Platinum Spot Price Platinum Spot Price Price of Platinum Today & Historical Platinum Price Chart Platinum prices are constantly changing, so we want to provide you with the most up-to-date information. Our live spot gold prices and charts are updated every minute during trading hours so you can stay on top of the market. Get the Latest Deals & News Subscribe to our mailing list. Platinum Prices History: Where It All Began Platinum is one of the rarest metals in the world, and interestingly, there’s more platinum on the moon than on Earth. It is one of the heaviest metals and has the least amount of chemical reaction. Ten times more gold is mined every year than platinum, showing just how rare it is. There’s evidence in history of platinum being used as far back as 700 BC – the Casket of Thebes, an Egyptian sarcophagus, had a coating made of platinum. It wasn’t until the 1700s that it was “officially” discovered, and over a hundred years later it was used to make jewelry and other items of value. In the 1800s, it was used as money in Russia, though it wasn’t until the end of the 1900s that coins and bars were seen as valuable investments. This precious metal became even more valuable when it was used in the 1990s to create drugs for treating cancer. It’s also used in aerospace, motor vehicle production, and more. While platinum was first found in Colombia, Russia and Canada, today South Africa is the world’s largest producer with over 75% of the total mined around the world. View Historical Platinum Prices Understanding the Platinum Spot Price The price of platinum is measured in troy ounces, which is slightly lighter than the standard ounce. The spot price of platinum is the cost of one troy ounce of platinum right now. The spot price for platinum is set in two different places: The London Metals Exchange (LME) – the world’s largest place to trade industrial metals. 2. The Tokyo Exchange for Commodities (TOCOM) – Japan’s largest commodities futures exchange. How Quickly Does the Platinum Price Change? Spot prices change quickly, and the price of platinum might go up or down in a matter of minutes. Over the longer term, you’ll see that since the early 1970s, the price of platinum has increased substantially – from less than US$100 per ounce to more than US$1,000 per ounce today. There have been plenty of ups and downs as well. The market for trading is open 23 hours 15 minutes a day, except for a 45-minute break between 5PM EST and 6PM EST, when the price of platinum won’t change. What Impacts the Platinum Price? Several factors affect the price of platinum: South African supply: Since South Africa makes about 75% of the world’s platinum, any problems in the country can cause huge changes in the platinum market around the world. For example, if demand stays high but the mines don’t make as much platinum as they should due to strikes or lower stock, the price increases. Unstable politics, labor disputes, power and water problems, can also impact prices. Demand from the auto industry: Platinum is used is as a catalyst for vehicle manufacture and as the auto market grows, so does the demand for platinum. Increased demand means increased value. The auto industry is responsible for around 40% of the total demand for platinum and many investors will look to the Chinese vehicle market to determine where platinum prices are headed. Jewelry: Around 30% of demand for platinum comes from jewelry manufacturers, and again, the increase in demand by manufacturers increases the prices. Industrial demand: Platinum is used in many industries, from combustion engines to vehicle technology, medical devices such as pacemakers to surgical tools used for keyhole surgery, and it’s even used to increase storage on computers for cloud storage! The more uses there are in industry, the more demand. Investment: Bullion and coins are increasingly popular, with special release coins such as the American Eagle Platinum Coin becoming highly sought after. Futures: Trading in platinum futures has a big impact on the price of platinum in the spot market. Platinum futures are mostly traded on the New York Mercantile Exchange (NYMEX), but they are also traded on the TOCOM. Is The Platinum Price the Same All Over the World? The spot price of platinum is the same all over the world and it is usually measured in US dollars. When investing, however, you’ll find the price is different as dealers will generally add a fee onto the price itself. Is Platinum a Good Investment? Platinum is often overlooked for investment in favor of gold and silver; however, the rising price of platinum is certainly a drawcard. It also hasn’t been around, or traded, for as long so has the potential for a big future. Because platinum is so rare, there are risks – for example South Africa and Russia are the only countries that have substantial mines and reserves so if there is turmoil in those regions, there may be issues with supply. There are also not a lot of stocks or ETFs based on platinum. However, many investors believe platinum is a powerful way to protect yourself from economic uncertainty. What Are the Best Platinum Investment Options? When platinum prices are low, you have a lot of options for investing, and it’s a great time to buy. You can choose platinum bullion bars and coins, or paper assets. Bullion bars and coins These are usually 0.999 fine platinum rounds, bars, and government-issued coins. The price of platinum bullion bars and platinum rounds at stores is usually closer to the spot price of platinum. Platinum is one of the heaviest metals, so bullion bars are generally a substantial investment given the price is based per ounce. They are usually available in one ounce and 10 grams. Platinum coins made by government mints have face values that can be used as legal tender – they usually have a higher price premium than platinum bullion bars or rounds. Platinum rounds and coins are the best options for people who want to invest in pure platinum to keep their money safe. The Platinum American Eagle Coin made by the US Mint and the Platinum Canadian Maple Leaf Coins made by the Royal Canadian Mint are popular platinum coins. Paper Assets Platinum ETFs buy real platinum and store it in secure vaults – what you buy is shares in the ETF. In this case, you will own the physical platinum on paper, but you won’t actually have possession of the precious metal. Platinum futures contracts are traded on an exchange, and this is where the buyer agrees to take delivery of a certain amount of platinum (e.g., 100 troy ounces) from the seller at a certain price on a certain date in the future. Platinum mining shares are another way of investing in platinum on paper. Anglo American Platinum (LSE: AAL, OTCQX: AAUKF), Impala Platinum Holdings (OTC Pink: IMPUY, JSE: IMP) and Tharisa (LSE: THS) are some of the top platinum companies for investment. Invest in Platinum Today Investing in platinum is straightforward with the correct goods and assistance. CanAm’s experienced traders are here to answer any questions you may have. Or, if you’re ready to invest right away, start shopping on our online store where you’ll find superior quality platinum coins and bars that are a great addition to your collection. FAQs Does platinum only trade in U.S. dollars? Yes, the platinum primarily trades in U.S. dollars. What influences the price of platinum? The following factors influence the prices of platinum: South African supply: This is the largest producer of platinum, which means any disruption due to political instability, labour disputes, or other issues may globally impact the market. Thus leading to more fluctuations in the price of precious metals. Demand from Auto Industry: platinum is majorly utilized in the catalytic converters in the Auto Industry. This means as this industry starts expanding, the demand for it will start increasing which will directly impact its prices. Jewelry Market: The changes in the jewelry trends and market, consumer preferences, and global conditions may influence the price of platinum Industrial preferences: Many industries like healthcare, electronics, petrochemicals and automotive use platinum for various processes which means that any change in these industries will directly affect the prices of this metal. Investment Demand: Investors often turn to platinum as a way to diversify their portfolio and secure their financial future. In this case, interest rates, geopolitical events, and overall market aspects can influence the investment demand, which may further affect the price. Future trading: The trading in platinum futures contracts may influence the prices, especially when it involves factors like investor sentiment and market trends responsible for short-term price fluctuations. Global economic conditions: Inflation rates, trade relations, currency strength, and other economic conditions can impact industrial demand and investors’ sentiments regarding platinum, resulting in affecting the prices. If platinum prices are always on the move, how do I know what price I am buying at? If you want to determine the price at which you are purchasing platinum, then you must consider the following pointers: Spot Price: it refers to the current price in the market, which is why you must always track it to know the current value of the precious metal. Dealer Price: If you are purchasing the platinum from a dealer, then they may charge a premium over the spot price to cover necessary costs and earn profits, making it essential for you to enquire about the premium percentage. This will make it easy for you to understand its total price. Do platinum coins have any face value? Does this affect the price of platinum coins? Yes, platinum coins, especially the ones minted by government authorities, have face value, but they do not significantly affect the prices. Do platinum prices move with silver and gold prices? No, the platinum prices do not move with silver and gold prices. How often do spot platinum prices change? The spot platinum prices change very frequently due to various influences.
