Move over, gas and hot dogs. Costco shoppers are snatching up the store's 1-ounce gold bars despite the market's lofty price for the precious metal.

A flurry of buying from Costco is happening amid signs elsewhere that cash-strapped Americans are cashing in on gold's rally. New York's pawn shops and jewelers have seen a flood of sellers.

Costco is now selling platinum bars and coins online, catering to its members with 1-ounce options of 999.5 pure platinum.

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The company sold more than $100 million in gold bars in a three-month period between September and November 2023. It's betting that platinum will do just as well.

The big-box chain is now selling Swiss-made 1 oz. platinum bars for $1,089.99 on its website, but a Costco membership is required for purchase. The bar features Lady Fortuna, the Roman goddess of prosperity, according to the manufacturer’s website.

The trend, based on calls made to 101 stores in 46 states, highlights a growing shift among shoppers to secure the tangible assets as a hedge against financial instability. The stores surveyed said they had restocked their gold products.

Costco (NASDAQ:COST), the US-based retail giant, has expanded its range of precious metals investments by introducing platinum bullion bars and coins to its product line. Following the successful launch of its gold bullion investment offerings in 2023,