Monday, October 17, 2011

Platinum anybody?

For many years, Platinum was always riding above gold. That stayed the case when gold started surging up in the past 4 years. But this past month, Platinum took a dive into the lows and has been hovering below gold.
Makes one wonder, why this sudden drop? And what is Platinum?

Platinum has been a multi-use metal for centuries. It's worth was recognized in jewelry and exquisite goods from the 1700s. In fact it was categorized as a precious metal in 1751. Jewelry made out of Platinum was always around. But other uses of this precious metal boosted demand. Used in numerous consumer goods for years, it became the auto industry's darling and then became much in demand in the highly precise world of technology equipment that requires Platinum's rare qualities of being non corrosive and highly conductive. 
This metal while precious, is also difficult to mine and extract. Over 8 tons of ore yields 1 oz of Platinum! And countries rich in Platinum deposits are South Africa and Russia, with very small amounts in a few other nations.

While jewelry is a luxury item, technology and consumer goods are considered more of a necessity and its demand stayed up even in the economic slowdown since 2007. Autocatalysts use up over 50% of Platinum and their demand has waned just a bit in these past few years. So the drop is confusing, especially right about now.

Nevertheless, Platinum in jewelry and industrial wires is still worth its weight. $1550 is still a very impressive market, considering it was $937 just 6 years ago! Turn It To Cash will gladly test it, and give you a fair market value for it. Just stop by at any of our locations and see us handle Platinum for you. 

And if you happen to have a Faberge egg, it may very well contain Platinum too:)

Platinum Bullion

Platinum TC wires