Platinum FAQ: Everything You Need to Know About This Rare Metal
Many investors and collectors want to know more about platinum, a highly rare precious metal often sold in coins, bars, and rounds. Here are some of the most frequently asked questions about platinum, which the experts at Gainesville Coins have answered below.
Frequently Asked Questions About Buying Platinum
Is it worth buying platinum?
Yes, it is worth buying platinum for investing if you wish to leverage your bets against inflation. It may also be worth buying platinum if the precious metal's price goes up in value over the coming years.
Can I buy physical platinum?
You can buy refined platinum in the form of coins, rounds, and bars. These are not only highly popular vessels for acquiring platinum, but they are also highly liquid, meaning they can be sold with ease.
Platinum bars are used for investment purposes.
Can you buy pure platinum?
Virtually pure platinum? Yes! Many of the platinum coins, bars, and rounds on the market today are .9999 pure.
How can I purchase platinum?
Most people buy platinum in the form of coins, rounds, or bars, which can be purchased from coin and bullion dealers. Gainesville Coins is one of the leading online platinum dealers, offering a tremendous variety of platinum coins, rounds, and bars.
Is it safe to buy platinum online?
Absolutely! Some might even say it’s safer to buy platinum online than in person. Buying online can reduce security risks to the collector or investor compared to purchasing the platinum in a brick-and-mortar storefront and physically transporting the precious metals back to their home, bank, or other safe storage location.
Frequently Asked Questions About Selling Platinum
Why does platinum have no resale value?
This is a question asked by those who may think platinum isn’t a liquid asset, but this couldn’t be further from the truth. Platinum is one of the most in-demand precious metals around and boasts excellent resale value. Current platinum metal values can be found by following the link.
Can I sell platinum?
Yes! The best place to sell your platinum is to a respected bullion dealer like Gainesville Coins.
Can platinum be pawned?
It can be, but do you really want to do that? Pawn shops are great if you're going to buy or sell an old stereo, guitar, or lawnmower, but you’ll get the best prices from bullion professionals at a coin dealer or bullion dealer like Gainesville Coins.
Frequently Asked Questions About Platinum Prices
Why is platinum so cheap in 2020?
“Cheap” is a relative term… There was a point in early 2020 when platinum and other bullion could be bought at prices that some might consider low, but during 2008 they broke records and nearly did so again in mid-2020. Platinum and other metals are trading for much higher prices these days than in the 1980s or 1990s. Still, today’s platinum prices might indeed prove to be bargains if precious metals rise in value down the road, particularly if demand for platinum dramatically increases – and that’s plausible.
You can follow this link to read more about why platinum is so cheap right now.
Why is platinum so expensive?
Platinum is so expensive because it’s so rare. It’s even rarer than gold – and that’s in part why platinum is expensive. And because platinum has many industrial uses, it’s always in demand. Small supply versus significant demand equals high prices!
Platinum is chemical element #78 n the period table.
What year was platinum the highest?
What is the highest price that platinum has ever been? Looking back over the last several decades, the highest price platinum has notched to date was in 2008. That’s when platinum was trading for nearly $2,075 per ounce.
Which is more expensive, platinum or diamond?
When comparing the price of diamonds to platinum on a weight basis of carats (diamonds) to grams (platinum), diamonds are much more expensive than platinum.
Why has platinum dropped so much?
A variety of factors contribute to increases and decreases in the price of platinum. Some of these directly relate to fluctuations in the demand for platinum. At the same time, prices for the precious metal can also be influenced by investor confidence (or lack thereof) in Wall Street, the relative strength of the dollar, and geopolitical conditions both on the domestic front and internationally. Sometimes price drops are the result of correlations with overall market events, not necessarily causation.
How much is a gram of platinum?
A troy ounce contains 31.103 grams of 100% pure metal. So, you can get an approximate valuation for a gram of platinum by taking the current price of platinum per ounce and dividing it by 31.1. The quotient equals how much is 1g of platinum.
How much does 100 grams of platinum cost?
A rough approximation of the answer can be determined by dividing the price of platinum per ounce by 31.1 and then multiplying that number by 100.
Is platinum cheaper than gold?
While there have been occasions when platinum costs more than gold, platinum is generally less expensive as of this writing than gold. There are many reasons for this, including relatively higher demand for gold and a seeming longstanding preference by many for gold over platinum.
Frequently Asked Questions About Platinum Values
What is platinum worth?
Current platinum values and price charts can be found on our page for the spot platinum price today.
How much is a platinum coin worth?
Platinum coin values vary depending on the size and purity of the coin, the current price of platinum, and the collectible merits and market demand for a given piece. These factors contribute to some platinum coins being worth many hundreds and even thousands of dollars.
How much is a brick of platinum worth?
Platinum bricks, more often known as platinum bars, are worth various amounts depending on the size of the ingot itself. Platinum bars are most commonly traded in the sizes of one ounce, 10 ounces, or one kilo (32.151 troy ounces).
Examples of generic platinum bars.
How much is scrap platinum worth?
Again, it all comes down to how much platinum scrap we are talking about. Whether this platinum scrap amounts to a few particles of platinum dust or entire shards of remnant platinum from a decimated platinum bar, weight (and purity) will factor into how much the platinum scrap is worth.
Frequently Asked Questions About Investing in Platinum
Is platinum an asset?
Yes, platinum is an excellent asset and is widely held by investors and precious metal speculators. Platinum has also proven a successful investment vehicle for collectors who happen to collect precious metal coins.
Is it worth buying platinum?
It can be for those who buy platinum at a lower price than when they sell it. Platinum is also worth buying for those who plan to hold onto it long-term, serving as a hedge against inflation and possible safe-haven investment during tumultuous economic times.
Is it better to buy platinum or gold?
This all depends on your investment strategy and the prevailing momentum behind one metal versus another. While gold is often the favorite precious metal due to its incredible familiarity and unspoken value both for industrial uses and in jewelry and artistic capacities, platinum is much rarer than gold. It has become increasingly important in various industrial sectors over the past several decades. Many investors diversify their portfolios with platinum, gold, silver, and other assets to improve their odds of positive performance regardless of the market conditions.
Are platinum coins a good investment?
They can be. Platinum coins have generally been solid performers over the years. While platinum coin values have seen ups and downs, precious metals coins, in general, have offered favorable results to many who were patient and held on to these pieces for the long haul.
Is platinum a good investment in 2021?
Some investors who bought platinum in 2021 saw positive results, but timing is everything. Those who purchased platinum during its high point pricewise may need to hold onto their investment for a longer period of time to see significant profits. However, as we often advise, investing in precious metals should be done with both a short-term and long-term perspective in mind. Some investors who happen to buy right before a sudden spike in prices have done very well turning right around and selling on the crest. Others have found incredible success holding their metals for several years and selling during a period of relative inflation in bullion prices.
What will platinum be worth in 2030?
Nobody has a crystal ball to accurately predict what platinum will be worth in 2030 or at any other specific point in the future. However, past pricing data can inform our investing decisions for the future. Long-term data suggests platinum and other precious metals have seen a generally upward pricing trajectory over many years. Barring any unforeseen changes in demand for platinum or abnormal market conditions that would terminally weaken precious metals values, platinum is likely to continue showing robust performance in the years ahead.
Is platinum undervalued?
It’s the type of question almost every precious metals investor asks at some point in time… In the case of platinum, a rare precious metal with many industrial uses, hindsight may show platinum is undervalued – especially if industrial sectors where platinum is critical see unprecedented growth in the coming years.
Will the price of platinum go up?
Quite possibly. It’s essential to remember precious metals see fluctuations in prices depending on various market factors. Even if the price of platinum goes down tomorrow, it could return to today’s value a couple of days later or even hit an all-time-record price in the following months or years. While it’s essentially futile to try predicting the future price of platinum, it’s wise to incorporate platinum as part of a larger, diversified investment portfolio.
Other Questions About Platinum
Is there a US $100 coin?
There is, and it comes in the form of the 1 Oz. American Eagle Platinum coin. These coins contain one troy ounce of pure platinum and have been struck by the United States Mint since 1997. American Platinum Eagles are for sale from coin and bullion dealers like Gainesville Coins.
Obverse of a 2012 Platinum American Eagle coin (proof).
What is the most expensive metal in the world?
Is platinum the rarest metal? No… Close, but not quite. The honor of rarest, most expensive metal in the world currently goes to rhodium. It is a rare, silver-colored metal that is used in the automotive industry and other industrial capacities.
What is platinum used for today?
Platinum has many uses and is commonly found in automotive catalytic converters, jewelry, medical devices such as stents and catheters, certain chemotherapy drugs, electronics, sensors, and many other applications.
Is platinum better than a diamond?
“Better” is a matter of perspective. When talking about investment, both platinum and diamond have their merits. Yet, gram for gram, platinum is far more affordable than diamond and stands to benefit pricewise from many market factors, including platinum’s widespread use in various growing and emerging industries.
Does platinum turn black?
Platinum will not spontaneously turn black on its own under normal conditions. However, it is possible to turn platinum black using hydrogen gas, ammonia, hydrochloric acid. This is not something we recommend you try.
Why is gold preferred over platinum?
The public is familiar with gold, which has been treasured as a precious metal for 5,000 years and has countless artistic, recreational, and industrial uses. However, it’s untrue to suggest all people prefer gold over platinum, which is far rarer than gold and has been used in a growing number of industrial applications since the 19th century.
Why is platinum in demand?
Platinum is popular because it’s a rare precious metal with multiple industrial uses, including medical and electronic applications. As these and other sectors grow, the demand for platinum, a precious metal with precious few resources, could also continue.
What is so special about platinum?
While platinum is a whitish metal similar in appearance to silver, it doesn’t tarnish and discolor as silver often does. Additionally, platinum is quite dense and is stronger than gold yet is also quite malleable. It is a fantastic catalyst, making it ideal for applications involving combustion, such as fuel cells.
Why is platinum so rare?
Platinum naturally occurs in only relatively small quantities and is largely obtained as a byproduct of mining for other ores, such as copper and nickel. All the platinum ever mined around the world could fit inside a typical American home. Continuing demand for platinum only stands to make platinum rarer.
Where is platinum found?
Platinum is found naturally occurring in a diverse array of nations worldwide, including Canada, the United States, South Africa, and Russia.
Credit Suisse platinum bullion bars.
How long do platinum rings last?
They can last forever, but this isn’t the only thing platinum rings have going for them. Because platinum doesn’t change color under ordinary conditions, platinum rings won’t discolor like rings made from other precious metals can.
Why is platinum better than white gold?
Platinum is a natural and pure metal, whereas white gold obtains its color through the artificial addition of silver or palladium. Additionally, platinum – as mentioned previously – will not change colors under ordinary conditions and use.
Is platinum shinier than white gold?
Platinum is generally brighter in color than white gold and won’t tarnish like white gold may over time.
Is platinum better than rhodium?
Platinum and rhodium both have their advantages. However, while rhodium is the most expensive metal, platinum is much rarer than many of the other widely traded metals. Yet, it is easily obtainable in the form of a coin, round, or bar – excellent vehicles for bullion investment.
Which is better, titanium or platinum?
Both titanium and platinum appear similar in color, but titanium is much more durable than platinum, lighter in weight, and less expensive. This gives titanium the edge for many industrial applications involving the construction of objects such as planes, tennis rackets, and prosthetics. But platinum is a better catalyst, is extremely dense, and is much rarer than titanium from the standpoint of investing.
Is platinum stronger than white gold?
Platinum is denser and much purer than white gold and, in specific applications, such as use in jewelry, will stand up to wear and tear better over time. While white gold may eventually tarnish and lose its plating (helping to give it its white color), platinum is pure and will never have to be replated.
Does platinum rust in water?
Platinum does not contain iron and will not rust. Therefore, it will not rust in water. But can platinum rust at all? No – again, platinum contains no iron, so no rusting will occur.
Is platinum good for health?
Platinum has antioxidant properties and is used in various medicines, chemotherapies, and other health-related products.
How much platinum is left in the world?
Various estimates exist, but Statista claims there is around 70,000 metric tons of platinum in the world, with 95% of it located in South Africa.
Does platinum last forever?
Platinum can be melted, smelted, and manipulated in virtually every which way. However, platinum lasts forever.
More about investing in platinum bullion from Gainesville Coins:
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