Doomsday Preppers Flock to Costco for New Precious Metal
Doomsday preppers are gearing up to rush to Costco after the retailer announced it’s adding platinum bars to its lineup of precious metals. Following the rapid sellout of 1-ounce gold bars last year, the wholesale giant is now offering 1-ounce platinum bars.
These 999.5 platinum bars are priced at $1,089.99 each and are currently available only online. However, delivery is not available in several U.S. states, including Louisiana and Nevada.
Since launching its precious metals line, Costco has struggled to keep products in stock, particularly after experiencing overwhelming demand for gold bars and silver coins. The retailer recently reported that gold bar sales topped $100 million in the first fiscal quarter, leading to an expansion of its offerings.
In April, Wells Fargo estimated that Costco's monthly sales of precious metals could reach up to $200 million. The growing interest in these assets is partly driven by doomsday preppers, who see precious metals as valuable for bartering in uncertain times.
Concerns over technology failures, natural disasters, and the upcoming presidential election have intensified doomsday anxieties. Jonathan Rose, CEO of Genesis Gold Group, noted that even wealthy individuals are hoarding gold in preparation for potential economic instability.
Rose explained, “People are realizing that while we don’t have a crystal ball, we have a good road map, and they are looking at the current problems in the economy, such as dollar devaluation and inflation.” He added that gold bars, like those sold at Costco, could easily be divided for barter in the future.
Platinum Bar Details:
- 1-ounce 999.5 platinum bar
- Swiss-made by an LBMA Good Delivery Refiner
- Retail price: $1,089.99
- Smooth edge design, weighing exactly one troy ounce
- Currently not available for delivery in Nevada or Louisiana
Rose emphasized that doomsday preppers are particularly interested in small denomination coins, which are easier to trade. He mentioned a significant increase in demand for these smaller denominations, which are seen as more practical for bartering.
Costco has previously drawn attention for its doomsday meal prep kits, which include 150 servings of easy-to-prepare meals lasting up to 25 years for under $100. They also offer a $6,000 prep kit containing 600 cans of food.
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Source: The US Sun