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Rhodium, Iridium purchase...yeah it's obscure

zski123zski123 Posts: 256 ✭✭✭
in Precious Metals

Just picked up some .682 oz Rhodium Sponge and 1.152 oz Iridium sponge at an auction. Wondering where to sell it given most of my coin and metals are sold on eBay. Any recommendations?

I pulled up a few in a search but not sure how credible they are. One asked if I had the certificates and if the bottle seals are intact. I said yes and he proceeded to tell me that you can't always trust JM certificates and if they can't independently verify, they'll have to give me less. LOL. Does that line of BS ever work? Thanks in advance!

Comments

  • OPAOPA Posts: 17,121 ✭✭✭✭✭

    Not sure about your Iridium, but I believe Kitco handles Rhodium bars

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • zski123zski123 Posts: 256 ✭✭✭

    @OPA said:
    Not sure about your Iridium, but I believe Kitco handles Rhodium bars

    Yes. They do buy and sell Rhodium. It is interesting I see most are paying 5% above spot to buy and 10% above to sell. The physical market is tight for more than just Palladium. It goes to show you what happens when the bluff is called on the market manipulators.

  • OPAOPA Posts: 17,121 ✭✭✭✭✭

    Below is the link for: Kitco's pool account quotes for their buy & sell prices. (This only applies to their pool accounts & not their physical quotes)

    https://online.kitco.com/kitco-pool#sell

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • rickoricko Posts: 98,724 ✭✭✭✭✭

    I have not seen the 'sponge' or powder metals bought and sold... Yeah, I lead a sheltered life... What are the applications in that form? And why is it desirable? Just seems a strange way to buy metals...Cheers, RickO

  • OPAOPA Posts: 17,121 ✭✭✭✭✭

    @ricko said:
    I have not seen the 'sponge' or powder metals bought and sold... Yeah, I lead a sheltered life... What are the applications in that form? And why is it desirable? Just seems a strange way to buy metals...Cheers, RickO

    Those metals are not purchased for aesthetic reasons, but solely for investment purposes. I have never heard of any one stacking rhodium or iridium.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • element159element159 Posts: 511 ✭✭✭

    I think that the sponge/powder is how the pure metal is made, so if you do not want to spend the effort to melt it together (which I think is difficult for Ir with a very high melting point), then it stays that way. A powder is also more useful to do chemistry with, easier to dissolve a powder than a large piece.

  • zski123zski123 Posts: 256 ✭✭✭

    @OPA said:

    @ricko said:
    I have not seen the 'sponge' or powder metals bought and sold... Yeah, I lead a sheltered life... What are the applications in that form? And why is it desirable? Just seems a strange way to buy metals...Cheers, RickO

    Those metals are not purchased for aesthetic reasons, but solely for investment purposes. I have never heard of any one stacking rhodium or iridium.

    I would disagree to an extent. The powered form (sponge) is sold mostly for utilization in whatever industrial applications there are for the metal. If rhodium is needed to coat jewelry, they won't use a coin or a bar to do it. The price in sponge form is tracks closely to coins or bars which is almost always 10% or more above spot.

  • OPAOPA Posts: 17,121 ✭✭✭✭✭

    @zski123 said:

    @OPA said:

    @ricko said:
    I have not seen the 'sponge' or powder metals bought and sold... Yeah, I lead a sheltered life... What are the applications in that form? And why is it desirable? Just seems a strange way to buy metals...Cheers, RickO

    Those metals are not purchased for aesthetic reasons, but solely for investment purposes. I have never heard of any one stacking rhodium or iridium.

    I would disagree to an extent. The powered form (sponge) is sold mostly for utilization in whatever industrial applications there are for the metal. If rhodium is needed to coat jewelry, they won't use a coin or a bar to do it. The price in sponge form is tracks closely to coins or bars which is almost always 10% or more above spot.

    I agree...on the industrial use (sponge), but not on bars or rounds, that are solely earmarked for the PM collecting market. BTW 1 oz coin or bar, will cost considerably more per oz than 1 oz sponge.

    https://online.kitco.com/sell/gold-silver-USD.html#rhodium

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • zski123zski123 Posts: 256 ✭✭✭

    @OPA said:

    @zski123 said:

    @OPA said:

    @ricko said:
    I have not seen the 'sponge' or powder metals bought and sold... Yeah, I lead a sheltered life... What are the applications in that form? And why is it desirable? Just seems a strange way to buy metals...Cheers, RickO

    Those metals are not purchased for aesthetic reasons, but solely for investment purposes. I have never heard of any one stacking rhodium or iridium.

    I would disagree to an extent. The powered form (sponge) is sold mostly for utilization in whatever industrial applications there are for the metal. If rhodium is needed to coat jewelry, they won't use a coin or a bar to do it. The price in sponge form is tracks closely to coins or bars which is almost always 10% or more above spot.

    I agree...on the industrial use (sponge), but not on bars or rounds, that are solely earmarked for the PM collecting market. BTW 1 oz coin or bar, will cost considerably more per oz than 1 oz sponge.

    https://online.kitco.com/sell/gold-silver-USD.html#rhodium

    You are have that backwards. Sponge at current price per ounce is $3,150. Bars are $3,050 per oz. The premium is for sponge.

  • OPAOPA Posts: 17,121 ✭✭✭✭✭

    You're correct...not sure what I was looking at. :p

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
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