Platinum Spot Price in United States Dollar (USD)

Why invest in Platinum?

Platinum is relatively rare compared to other precious metals, including gold and silver. That rarity and the growing demand for platinum in a variety of sectors contribute to its value as an investment. The price of platinum is not currently as high as gold, but it has a wider variety of uses than gold and silver, thus ensuring a constant demand in areas other than investment or jewelry. This makes the price of platinum less open to manipulation than gold or silver.

How do I know if the Platinum is real?

It important to keep several points in mind when purchasing platinum. Always consider the source, and buy only from reputable dealers. Know the difference between silver and platinum. Silver is considerably less expensive than platinum, so disreputable dealers will sometimes try to substitute the cheaper metal for platinum, especially when purchasing as jewelry.

Silver is softer than platinum and will scratch more easily than platinum. Also, platinum will be much brighter and shinier than silver, which has a grayer, duller appearance. Platinum and silver can also be x-rayed to distinguish the two metals. Beware of platinum “bargains.” Platinum is an in-demand precious metal and most likely will not be heavily discounted.

How is Platinum measured?

Platinum is measured in troy ounces, which is equivalent to about 31.10 grams, slightly more than the standard ounce (28 grams). One kilogram of platinum is 32.15 troy ounces.

In what form is Platinum available to purchase?

Platinum bullion is available for purchase as bars, coins, and rounds. Bars are available in a variety of sizes, from 1 gram to 10 ounces. Among the most popular Platinum coins are the American Eagle, Canadian Maple Leaf, Austrian Philharmonic, British Britannia, and several Australian coins.

The US Mint first issued platinum bullion coins in 1997. Australia issued the Platinum Koala bullion coin nearly a decade earlier in 1988, the same year that Canada released the Canadian Platinum Maple Leaf bullion coin. Austria issued the Philharmonic platinum coin in 1989. The first British platinum coins were issued in 2018. Other countries, such as China, the former Soviet Union, and Mexico, have also produced platinum coins but are not currently doing so.

In addition to physical platinum (bars, coins, rounds), the metal is available in other ways: Exchange Traded Funds (ETF); Accounts; and Futures.
An ETF is a basket of securities traded on an exchange.

Accounts, such as one in Switzerland, offers platinum for buying and selling, but only as a claim against the bank; no physical platinum changes hands.
Futures are an option to bet on the price of platinum at some point in the future. Again, no physical platinum changes hands.

Is Platinum as in demand as Gold or Silver as an investment?

No. Investors tend to flock to gold and silver, especially in times of economic uncertainty, such as the pandemic of 2020 or widespread recession. Gold prices soared in 1980, 2011, and 2020. Platinum prices have risen but generally not as rapidly as gold.

That doesn’t mean platinum is not as good an investment. Platinum’s uses tend to be more industrial than other precious metals, although platinum as an investment continues to grow. When the overall economy is good, the price of platinum tends to rise because of its industrial and ornamental uses. People buy more cars and jewelry when the economy is good, so the demand for platinum used in those products remains high, keeping the price of platinum high.

Gold is often seen as a hedge against economic uncertainty. Its price tends to be less connected to the overall economy. Gold and silver also have a head start of millennia on platinum as an investment. They have been traded and used as financial instruments since ancient times. While platinum’s arrival on the precious metals scene is relatively recent by comparison, its strength as an investment has been solid.

Is Platinum’s performance similar to other precious metals?

Yes. Over the past twenty years, gold has maintained its wide lead over other precious metals in terms of price. Platinum prices, however, have followed the same basic upward trend as gold, rising more than 40 percent in the past two decades. Platinum has for brief periods in the past 30 years outperformed gold, but the current ratio of the price of gold to platinum is roughly 1.5 to 1.

In what increments is Platinum bought/sold? Platinum coins and bars are available in a variety of sizes. The most common weights are from 1 gram to 10 troy ounces. In bullion trading, the most commonly issued increment is the 1 ounce coin.

From the first American platinum coins, issued in 1997, until 2009, the US Mint issued American Eagle platinum coins in weights of 1/10 ounce, ¼ ounce, ½ ounce and 1 ounce. Since 2009, the Mint has issued only the 1 ounce coins.

How many platinum coins does the US Mint issue each year?

The US Mint issues American Eagle 99.95 percent platinum coins. About 40,000 coins were issued in 2019.

What is the best form to purchase Platinum? It depends. The most common forms in which platinum is purchased are coins and bars. The best format is based on the preference of the investor. Coins are a convenient size and can be stored easily at home. Bars are a larger and sometimes more easily stored in a bank or similar depository.

While several countries mint platinum coins, they are not the only source for platinum. Dozens of private mints issue platinum for sale as bars, rounds, and often unique, artistic formats.

What is Platinum used for and why is it valuable?

Although rarer than gold and more difficult to mine, platinum is more malleable and has far more industrial uses. Platinum has a wide variety of uses. It’s used by industry (automobile catalytic converters, computer parts, and medical devices, for example), in jewelry, and for investment (coins, bars, and rounds).

Is Platinum common/easily found around the world?

Platinum is a rare metal, and most of it is found in a handful of countries. More than 70 percent of the world’s platinum is mined in South Africa, with about 12 percent in Russia, 8 percent in Canada, and 5 percent in the United States. Platinum is more difficult to mine and purify than gold. More than 3,300 tons of gold was mined globally in 2018. That same year, only 190 tons of platinum was mined.

Platinum bars and coins are produced by a number of countries, including the United States, Canada, Austria, the United Kingdom, and Australia.
What are rounds? Coins have a face value and are legal tender. Coins have a minimum defined value, the face value designated by the issuing government. The value of a round is negotiated between the buyer and the seller.

What is a Good Delivery Bar?

Good Delivery is a set of rules specified by the London Platinum and Palladium Market (LPPM) to facilitate the distribution and selling of platinum plates and ingots. Stringent requirements are set by the LPPM and must be met by producers of platinum to be considered acceptable.

The LPPM monitors the production quality and assaying ability of refiners on the Good Delivery List. Refiners must have been in existence at least five years and involved in refining or manufacturing for at least three years prior to applying for certification. Applicants must have annual refining production of at least 500 kilograms and a net worth of at least 10 million pounds Sterling.

To qualify as Good Delivery platinum bars, plates or ingots must weigh at least 1 kilogram but not more than 6 kilograms; be at least 99.95 percent pure; include a serial number and degree of fineness (to 4 digits); the producer’s recognized mark; the letters PT or Platinum with a stamp of purity; the weight in grams or troy ounces; and the year produced. The bar or ingot must also be free from cavities.

Where can I buy Platinum?

Platinum can be purchased at a variety of locations, such as online e-commerce sites, jewelry stores, coin shops, and pawn shops. Shop with reputable dealers and use the same caution as with any other precious metal.

Is Platinum sold in a similar investment grade as bullion gold and silver (99.9 percent)

Yes. Investment grade platinum is most commonly 99.995 percent pure. Most platinum jewelry is 95 percent pure.

How liquid is Platinum?

Platinum is almost as liquid as gold and silver. It can be bought and sold easily in local shops, jewelry stores, online forums, and other venues.

Is Platinum taxed when bought or sold and at what rate?

Many states exempt precious metals used as bullion, while others charge sales tax when it is bought or sold. The tax, if charged, is dependent on individual states. Most states charge regular sales tax for precious metals used as jewelry. Precious metals are considered “collectibles” by the Internal Revenue Service and may be taxed as capital gains, with a maximum rate of 28 percent.

How is the spot price of Platinum calculated?

Platinum bullion retail prices are usually based on the spot price. The spot price of platinum fluctuates based on several variables, including supply, demand, government regulations, economic stability, and current events.

The spot market trades nearly all day because of time differences in worldwide markets. Hong Kong, London, New York, Tokyo, and Zurich are the markets where most trading takes place.

Why is the cost of Platinum more than the spot price?

The cost of platinum is made up of several factors, including the spot price, face value, and the premium. Retail sites add a premium to the spot price and face value of platinum to cover their costs and provide a profit.

How often is the Platinum price adjusted?

Spot prices for platinum are updated during open hours of trading, generally from 6:00 p.m. to 5:15 p.m. (Eastern Standard Time – EST), Sunday through Friday. The price remains static during the 45 minutes from 5:15 to 6:00 and Friday, from 6:00 p.m., to Sunday, 6:00 p.m.

What goes into the retail price of Platinum?

The retail price is composed of the spot price, any face value, and the premium added by the seller to cover costs and profit margin.

Are Platinum spot prices per ounce the exact same all over the globe?

No. A number of factors influence the spot price of platinum worldwide. The main factor is foreign currency purchasing power. Foreign currency exchange rates fluctuate, increasing and decreasing daily. These currency fluctuations can affect the price of precious metals, including platinum.

Why can’t I purchase Platinum at the spot prices shown?

Sellers of platinum reasonably must cover their cost (the spot price) and make a profit. Also, retail sellers have advertising and merchandising costs that they must take into account.

What is the bid versus the ask price?

A bid is the price to procure platinum, and the ask price represents an offer to sell. When seeking to buy platinum, you would pay the ask price. When looking to sell platinum, the bid price is what you would receive. The ask price will be higher than the bid price. Both prices will often be shown on a ticker on online retail sites.

Is Platinum considered volatile compared to other investments?

Compared to gold, the price of platinum is considered more volatile for a number of reasons. The vast majority of platinum (more than 75 percent of the world supply) is mined in two countries, South Africa and Russia.

Political instability and currency fluctuations in those countries can have a strong impact on the supply and price of platinum. In addition, economic slowdowns around the world can affect the demand for platinum and thus the price. If the economy slows down, people buy fewer products (cars, for example) containing platinum. Gold, however, is often viewed as a protection against economic challenges and is less vulnerable to such impacts on pricing.

How do I get the most metal in Platinum ounces for my money?

As with many products, discounts might be available when buying platinum in bulk. Check with the individual retailer. Bars and rounds offered without a face value (like coins have) usually have a slightly lower premium than government-issued coins. You might also consider platinum rounds, which don’t have a face value, or lesser-known brands, both of which might have a lower premium attached to the price.

Does the government mandated face value of bullion Platinum coins cost more?

Yes. By law, coins (as opposed to rounds, which are not legal currency with a defined value) have a face value that is recognized as the minimum price of the coin. When selling investment coins, platinum coins with a defined face value are generally safer to trade or sell, given that the price is guaranteed to be at least the face value.

Are price premiums for Platinum a flat rate or fixed percentage over spot?

Generally, retailers charge a fixed percentage over the spot price.

Can I get the same price by visiting a local coin shop that I can by buying Platinum through an online retailer?

Maybe. A brick-and-mortar store and an online retailer will have different costs and selections. An online store might have lower prices because of lower overhead, and it might a larger selection than a brick-and-mortar store. It’s best to check with the individual retailers and compare prices and inventory.

How can I secure my Platinum price in a fast paced market?

The only way to secure a price when buying platinum on an online retail site is to check out and pay for the purchase promptly. The price of an item can change after placing it in a basket and waiting before paying for it. The platinum price is static for only a relatively few hours per week (generally, from 5:15 p.m. to 6:00 p.m., Sunday through Friday, and 6:00 p.m. Friday until 6:00 p.m. Sunday). All times are Eastern Standard Time.

Where can I buy physical Platinum?

Platinum bars and coins can be bought from various mints, online retailers, and brick-and-mortar stores. Slightly less pure platinum used in jewelry is widely available at jewelry retailers, both online and brick-and-mortar stores.

How much cash is required to buy Platinum?

This depends on the amount and format desired as well as normal factors in pricing (demand, spot price, premium, etc.). Private online retailers often sell fractions of platinum for as little as $100.