Platinum?

Wow....don't really collect it but Platinum is taking a major hit today.....and Palladium. I know PT was at one time consistently above gold and it's trading about $100 below lately. Any reason for the drop? Looks like it's pushed below the 5 year low today.

 

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Fewer people are getting married because bakeries are refusing to bake the wedding cakes for fear of being sued.

Chris

 

Ha.....you'd think it'd be just the opposite.....more weddings.......more rings.......

 

Both are primarily driven by industrial demand, not jewelry or investment. More uncertainty of economic demand due to Greece is hampering prices is my guess.

I read a pretty good article on platinum lately. It said South Africa opened up a lot of new mines when prices spiked, and last year at this time there were strikes in SA. Both new mines and full production are putting pressure on prices, as well as investors selling off PT funds. The funds no longer need to hold the platinum so they are also selling into this market. I am actually looking at buying PT, but the premiums are simply outrageous. I will buy when I find reasonable premium product for sale.

 

Didn't you read the headline about the bakery that was sued and ordered to pay $135K because they refused to bake a wedding cake for a gay couple?

Chris

 

But refusing to bake the cake was what got them in trouble in the first place

 

The premiums are outrageous at the moment...maybe they'll come down to a reasonable amount...who knows

 

Wow Chris I needed that! LMAO ONE WORD ALCHEMY

 

I guess the old public notice, "We reserve the right to refuse service to anyone." is no longer legal.

Chris

 

It hasn't been legal for years no sir. Anyone who has any basis to claim "protected" status believes they are above anyone else's rights anymore.

 

So, a felon walks into a gun shop...........

A child molester takes his kid into a private day care center.........

Chris

 

Boy, you just aren't any fun any more. Wait a minute! I don't remember when you were any fun.

Chris

 

When platinum is more than $100 less than gold, I pick up a little. Six months ago, you could still get half ounce eagles at a decent price. Now that's out the window. Back to pamp bars for now.

 

So what are 'decent' prices to pay on them? When Platinum was higher....closer to gold, I got a 1/10 at $138 and 1/4's at $323 from my LCS. That was at about what gold was selling for at the time (with 6% sales tax). Seemed to be less than what they were selling for on ebay. APMEX doesn't seem to have very good prices on PT. Don't necessarily know why I bought them but don't think I got hurt too bad.

 

One, or 2 great sources for learning this data on Platinum, and other precious metals is the bullion desk and kitco charts. Generally, these price variations are the result of miners going on strike resulting in shortages. Perhaps, the miners are really cranking out the platinum lately, or there is just much more desire to own Gold, lately. In 1997, I bought the 4 coin u.s. Platinum bullion set. I still have it, and included it in my u.s. type set. Lucky for me, platinum was only about $420 an ounce, then.

 

For the longest time (last couple years maybe?) Prices on platinum eagles were stable at around $100 over/ounce. That was consistent among 1 oz and half ounce eagles. Then as platinum began to fall over the last 6 months, those premiums began to spike as supply vanished. Recently, I've seen premiums as high as $229/oz for a one oz eagle, and similar for a half ounce ($120). I picked up a small grip of half ouncers when they were only $50 over the spot price, now I can't even get close to that.

I was really hoping to keep all my platinum in half oz eagles for consistency sake, but those coins are not participating in the price drop.

 

$998 this morning and dropping.....

 

Thank me, I bought some more thursday night.

 

China announced for the first time in like 6 years what their gold reserves are and an investment broker dumped a whopping amount of gold options yesterday and the market responded. Don't worry about it, there are only 4 precious metals and platinum isn't one of them.