![]() ![]() Platinum is the least reactive metal with extraordinary resistance to corrosion, wear, and tarnish. 999 platinum bullion coins take up much less storage space per troy ounce than silver and even less space than gold bullion. Therefore fine platinum bullion bars and. Platinum is heavier and denser than gold, and double the density of silver. The smallest of the four segments of the world’s platinum demand comes from the platinum investment sector (ranging from electronic shares in Platinum ETFs to actual physical platinum coins / platinum bars from platinum dealers and where to buy platinum online like us here at Kitco). ![]() The next largest sector of platinum demand is for platinum jewelry, due to the precious metal’s resistance to tarnish and warping.Īnother major sector of platinum demand comes from 25 different industrial uses ranging from electronics, medical technologies, usage in nitric acid fertilizers, and turbine engines. The majority of platinum demand comes from the car industry’s catalytic converter demand to help reduce emissions. World platinum demand comes from 4 major sectors: Since the beginning of the 21st Century, annual worldwide demand for platinum has averaged just over 7 million ounces per year. Much higher platinum recycling supplies over this timeframe have helped meet and offset growing market demands. Since 2006 peak platinum production, Russian and South African platinum supplies have been declining due to rising costs and lowering ore grades. Platinum’s supply is thus much more vulnerable to both mining and political disruptions compared to other ubiquitously mined and sought after precious metals like silver and gold. Three of these major platinum mines are located in South Africa, while the remaining other major platinum mine resides within Russia.Ībout 70% of all new mined platinum supplies come from South Africa where mining labor strikes, instability, and turmoil have become the normal state of affairs. Today close to 90% of the fresh world’s platinum supply is dug up from just four major mine sites. Capital flows for platinum investments have increased substantially since the start of the 21st Century. Mining experts also estimate that just over 10,000 tons of platinum have ever been mined by mankind.Īs recently as 2016, bullion industry reports show just over 2,000 metric tons of platinum remaining above ground. Officially discovered in the 18th Century, modern mining experts estimate that throughout history over 15 times more gold and about 150 times more silver has been mined than platinum. Platinum is so rare in supply that all the platinum ever mined in human history could fit inside the average United States citizen’s garage. Thus above ground supplies of gold bullion dwarf today’s refined and available physical platinum supply. For gold it would be more than 450 years and for silver over 25 years respectively.Īlthough gold is slightly rarer in the Earth than platinum, human beings have been mining gold for many thousands of years while platinum was only scientifically discovered a few centuries ago. To give you a better perspective, if we convert platinum’s parts per million rarity into time, we would find 1 minute of platinum in just over 380 years’ time. In comparison silver is found in 0.075 ppm while gold is found at 0.004 ppm in the ground. Platinum is indeed rare with an estimated Earth’s crust concentration of 0.005 parts per million (ppm). Physical platinum bullion coins and bars will remain a trustworthy platinum investment for the long term. All platinum bullion products we carry are made of a minimum. Kitco offers both private mint guaranteed platinum bars and government mint guaranteed platinum coins for sale. The sharp drop in record high platinum prices and the introduction of new methods to gain platinum price exposure, investor demand for platinum related funds saw a double digit increase in US dollar volumes within the first decade of the 21st Century. With the 2008 drop in platinum price there was a near simultaneous launching of platinum exchange-traded funds (often referred in short as platinum ETFs) and platinum exchange-traded notes (called a platinum ETN in short). That very same morning of this all-time platinum price high, the US dollar price of platinum was more than double the AM gold fix ($981.75 oz), close to four times the AM palladium fix price ($588.00 oz), and over one hundred times the day’s silver fix price ($20.32 oz). ![]() That day, the platinum record price high reached $2,276.00 oz USD in the AM London Fix. The all-time high price of platinum happened on March 4, 2008. Since then platinum coins have become an attractive “value buy” amongst platinum bullion buyers and investors. Platinum had a major price drop at the onset of the 2008 financial crisis. Platinum is a rare precious metal and its price per ounce has been higher than gold for many years at a time. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |