Costco (NASDAQ:COST) is stepping up its presence in the precious metals market with the launch of silver bars under its own brand.
The US retail giant recently added 1-ounce Kirkland Signature silver bars to its shelves, expanding a precious metals offering that began with gold in 2023.
The bars are being sold to Costco members in packs of five for US$349.99 ($490.91), equivalent to about US$70 per ounce.
On Monday, the metal was trading just above US$63 per ounce, down nearly 50% from its record high in January.
Building on gold success
Costco first entered the precious metals market in September 2023, when it began selling 1-ounce gold bars produced by Swiss refiner PAMP Suisse.
Following the success of its gold offering, Costco expanded into silver in early 2024, initially selling silver coins before adding silver bars produced by a Swiss third party.
The introduction of its own Kirkland-branded bars marks the latest expansion of Costco’s precious metals business and brings silver under one of the retailer’s most recognisable brands.
Kirkland Signature was launched in 1995 and has since grown to account for roughly one-third of Costco’s revenue.
Write to Jackson Chen at Mining.com.au
Image: Pixabay
