That is no longer the case as it has been surpassed by gold. Platinum is both malleable and ductile and can be extracted from ore that contains platinum group elements PGM. These elements include iridium, osmium, palladium, platinum, rhodium, and ruthenium. Platinum can also be extracted from sperrylite and cooperate ores. Because of its high boiling point, and its resistance to water, air and many acids, platinum is used primarily to manufacture automotive catalytic converters, in the chemical and electrical industry and in petroleum refineries.
The price of platinum is determined by the global auto industry, air quality regulations, changes in catalytic convertor technology, the availability of substitutes, and investment demand.
It is not an exchange. Its current members include companies made up of refiners, fabricator, traders, etc. The LBMA is responsible for setting the benchmark prices for gold and silver as well as platinum and palladium.
For the refining industry, the LBMA is also responsible for publishing the Good Delivery List, which is widely recognized as the benchmark standard for the quality of gold, silver and PGM bars around the world.
Physically backed-exchange traded funds have revolutionized the investment landscape in the last 15 years and platinum is no exception. These products provided easy access to difficult markets for investors.
It is important to note that platinum is a fairly small markets so prices can see dramatic fluctuations. However, unlike gold and silver, the platinum has a strong industrial market, which means that it responds to more supply and demand fundamentals. Platinum has seen some renewed demand because car companies have to meet tightening environmental conditions to reduce greenhouse gasses. Auto companies are loading their catalytic converters with more platinum meet these new standards.
However even as demand grows, the market still has relatively stable supply leading surpluses. Only a few mints make platinum coins. Both the U. Mint and the Royal Canadian Mint produce platinum coins. In the U. Mint only produced 40, platinum coins. Make Kitco Your Homepage.
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In addition, mining companies may adjust their operations based on profitability and current platinum price levels. If the markets are flooded with platinum supply, then mining companies may elect to scale back operations in order to soak up some existing supply and bring the supply and demand equation back into balance.
The potential manipulation of precious metals prices has been a hot topic of debate for some time. One can search online for information on this topic and try to draw his or her own conclusions.
Although platinum will not always move with gold and silver, it often does as investors look to buy precious metals or sell precious metals. Of course, mining issues or other factors could potentially cause the price of platinum to move significantly different than the prices of gold or silver. In addition, platinum has different industrial uses that may affect prices. Platinum typically trades for a premium over gold prices.
We suggest that investors always do their own research and due diligence when looking at any market. That being said, a chart of platinum prices going back to the year does seem to exhibit an uptrend in prices. Platinum did have a major collapse in prices back in which some attributed to the auto industry crises, but platinum prices then began a quick recovery in price.
What is considered too volatile these days? Platinum prices can exhibit volatility just as any other commodity can. In addition, stocks can exhibit a large degree of volatility at times, as well. Price volatility can be important but may not be as big of a factor for someone buying physical platinum products that are not leveraged with the intention of holding them as long term investments. Platinum is measured in troy ounces. Each troy ounce contains about In the USA, certain states have sales tax on platinum bullion products.
Depending on which state you are located in, and where you purchase your silver, you may be liable to pay sales or use tax on the purchase. For more information on individual states, reference our local buying guide.
When it comes to physical platinum, bars and rounds typically carry the lowest premiums over spot price. Platinum coins will usually carry a bit of an additional premium, due to the fact that they are government minted and also carry a face value in their country of origin. Right here on our website, of course. JM Bullion offers a wide variety of quality physical platinum products at the lowest prices in the industry. Browse some of our selection at the links below:.
This allows our customers to keep their transaction fees on platinum bullion purchases to an absolute minimum. Because we offer many fractional platinum products, as tiny as 1 gram weight, investors do not need a full ounce worth of cash to get started.
To learn more, read our full page on bullion IRA investing. Subscribe to the JM Bullion newsletter to receive timely market updates and information on product sales and giveaways.
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