Platinum Spot Price

The worth of platinum is defined by the live spot price. The live spot price of platinum is continuously moving according to market conditions, supply and demand, and many other variables. Similar to silver’s spot price, platinum’s could also refer to the total percent change of the spot price, comparative to the price at the start of that day.

When looking at the platinum price chart, you will discover an ounce is not your typical ounce. Usually, when referring to ounces, the reference is to avoirdupois ounces. The platinum spot price is calculated utilizing  troy ounces, 31.1035 grams is equaled to one troy ounce.

Platinum is traded at the same price per ounce, in U.S. dollars, worldwide, despite your location. While platinum is listed in U.S. dollars, the price can easily be converted to local currencies all across the globe.

The platinum bid price is the highest current market offer when selling to a dealer. The bid price is what you should expect when selling platinum to a dealer. The spot and bid prices are different, and this is true for other precious metals.

The platinum ask price is the minimum price for a dealer to sell in the market – or the price dealers will offer to sell platinum to you.

The spread is the price gap between the current ask price and the current bid price, representing the profit for the dealer. If the dealer purchases an ounce of platinum at $1,000 and sells that same ounce of platinum for $1,040 on the same day, then the spread is $40.

A  premium on a precious metal represents the added costs associated with the platinum product over and above the current spot price. The added costs include factors like the production and distributing processes to cover the dealer’s overhead.

Platinum bullion refers to a product valued by and sold mostly for its platinum content, not containing any collectible or numismatic value. Platinum bullion often appears in the form of bars, rounds, and sovereign coins that a government backs.These products are mostly categorized as either .999 or .9999 fine platinum bullion.

Many investors see precious metals as an opportunity to balance their portfolio due to their enduring value when other investments falter, resulting in investors considering precious metals as safe-haven investments. As always, you should decide what investments make the most sense for your goals and consider what impact factors like other precious metals and the live gold price have on your portfolio.

Yes, many investors invest their platinum in a precious metals IRA. Like standard IRAs, earnings on your platinum investment can be tax deferred if proceeds are transferred to another IRA account or kept with your reinvestment custodian. For questions about the eligibility of your platinum products and your specific investment portfolio, please consult your financial advisor.

Your first step is deciding what platinum you’re wanting to buy and determine which form you wish to purchase. When buying platinum bullion, you can choose between platinum coins, rounds, and bars – rounds look like coins but are not backed by a sovereign government as currency.

Next, research and find a trustworthy seller of good standing before purchasing. Once you have identified a seller, prepare a way to store your platinum securely. Storing your platinum with a secure third party such as Citadel – a subsidiary of APMEX – is available for a small fee or you can store your platinum in a safe or lockbox at home.

Interested in selling your platinum? APMEX offers a simple and quick way to sell platinum bars or coins online. Learn how to sell your platinum today.