In addition to gold and silver, it will now be possible to obtain platinum bars in Costco branches.
The one-ounce platinum bar is available on the Costco.com site in certain states in the United States for the sum of 1,089.99 US dollars (1,471.75 Canadian dollars), according to what CNBC reported. However, the price could fluctuate with the market.
A Costco representative contacted by TVA Nouvelles was unable to confirm or deny whether this new addition to the list of precious metals at Costco will also be available in Canada.
However, Costco did the same thing when it added gold and silver bars to its product list. It had made both products available in the United States before doing the same with its branches in Canada.
It was in August 2023 that Costco launched into the sale of precious metals, which created enthusiasm among buyers.
A month later, at the end of September, the gold bars were also available to Costco members in Canada.
At launch, the price of a one-ounce bar of 24-karat PAMP Suisse gold was offered in Canada at $2,679.99. A year later almost to the day, the same product is available for the sum of $3,699.99.
Capture taken from the Costco website
This price, however, remains higher than the current price of gold which is currently displayed at $3,592.26 on the Canada Gold website.
It is still lower than certain other metal traders located in Montreal. As of October 2, 2024, Montreal Gold Stock sells an ounce of gold at $3,769.13 and it is offered for $3,787.36 on the Silver Gold Bull website.
Likewise for silver, when purchasing a 10 ounce bar of silver you would save around ten dollars by purchasing it at Costco compared to one of its competitors – $479.99 at Costco compared to $490. $66 on the Silver Gold Bull website.
Capture taken from the Costco website
“The primary reason to invest in gold, silver or platinum is to diversify your investment portfolio with assets that are not correlated with the stock and bond markets,” TD Bank says on its site .
The financial institution also states that precious metals like gold, silver and platinum are used in various industrial sectors and for the manufacture of jewelry.
Gold is prized for its corrosion resistance and electrical conductivity, while silver has a variety of industrial uses, including in electronics and water purification.
The lesser-known platinum is “one of the hardest precious metals.” It is used in “optical cables, LCD screens, pacemakers, dental fillings, catalytic converters in vehicles, computers and more,” TD Bank informs.
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