Costco Begins Selling Silver Following Success With Gold

Costco (NASDAQ: COST) has expanded its precious metals offerings. Known for its successful venture into 24-karat gold bars that drove significant e-commerce growth, the retail giant has now ventured into the silver market.

The company has introduced 2024 Canada Maple Leaf silver coins, available exclusively on its website. The silver coins are available in a pack that contains 25 one-ounce coins. Priced at C$949, the coins carry a face value of $5 each. A 10 ounce Royal Canadian Mint silver bar is also available for C$379, along with a 10 ounce 2021 Magnificent Maple Leaves silver coin.

While the demand for gold remains robust, Costco’s strategic move into silver has already yielded positive results in its online sales metrics, as highlighted by CFO Richard Galanti in a recent earnings call.

“In terms of e-commerce, e-commerce sales in Q2 ex-FX increased 18.2%. E-com showed strength in several areas, led by sales of gold and very recently silver,” commented Galanti.

READ: Missouri, Oklahoma Propose Bills to Make Gold & Silver Legal Tender

This expansion into silver comes amid soaring gold prices and lingering uncertainties in the market, prompting investors to seek alternative safe-haven assets.

However, initial customer feedback regarding the delivery of silver coins has been mixed, with some consumers expressing dissatisfaction over unsealed packaging resulting in scratched coins. Costco’s stringent policy prohibits returns or refunds for these items, limiting purchases to five cases per membership with a one-time buying opportunity.

Information for this briefing was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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