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July 19, 2024
PI Global Investments
Precious Metals

Costco adds silver to its online offerings

Costco is now selling silver coins. Yuriko Nakao/Getty Images

Costco is becoming a go-to place for the discerning shopper of precious metals (not to mention Yukon Cornelius).

The retailer, whose 24-karat-gold bars were a hit with shoppers (and gave a big boost to the company’s e-commerce division), has now added silver coins to its offerings.

Shoppers/investors can pick up a pack of 25 one-ounce silver coins for $625 at the company’s website. And they’re going fast.

The coins are 2024 Canada Maple Leaf silver coins, made of 99.99% pure silver. They have an image of King Charles III on one side and a maple leaf on the other and carry a face value of $5 (Canadian—which works out to $3.72 in U.S. dollars).

Like the gold bars, the coins are only available on the company’s website—and introducing precious metals to its online offerings has been a boon for e-commerce. Chief financial officer Richard Galanti, speaking on an earnings call Thursday, said the increase in online sale last quarter was “led by sales of gold and very recently silver.”

Gold prices are hitting all-time highs recently, but silver has largely held its value for the past few years—and is far off its high of $49.51 per ounce. Still, the affordability of the coins and fears of the bull market reversing itself as interest rates remain high are driving interest (along with the novelty of the offering).

Costco shoppers are a bit fonder of the gold, if the product ratings are to be believed. Silver customers have grumbled about the shipping of the coins, saying the cases were unsealed, letting the coins fall out and, in some cases, get scratched.

There’s not a lot they can do at that point. Costco says the coins can’t be returned or refunded and customers are limited to five cases per membership—and they only have one opportunity to buy them.

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