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Today’s Price of Platinum and Historical Platinum Prices
Like other precious metals, the price of platinum is always changing. Platinum has a spot price just like gold and silver. The spot price is the current value of 1 Troy oz. of platinum.
One of the most intriguing aspects of platinum is its scarcity. By mining figures, platinum is actually rarer than gold. However, this isn’t always immediately obvious when looking at its spot price. Its scarcity alone has made it a topic of interest among coin and bullion buyers for years.
History of Platinum Prices
The spot price of platinum reached its current record in early 2008. It was trading at just over $2,192 per Troy oz. This is actually higher than the current record spot price of gold that was seen in 2011.
More recently, the spot price of platinum has been lower than the spot price of gold. In early 2017 platinum was trading at just over $900 per Troy oz. while gold was around the $1,100 range.
Any time that you purchase precious metals, there is a premium included in the price of the product. This premium is why the physical form of metals like platinum cannot be purchased at the spot price.
The premium exists because of costs incurred during the refining and sales process. The amount varies by Mint and product. For example, you can typically expect to pay a higher premium for an American Platinum Eagle than you would if you chose a Canadian Platinum Maple Leaf. When you view the price of a product on the site the premium is already included in the price shown.
Why Do People Buy Platinum?
Some buy platinum just to have a piece or two of their own to appreciate. Others make it more of a focus because of a particular belief they have about its value.
Platinum is a beautiful precious metal. However, its main use is actually in industrial applications. This means that most of the platinum that is mined is sold to businesses rather than individual bullion buyers. One of its main uses is in catalytic converters, so major auto makers are some of the largest buyers of this precious metal.
Since most platinum ends up being used in industry, platinum coins and bullion products can be scarce. This draws many collectors to platinum coins because the scarcity of the metal tends to result in low mintage figures.
If you’re ready to add some platinum to your collection or stack, GovMint.com has a selection of platinum coins from the United States, Canada, and Australia to choose from.