Platinum Price Basics
What is the spot Platinum price? How is the price of Platinum today calculated?
When you look at the APMEX Platinum price chart, you will see spot metal prices for Platinum. This is the base price of Platinum per troy ounce in its unfabricated state. When costs of fabrication, distribution, a nominal dealer fee and any numismatic or collector value are added to this base spot price, you have the price you will pay for Platinum coins and bars. These added factors make up what is called the premium Platinum price per ounce. The spot price of Platinum is a snapshot in time, as Platinum is traded almost 24/7. You can look at the Platinum price history in our chart to see how Platinum has fared over the years. Some of the more important snapshots of Platinum value include two daily Precious Metal price settings at 9:45 a.m. and 2 p.m. (GMT) by the London Metal Exchange, which administers the LBMA Platinum price. In the U.S., Platinum is traded on the New York Mercantile Exchange's Commodity Exchange, or COMEX, and the Chicago Board of Trade. Platinum is also traded on the Tokyo Commodity Exchange.
Why should I care about Platinum spot prices?
Knowing the spot Platinum prices helps you make better decisions about investing. When you view the Platinum price chart, you will begin to see trends in prices. As the Platinum prices go up, you typically will want to sell. And as the metal prices go down, you will want to buy. Favorite investments that offer some of the best Platinum value include Platinum American Eagles, Canadian Platinum Maple Leafs and Australia Platinum Platypus Coins.
What is the lowest price of Platinum in the past 5 years?
Looking at the Platinum price history, you will see the Platinum metal spot prices hit their lowest point in the past five years on Nov. 30, 2015 at 12:30 p.m. (CT) when the Platinum spot price was $834 USD per troy ounce. You can check out the price trends of Silver, Gold and Palladium, too.
What is the highest Platinum price per ounce in the past 5 years?
The price per ounce of Platinum was the highest in the past five years on Aug. 22, 2011 at 12:30 p.m. (CT), when the Precious Metal spot price was $1,904.30 USD per troy ounce. You can check out the price trends of Silver, Gold and Palladium, too.
What is the lowest Platinum spot price per ounce in the past 10 years?
In the last 10 years of the Platinum price history, the Platinum price was lowest on Dec. 5, 2008 at 12:30 p.m. (CT), when the troy ounce Platinum spot price was $793.20 USD. You can check out the price trends of Silver, Gold and Palladium, too.
What is the highest troy ounce Platinum price in the past 10 years?
In the past 10 years, the ounce of Platinum price was highest on March 5, 2008 at 12:30 p.m. (CT), when the Platinum Precious Metals price registered at $2,270.50 USD per troy ounce. You can check out the price trends of Silver, Gold and Palladium, too.
Do Platinum prices change, based on where I live? Is Platinum traded around the clock?
Platinum is virtually traded around the clock and always at the same price per ounce, no matter where in the world. This ensures there is no arbitrage, which is when traders simultaneously buy and sell Platinum or other Precious Metals in different markets to take advantage of the differentials of Platinum prices.
Platinum is traded by troy ounces in U.S. dollars, but the price of Platinum today can be converted to local currencies and prices quoted on some sites are by gram or kilogram. Always be aware of how the price is being calculated. Once you understand how the price of Precious Metals like Platinum is determined, you will want to check out favorite Platinum Bars and Rounds, as well as popular coins like Canadian Platinum Maple Leafs and Platinum American Eagles.
Are Platinum spot metal prices in U.S. currency?
Yes, the Platinum spot prices you see on our price chart are for 1 troy ounce of Platinum in U.S. dollars (USD). That is because Platinum is traded in USD. However, other sites may quote Platinum metal prices in grams or kilograms. You may also find quotes for Platinum prices that have been converted to local currency. No matter what is being quoted, the price of Platinum is based on USD. We offer a variety of Platinum products, including favorites like Platinum American Eagles, Isle of Man Platinum Coins and Australia Platinum Koala Coins.
Why do I have to pay a premium Platinum price? Why can't I just pay the spot price for Platinum?
No one can buy or sell Platinum at the spot bullion prices because the spot price doesn't account for the costs of fabrication, distribution, nominal dealer fee and any numismatic or collector Platinum value, which combine for the premium price of Platinum. When these factors are accounted for, you will have the total price you pay. Many investors buy Platinum bullion bars or rounds as they have little to no numismatic value and often are considered the best Platinum value for portfolios. We also have popular coins from the U.S. Mint and Platinum coins from around the world.
When looking at Gold and Platinum prices today, how do I decide what is the best investment?
Between Gold and Platinum, what is the best investment? This depends on many factors. While Platinum is rarer than Gold and the Platinum price has often outpaced Gold's price, today there is a downturn in Platinum prices. As a result of the lull in Platinum prices, many investors see this as a prime time to invest. This is something to consider as you review the Platinum price history in our price chart and consider the factors that push up the price of Platinum. Part of why Platinum may not have been as popular as Gold over time may be due to Platinum not being considered a currency stand-in like Gold and Silver are. After all, Gold and Silver have been used as currency for thousands of years.
Like Gold prices, Platinum prices are driven up by high demand in industrial and jewelry uses. View our article about how Platinum prices and uses compare with Gold prices. In fact, more than 40 percent of Platinum is used in catalyst operations, as a primary component of catalytic converters that transform exhaust byproducts into less toxic forms. About another third of the 250 tonnes of Platinum mined each year is used for jewelry. Platinum is also subject to political upheaval in South Africa, where 70 percent of the world supply is mined. With all of these factors in mind when you look at Gold and Platinum prices, only you can determine the best investment for your portfolio. Some favorite Platinum coins among investors include the Canadian Maple Leafs, Australia Platinum Platypus Coins and Platinum American Eagles.
What is the difference between an ounce and a troy ounce when I consider bullion prices?
When looking at the Platinum price chart, you will discover an ounce is not a "regular" ounce. Typically, when Americans refer to ounces, they generally are referring to avoirdupois ounces. The Platinum spot price is calculated in troy ounces, which are equal to 1.09711 avoirdupois ounces. In addition, when you buy a pound of Platinum, you are buying 12 troy ounces. One troy ounce, like with these Platinum bars, equals 31.1035 grams or 480 grains. Knowing these equivalences, you can easily determine the price of Platinum today, no matter what measurement is used.
What is the Bid Platinum Precious Metal price per ounce?
The Bid price of Platinum per ounce today is the current highest market offer to sell to a dealer. Consumers can expect to receive the bid price when selling Platinum to a dealer.
What is the Ask Price of Platinum today per ounce?
The Ask Platinum price per ounce is the current minimum price for a dealer to sell in the market. Dealers will offer to sell Platinum to you for the ask price.
What does the Spread mean for Platinum Precious Metals prices?
The Spread is the difference between the Ask price of Platinum today and the Buy Platinum price. This spread is also referred to as the bid-ask spread and represents the dealer’s profit. The dealer pays you the Ask Platinum Precious Metal prices when you resell Platinum, while you will pay the Bid Platinum Precious Metals prices when you buy from the dealer.
Investing at the current price of Platinum per ounce
When I look at the Platinum price chart, why should I invest with today's metal prices?
Many who invest in Platinum see investing in the price of Precious Metals as a way to balance their portfolio. They often see metal spot prices over time and consider Platinum as a good investment for retirement or to preserve wealth. In part, this is because Platinum and other Precious Metal prices often hold value when other investments are faltering. When the U.S. dollar is losing value, the Platinum spot price is often holding steady or going up, resulting in investors often considering Platinum and other Precious Metals as safe-haven investments. Platinum Precious Metals prices often even gain value in inflationary times. In addition, no matter where you travel, Platinum value remains the same because Platinum, like other Precious Metals, is traded in U.S. dollars even though it may be translated into local currencies. This means Platinum has an intrinsic value based on supply and demand and is not necessarily dependent on other investments. Platinum is also a tangible way to pass on wealth to future generations and they will appreciate the Platinum value, whether you pass along Platinum bars like 1 oz or 10 oz bars or Platinum coins like American Eagles, Australian Koala coins and Platypus coins. Take a look at the Platinum price chart and today's spot price for Platinum, and decide what investments make the most sense for your goals. Learn more in our Platinum price history article.
How do I safely invest in Platinum for my retirement?
If anyone says an investment is completely safe, they aren't telling the truth. There certainly are safer investments, and many see Precious Metal prices and believe they are a good investment. Review our price charts for Palladium, Silver, Gold and Platinum prices over time. From these, you can see how Precious Metals prices change over time and also find the current price of Precious Metals. Often, investing in Gold and Platinum prices and other Precious Metals is seen as a way to guard against other investments faltering. Typically, Platinum and other Precious Metal prices go up as the U.S. dollar and other investments lose value. Many investors like to use dollar cost averaging when investing so they divide the total sum invested into equal parts, including investments in Gold and Platinum prices. This conservative method of buying at current Precious Metals prices allows for flexibility as the market shifts.
I paid the bars and coins prices for Platinum and now I am wondering how to safely store these Precious Metals.
We offer secure storage with Citadel Global Services, Inc., a wholly-owned APMEX subsidiary that provides maximum security. After paying the current Precious Metal prices, you want a secure place to story your new investments. Citadel is that place. It is the ideal security solution to store valuables after you pay the current Platinum Precious Metal prices. Security leader Brink's manages the storage for the best way to protect the Platinum bar and coin value of your collection. The price is very affordable to use this facility, which is an important thing after paying Platinum bars and coins prices. Keep Platinum bars and Platinum coins safe and store them with Citadel.
Can I use Precious Metals IRAs for Platinum coins and other Platinum investments?
Many investors make the most of their Platinum value by investing in a Precious Metals IRA, which is a Self-Directed IRA. Any profits on your Platinum investment (the Precious Metals prices you paid when you first bought it vs. the price of Platinum today) can be tax deferred as long as the proceeds are kept with your reinvestment custodian or transferred to another IRA account, just like with regular IRAs. Platinum must be .9995 fine to place the Precious Metal in the IRA. Further diversify your portfolio when you pay Platinum Precious Metal prices for Platinum coins like American Eagles or Isle of Man coins, or Platinum bars, and decide to place the Precious Metal in an IRA. Investors often see these Platinum purchases as one way to diversify portfolios and guard against economic downturn.
Do I have to pay sales taxes on top of the price of Platinum today?
Some dealers will charge sales tax when you pay Precious Metals prices online. After checking the Platinum price chart and finding the Platinum bars and coins you want to buy, check the dealer's sales tax policy. Online, you typically only pay sales tax on the current Platinum Precious Metals prices if you live in the state of the seller and that state collects tax. APMEX does not collect any tax. You should consult your tax advisor for specific taxation advice in your jurisdiction. State taxes may be applicable.
If I buy over $10,000 in Platinum value, does the government monitor the sale?
If you buy Platinum coins or Platinum bars with a Platinum value of more than $10,000, the government will not track the purchases. This is unlike cash transactions. After determining the price of Platinum in the Platinum price chart, don't worry if you go over $10,000, as you won’t have to worry about any government reporting. Some favorite purchases include American Eagles, Australian Koala coins and Platypus coins.