Anyone Trading Platinum?

I bought an ounce of platinum for funsies at $960 a few months ago.

Saw today it's over $1400....

What would you do? Poll above.

And if you'd sell tomorrow, what price would you expect to get?

 

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The LCS near me was paying $25 over spot for US Platinum Eagles and between spot and $10 over for foreign platinum. This was about a month ago. As prices kept rising, they have dropped their buy prices to $25 under spot for foreign and about the same for US (maybe a bit more, depending on the day).

 

As far as what to do, it depends.

Need the money now? Then sell.
Have something better you can buy with the money? Then sell.
Don't need the money now but figure a profit is a profit? Then sell.
Think it could go up? Hold. (and potentially buy more)

 

This is where I'm at.

For full transparency, I'm holding a Pamp Suisse 1 Oz Platinum Lady Fortuna.

 

My general thought process is to sell something that is up a decent chunk and that I'm not attached to (if I like the item, then that is another story). Your platinum being a bar would likely net you a bit under spot (bars, even popular ones like Pamp, tend to get less from a dealer than coins).

 

Well, I'm not attached to it and it's up $500 spot.... I'm going to take it to the local show tomorrow and see if I get any bites.

 

Let us know what kind of offers relative to spot you see. Try several dealers as there might be a big spread. Even with gold, I've heard of offers varying by about 10% (spot to 90% of spot). The same might be true with platinum and you don't want to leave too much on the table.

 

I'm perfectly fine getting less than coins... because I spent less than coins. It's all about the buy/ask spread... how much can I get versus how much I spent.

 

The show I'm going to tomorrow is a small one, very local show, probably only 30 dealers. I don't even know if there will be anyone interested in platinum bullion. I was really just trying to get an idea if anyone had experience selling platinum... it seems to be much less popular than it was a decade ago.

 

I don't think it has lost popularity compared to 10 years ago. It has always been less popular than gold or silver. There has been more world demand for it this year and extra interest as prices have gone up. With 30 dealers you have a decent chance of finding at least one or two that could have a solid buy price.

 

All the PM’s are on the upward swing so why sell?

 

bought a 1/10 oz of Rhodium last year over $3,000 just because I hit 5K at casino 1st time in one in over 10 years!

 

Good timing Jason. I bought 2 one ounce coins in 2007 and paid $975 each. I might take them to the ANA show and see what offers I get.

EDIT: I was wrong. I bought two half ounce coins. I'm still upside down.

 

Two main reasons - as you said, it has had a big swing. No idea where the top is, but I want to take profit.

And second, I need the money to help pay for something I bought last week (hasn't arrived yet... I'll show y'all when it gets here). I can swing it without selling, but it would be a good chunk towards it.

 

Looking forward to seeing your purchase.