What pushed Platinum under 1000?

Discussion in 'Bullion Investing' started by xCoin-Hoarder'92x, Sep 7, 2019.

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  1. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Well-Known Member

    I remember for a while when this metal was higher than Gold. It's lost a good deal of its value. It's currently about $952 per ounce as of today.
     
    Last edited: Sep 7, 2019
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  3. itm389

    itm389 Member

    Im thinking the rise of palladium in industry for catalytic converters over platinum. Not sure if palladium is easier to work with, is more efficient, not sure. People seeing gold over platinum as a better ways of wealth preservation maybe? Gold more popular for jewelry? Platinum is kinda the black sheep of the metals. Pretty sure its time to shine is coming soon though, its making some pretty chunky moves up.
     
  4. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Here’s a viewpoint you won’t hear from the educated PM investors...... Silver and gold have built empires since the dawn of man. Platinum is a relatively new player in the precious metal arena. In fact, platinum was a nuisance to early miners and was even used as a base metal to counterfeit gold only a few hundred years ago. Relatively speaking, it is a newcomer and doesn’t come with the aura that gold and silver have had for thousands of years...... Think of it like this. Girls with green and purple hair are a fairly recent occurrence. Great to date and have fun with.. For a while. Then, well it just becomes a bit odd....... Like I said, not an educated PM investors view by a long shot. But bet your bottom dollar on this. Gold and silver have built empires for thousands of years. They will continue to do so when all the upstart PM fads lose their luster.
     
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  5. Savoyspecial

    Savoyspecial New Member

    agree with Randy above
     
  6. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Well-Known Member

    That's an interesting point of view for sure. And Platinum has completely different uses in industry than other metals so I could understand that being a different driver than Gold or Silver.
     
    Randy Abercrombie likes this.
  7. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    Support for the long term levels of gold and most of silver is the amount needed around the world for jewelry. Gold and silver are softer than Platinum and that makes working it more difficult. PM people think it is their small world that can make the price go up or down, but jewelers don't order just in ounces or portions of ounces, they need a lot more as they know with the right design they can get multiples than just the metal itself. Since most people buying jewelry have a difficult time determining if it is the proportion that is on the tag or object, you have to able to verify it. In parts of the world stainless steel has become a inexpensive substitutes of gold and silver. More sturdy, harder, so doesn't scratch as easy and machines can manufacture rings or jewelry as a steel product ( no worry about scraps as they are not valuable, whereas silver and gold shavings have to be recovered. The price of PM is not just how the market goes, I think changes in value are 3/4 psychological and 1/4 value. IMO.
    Jim
     
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  8. Bman33

    Bman33 Well-Known Member

    I agree Randy, wars are fought over gold not platinum. I have one Platinum Eagle and I bought it on impulse a few months back. If I could do it over I would have paid the extra couple of hundred for another Gold Eagle.
     
  9. Speedbump

    Speedbump Not a New Member

    The overwhelming majority of palladium is used in autocatalysts for most gasoline powered vehicles. Platinum was the metal of choice but was expensive and automakers found a way to make the much cheaper palladium work. The increase is vehicle sales in recent years, more strict vehicle emission standards, and supply limitations have pushed palladium prices up.

    Platinum remains the metal of choice for autocatalysts in diesel vehicles however. But thanks to VW, diesel vehicles have fallen out of favor around the world, resulting in a drop in demand for platinum autocatalysts.

    The two metals should eventually even out as the industry starts to roll the now cheaper platinum back into gasoline autocatalysts. Long term, I do not have high hopes for either metal as more and more battery electric vehicles enter the market.
     
  10. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Palladium is used in catalytic converters and several mines shut down. Also, the Russians took alot of supply off the market while platinum flooded the market. Reversal of 10-15 years ago.
     
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