency, and investment for thousands of years. |
| Preppers | People who prepare for emergencies, including natural disasters, economic collapse, and other potential crises. |
| Inflation | The rate at which the general level of prices for goods and services rises, eroding purchasing power. |
| Silver | A soft, white, and lustrous precious metal that has been used in currency, jewelry, and industrial applications. |
| Genesis Gold Group | A company that specializes in precious metal investments, particularly for preppers and investors concerned about the economy. |
| Economic instability | A period of economic uncertainty marked by inflation, unemployment, or declining financial markets. |
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