Costco is now selling platinum bars for $1,089

new York
CNN
—

Costco is adding platinum to the collection of precious metals it sells.

The big-box chain now sells Swiss-made 1 oz. Platinum bars are available on its website for $1,089.99, but a Costco membership is required to purchase. The bar features Lady Fortuna, the Roman goddess of wealth, according to the manufacturer's website.

Costco is looking to replicate its recent gold bullion success, with platinum adding to the extensive list of precious metals that collectors are snapping up at the retailer.

The company began selling gold bullion in 2023 and sold more than $100 million worth of bars in the first quarter of the year, the company said in its earnings report. Then, earlier this year, Costco began selling silver coins for the first time, priced at $675. The coins are non-refundable and members can purchase a maximum of five.

However, gold is a better choice for collectors as the price has recently reached record highs. Meanwhile, the price of platinum has risen slightly compared to gold year to date.

But Costco's move is more about marketing than increasing sales. After all, not many people actually hide gold bars in their homes. By selling precious metals, the company is trying to bolster its “treasure hunt” brand image by flooding its stores with unexpected, limited-time items to keep shoppers coming back.

“We try to instill the attitude that if you see it, buy it because chances are it won't be there next time,” Costco's founder once said. “That’s the treasure hunting aspect. We buy things like this all the time and intentionally run out of them from time to time.”