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Platinum breaking out ?

GoldenageGoldenage Posts: 3,278 ✭✭✭✭✭
in Precious Metals

Chart and momentum looks good. Will it last.

Comments

  • jmski52jmski52 Posts: 22,847 ✭✭✭✭✭

    It would be nice to see a gangbuster rally by platinum. But, what would be the reason? Did someone decide to go back to using platinum in converters?

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • LukeMarshallLukeMarshall Posts: 1,982 ✭✭✭✭✭

    With EV all the hype, a lot of eyes are on "green energy" which, another alternative fuel being hydrogen. I hear hydrogen fuel cells utilize platinum so perhaps we could have some speculation from that avenue. Just a thought... personally I am bullish PGMs due to their relative rarity and real world use cases.

    It's all about what the people want...

  • mbogomanmbogoman Posts: 5,182 ✭✭✭✭✭

    South African Platinum mines having troubles. World platinum production passed eight million ounces in 2017, but had fallen to just over six million ounces by 2019. It's even lower now...

    mbogoman

    Asesabi Lutho

    https://pcgs.com/setregistry/collectors-showcase/classic-issues-colonials-through-1964/zambezi-collection-trade-dollars/7345
  • RobMRobM Posts: 552 ✭✭✭

    Dieselgate was biggest factor in platinum's fall. But...in some countries, like Germany, diesel is making a slight comeback. And, look at the US - there are more diesel light trucks than ever. So, in addition to potential substitution for palladium in gasoline engines, there is still plenty of demand for use in diesels.

    Whether or not hydrogen fuel cells gain traction in personal vehicles, they may still find use in big trucks and locomotives. This has drummed up some investor demand.

    Platinum jewelry sales in China went down which also hurt the price of Pt. But sales in India and US are increasing. Here's a consideration... If you want fine jewelry, in white color, that won't tarnish, what should you buy? The easy answer at today's prices is platinum rather than white gold for Pt's relative rarity and discount to gold.

    Throw in all the other uses for Pt such as cancer pharmaceuticals, medical devices, flat panels, etc., it has more utility than the other PGMs.

    New PGM mines are few and far between. So any mine closings, or interruptions, create a need for industrial users to secure adequate supplies, thus the heavy investment following the recent fall. There is no reason why Pt shouldn't eventually equal, or even surpass, gold in price, as long as the central banks can get away with purchasing many trillions more debt in the near term to stave off a depression.

  • taxmadtaxmad Posts: 978 ✭✭✭✭

    @RobM said:
    Platinum jewelry sales in China went down which also hurt the price of Pt. But sales in India and US are increasing. Here's a consideration... If you want fine jewelry, in white color, that won't tarnish, what should you buy? The easy answer at today's prices is platinum rather than white gold for Pt's relative rarity and discount to gold.

    I can get the gold for a 14K ring for $35 a gram. A gram of platinum will cost me $34. Not much of a discount...

  • TPGSTPGS Posts: 207 ✭✭✭

    My local coin dealer friend, well connected in the coin dealer network and pretty savy guy, goes to all the major coin shows. He has been buying the crap out of platinum, told me to buy the crap out of platinum. He believes plat is going to the moon. He's been dead on with his silver and gold predictions. Glad I listened to him in the past when it came to buying gold and silver metal.
    I forgot to ask him his reasoning on why Plat will go to the moon. :(

  • RobMRobM Posts: 552 ✭✭✭

    @taxmad said:

    I can get the gold for a 14K ring for $35 a gram. A gram of platinum will cost me $34. Not much of a discount...

    Good point when purity and density are considered.

  • GoldenageGoldenage Posts: 3,278 ✭✭✭✭✭

    @TPGS said:
    My local coin dealer friend, well connected in the coin dealer network and pretty savy guy, goes to all the major coin shows. He has been buying the crap out of platinum, told me to buy the crap out of platinum. He believes plat is going to the moon. He's been dead on with his silver and gold predictions. Glad I listened to him in the past when it came to buying gold and silver metal.
    I forgot to ask him his reasoning on why Plat will go to the moon. :(

    Platinum can be very volatile. This weeks price action either speaks to that, or speaks to gold going much higher and bringing platinum with it. I feel it’s a very good sign for future pricing.

  • ReadyFireAimReadyFireAim Posts: 1,825 ✭✭✭✭✭
    edited February 7, 2021 2:02PM

    I'm in for an oz. :) ($1121 today)

    Any thoughts since Dec 2019?

    My Saint Set

  • DoubleEagle59DoubleEagle59 Posts: 8,311 ✭✭✭✭✭

    I bought Platinum ETFs back in October when Platinum was $850.

    I got into it mainly because of its relative low price to other PMs, so I just thought it had the most room to run.

    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • ReadyFireAimReadyFireAim Posts: 1,825 ✭✭✭✭✭

    51 bucks in one day? (now $1172)

    My Saint Set

  • jmski52jmski52 Posts: 22,847 ✭✭✭✭✭

    $1236 now, up +$54 today.

    If it surpasses $1,400 I will call it a breakout.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • RobMRobM Posts: 552 ✭✭✭

    On Monday I sold a one oz APE to my buddy at work for $1,250. Did he get a good deal? :o

  • bluelobsterbluelobster Posts: 1,220 ✭✭✭

    5 year high. Yes, I think it's breaking out. Caveat, it is platinum. Maybe the reddit gang and Elon should look here, much less supply than silver. ;~)

  • ReadyFireAimReadyFireAim Posts: 1,825 ✭✭✭✭✭
    edited February 10, 2021 2:57PM

    @bluelobster said:
    Caveat, it is platinum.

    I just got this mental image of a dog sneaking up on a skunk. :D

    Unfortunately, I'm the dog. :/

    My Saint Set

  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭

    I don't own a single ounce but PPLT is my largest holding.

    mark

    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • blitzdudeblitzdude Posts: 5,892 ✭✭✭✭✭

    Haven't looked at the price in years. Wow I am almost back to break even on my one and only platinum purchase from 7-8 years ago. If we can get another $100 or so an ounce it may even cover the inflation. Now if I could only find someone to buy it. lol

    P.S. On second thought maybe Pt is the real gutter metal? At least on that other crap I'm up and there's plenty of buyers. HODL! YOLO!!

    The whole worlds off its rocker, buy Gold™.

  • GoldenageGoldenage Posts: 3,278 ✭✭✭✭✭

    Platinum has lots of reasons to run higher, but she is a very risky and emotional.

  • ReadyFireAimReadyFireAim Posts: 1,825 ✭✭✭✭✭
    edited February 11, 2021 9:25PM

    The Amber Lohan of medals

    $1227

    My Saint Set

  • RobMRobM Posts: 552 ✭✭✭

    https://www.mining.com/web/platinum-palladium-and-rhodium-in-short-supply-johnson-matthey/

    Most people probably aren't aware that more palladium is mined than platinum. Since there are way fewer investors in Pd and Rh it probably explains how the two have run so far compared to Pt. But maybe platinum can return to a gold-like price in next couple of years?

  • RonBRonB Posts: 636 ✭✭✭✭✭

    @Justacommeman said:
    I don't own a single ounce but PPLT is my largest holding.

    mark

    SBSW is worth a look..
    Very well run PGM, reports 2/18

    Collector of Classic US Coins
  • DoubleEagle59DoubleEagle59 Posts: 8,311 ✭✭✭✭✭

    Nice jump in price this morning.

    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • jmski52jmski52 Posts: 22,847 ✭✭✭✭✭

    $1,301

    Any guesses how high?

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • RobMRobM Posts: 552 ✭✭✭

    $2,500-3000 by 2025.

  • MilesWaitsMilesWaits Posts: 5,356 ✭✭✭✭✭

    Higher. Keep going higher. I bought higher, so...

    Now riding the swell in PM's and surf.
  • MilesWaitsMilesWaits Posts: 5,356 ✭✭✭✭✭

    I just took a peek at one of my Mint sealed boxes and it has a 2015 1 ounce platinum proof that I paid $1200 for so this rising spot price helps, in a symbolic way. I see APMEX and Provident are “low” on Pt.
    And Pd is no slouch tonite, either.

    Now riding the swell in PM's and surf.
  • blitzdudeblitzdude Posts: 5,892 ✭✭✭✭✭

    $50 more and I swear I will dump what I have and never ever touch another ounce of Pt again. Please lord make it happen. THKS!

    The whole worlds off its rocker, buy Gold™.

  • USASoccerUSASoccer Posts: 445 ✭✭✭

    Love Plat!

  • MilesWaitsMilesWaits Posts: 5,356 ✭✭✭✭✭

    This Jolly guy heard your prayers Blitzdude, and is on the side of rising Pt. Albeit, while laughing.

    Now riding the swell in PM's and surf.
  • blitzdudeblitzdude Posts: 5,892 ✭✭✭✭✭

    Thank you Buddha! PEACE!!!

    The whole worlds off its rocker, buy Gold™.

  • jmski52jmski52 Posts: 22,847 ✭✭✭✭✭

    Wide swings today $1,330 High, $1,254 Low.

    Looks like the market is digesting recent gains and I think it means that Pt is still going a bit higher. Cowabunga!

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭

    Miles WTF is that? I'm mesmerized!

    m

    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • TookerTooker Posts: 1 ✭

    @USASoccer said:
    Love Plat!

    Hey you still got Converters for sale? I'm in the scrap.side of pgms.

  • metalmeistermetalmeister Posts: 4,586 ✭✭✭✭✭

    NILSY is a large holding. World's largest producer of Nickle ores. Nickle, Pt, Pd and rhodium.

    email: ccacollectibles@yahoo.com

    100% Positive BST transactions
  • MilesWaitsMilesWaits Posts: 5,356 ✭✭✭✭✭

    Hello Mark:
    I like it too!

    Now riding the swell in PM's and surf.
  • RonBRonB Posts: 636 ✭✭✭✭✭

    Platinum gearing up?

    https://m.investing.com/analysis/chart-of-the-day-platinum-gearing-up-for-possible-new-highs-200562907

    Collector of Classic US Coins
  • RonBRonB Posts: 636 ✭✭✭✭✭

    The 2018 Laughing Buddha is a classic..

    Collector of Classic US Coins
  • GoldenageGoldenage Posts: 3,278 ✭✭✭✭✭

    Looks like Jabba's mother.

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