Okay I know nothing about bullion but I want to start investing.. anyways. Where can I check the prices for 1 oz of gold 999 bullion 1 oz of silver 999 bullion and 1 GRAM of 995 platinum bullion I need to know the price of 1 GRAM of platinum 995 ASAP THANKS!
www.kitco.com is a good resource. Of course they provide the spot price of PMs, not necessarily what you can buy it for. And remember that you generally pay a higher premium for smaller quantities. Why are you rushing into buying PMs when you know nothing about them?
Oh I'm not rushing in... It's just I got an offer on platinum that I wasnt sure if it was good or not... just one bar. everything else I can wait on. Anyways thanks for the advice.
i hate to hear the word rush. yup i have learned by my mistakes , i hope the op will tell us what he is buying , that would help a lot.
Well, I decided not to buy it. Thanks for the help guys... anyways, stuff you should know about me. I own my own company even though I am only 15 years old. I make anywhere from $5,000 to $30,000 a month. Normally I spend the money (a very small percent. just like $100 of it every month) on coins, and minerals, and fossils for my collection. My parents say I need to invest it, I was going to do stocks but I think buying bars of gold and platinum, etc. would be better. So I've been doing research all day and I think I'm going to invest in Gold and Rhodium mainly. I will still buy silver and platinum but mainly Gold and rhodium. about 50% of what I make every month will go to that... So now my question is... When I am looking at buying platinum I am considering wether I should buy the bars of coins.. Lets say I buy a 1 oz bar... and the price drops below $100 per ounce in 25 years (they find a way to produce it for very cheap, or some other weird scenario, people just stop needing it, etc.) Now my bars are worthless.. Now if I buy the coin... with a face value of $100 http://bullion.com/platinum/coins/amerianeagle.html in 25 years if the same scenario happens and I have my 1oz coins well they still trade for $100 USD in a bank even though the material they are made of is worth less then $100. Yes I know that the value of a dollar will change over 25 years most-likely. That's not part of my question. I just want to know if the coins are actually worth $100 even if the material is worth less then $100.
OG: "ASAP" is a death trap in investing... do your homework or save your money for something else. Do your homework! read read and read again. Don't buy a thing until you are well read. Do some paper investing, hypothetical buy's and see what happens after a few months while you continue to read and learn about investing and the volatility of the metals. Don't make hasty mistakes buy rushing into anything, you will regret the mistakes if you do.
Orange Gold: For example... Take a silver bullion coin like the US American Silver Eagle (not the proofs or "W" mint mark collector unc. versions), it is minted by the US Mint with a denomination of USD $1.00. Silver ask price (spot metal price) closed today in trading at $18.17. ASE's usually sell from bullion dealers at a bit higher than this, but if silver price ever fell below $1 the coin is still minted with a denominational value of $1 which you may use for that amount just like you use a paper $1 or other coin $1 now. The ASE is a silver $1 coin worth $1, but its composition of silver makes it more valuable as bullion than a $1 coin (currently). So, if you want to know if you should buy a bar vs a coin, I'd suggest you always buy a government issued coin when it comes to bullion as it's easier to liquidate, carries a bullion value and denominational value. Now, a larger bar might be easier to store more ounces of than individual coins and your premiums may be less as well buying larger bars than individual coins, but you must weigh your own reasons and decided for yourself, which is why I tell you to study before investing. This is a very glossary explanation, not steadfast reasoning to follow. Go do your own reading and homework on investing and see if it's right for you to store your wealth in bullion. There's much to learn and determine about yourself as an investor before you ever buy anything!
Thanks Krispy... As far as I can tell lets say I'm buying platinum coins.. They cost so much already as oz's that storing them would be easy to maintain even if I spend thousands. Also the coins that are made of platinum, they are legal tender.. so in 40 years if they were worth $100 face value now... do you think they would have a higher collectors value then. maybe $350 ?
Knowing when to buy and when to sell is what investing is all about. Simple? Take a look at this chart. http://www.kitco.com/scripts/hist_charts/yearly_graphs.plx If you were around during the gold boom in the early 80's and got caught up in the hype and purchased gold at around $800 ounce, you would think that in 10 or twenty years that the price might double or triple. So you sit on it. Now take a look at the 10 and 20 year mark. Your initial investment would have been reduced by half. There is no guarantee and nobody can predict the future. The only way not to lose your shirt is to diversify. A mentor told me that 40 years ago. I watched him lose his business (a chain of camera stores) almost overnight but it didn't affect him because he had other investments and interests that kept him afloat and he was able to rebound without missing a beat. Consider long and hard where you're going to put your money. You're intelligent enough to be thinking about it at your young age. A lot of people wait too long. Spend time studying and and talk (and listen) to successful people. They'll be more than happy to guide you. Good luck.
Okay, Thanks Now I've been looking at charts and I've realized that for rhodium, platinum, and palladium, during june-ish 2008 they are were really high and dropped to the price they had almost 5 years ago... Gold and silver did not drop but all of these seemed do be cut in half almost overnight... what happened?
Rhodium is strongly linked to the jewelry trade/manufacture, especially in plating "white gold". White gold is gold alloyed with palladium and/or nickel. Rhodium is plated over this to provide an intense reflective material, especially for diamonds. With a decrease in spending for higher cost jewelry, one should expect the bullion value of these to decrease. Platinum has great use in catalytic converters, so decrease in automotive manufacturing will certainly reflect on it also. IMO.
Looking back at my charts it wasnt june.. it was july 2008... the very month that desertgem joined this forum.... hmmmmmmmm.... muahahah! edit: no but really it was july not june.. my bad. edit:edit: Read my post on page two!
Hey.. you were right.. read the third paragraph in this article Anyways I'm looking at the charts and on that date rhodium, platinum, and palladium all collapsed.. now palladium has fully recovered, platinum is half-way back, and rhodium is still in the low section from the crash... it seems that palladium went up relatively fast and platinum is now on the track of recovery and rhodium is starting to go back up... maybe in 3 years or so it will also fully recover.. the charts do suggest it? What do you guys think? invest in rhodium?
well were do you buy the bars from you'd prolly have to goto basf / dow chem..? and buy large quantities like in the range of 25 thousand
Well.. I found this website. and they sell the bars for $2890 per ounce... unfortunately todays pricing on rhodium is around $2411 per ounce... so that is a lot of money going to waste. ($480) So I'm still looking for a better vender of rhodium. I'll get back to you when I find one.
Here's another, relatively unknown seller-- which can hurt you if you ever need to liquidate your metals, that sells Rhodium in coined and bar form: Cohen Mint -- Rhodium
I think that unless you are a person dealing in PM commodities Futures, ( dangerous unless you are doing it with other peoples money ) , I would stick with gold and silver as most liquid. I still harbor the suspicion that just as many bankers and stock brokers personally did extremely well before and during the banking crisis , PM brokers and dealers are going to show similar results in a few years, whereas, for personal investors of PM, it will be a very mixed bag of results. IMO. Jim
