Costco Adds 1-Ounce Silver Coins to Online Offerings
Costco has expanded its selection of precious metals on its website to include 1-ounce silver coins produced by the Royal Canadian Mint. These silver coins feature a maple leaf on the front and King Charles III on the reverse, with each coin containing 1 Troy ounce of 99.99% pure silver.
Pricing and Availability
Costco is offering the silver coins in 25-count “tubes” for approximately $629 per tube. The website allows Costco members to purchase up to five tubes in a single transaction. However, the availability of the coins on the site may vary.
Similar to its gold offerings, which were introduced in September 2023, Costco has seen significant interest in these new silver products. According to Costco CFO Richard Galanti, members had already bought over $100 million worth of gold bars in a single quarter. The addition of silver coins has further strengthened Costco’s precious metal offerings.
Customer Feedback and Concerns
Despite the positive reception for Costco’s gold bars, some customers have raised concerns about the packaging and condition of the silver coins. Reports suggest that some coins may have arrived scratched or damaged due to issues with the packaging or seal of the tubes during shipping.
Costco has responded to these concerns on its website, offering assistance through its customer service team. The company aims to address any outstanding issues to ensure customer satisfaction.
Consumer Interest in Precious Metals
The rising interest in precious metals, such as gold and silver, can be attributed to growing concerns over inflation and economic instability. Many buyers view owning tangible assets like precious metals as a form of protection against market volatility and uncertain economic conditions.
David Wagner III, the head of markets and equities at Aptus Capital Advisors, highlighted the significance of gold purchases as an indicator of market instability. However, he also cautioned that gold may not always be an effective hedge against inflation, emphasizing the need for prudent investment decisions.
The Commodities Future Trading Commission advises buyers to exercise caution when investing in precious metals and scrutinize any claims made in advertising. While precious metals can offer diversification benefits, they can also be highly volatile, with past performance not always indicative of future returns.