Whats Up With Platinum?

SarasotaFrank

I have read a number of posts lately about Platinum coins moving up in price, and have heard in particular about 2002 1/10 ounce Platinum jumping in price. Roughly a $70.00 item, someone commented these had jumped to $95.00 in a week or so. I spoke to one of my coin shops today, who indicated this had jumped to $125.00 in the past week - nearly doubling in about three weeks.

I checked these on ebay and didn't see anything under $125.00 with PCGS MS69's priced with some extra premium.

Granted this has a very low mintage (14,000), but what is the appeal?

Placid

I belive it's because the mint is not supposed to make platinum coins anymore.

This aussie 1/10 ounce sold for under $40.



Link

mbbiker

I think i just got lucky on that one. Thats less than melt. I've tried finding others like this one and have not seen any.


EDIT - it didn't say anywere in the auction how much the coin weighed.

dpoole

I'd understood the 2002 Platinum 1/10 oz stood at an unusually low mintage of 7000+ to date. People are rolling the dice that the Mint won't make any more in December, making this a relative rarity in the series.


Placid--The Mint's not going to make any more Platinums??? That's the first I heard this! Is this true??

Placid

I read it on the board here. Let me look for the post.

Placid

Here it is. I guess it's a "rumor" at this point.
Link

Dimetime

These do seem to be an attractive buy at that mintage. Price should shoot up once the year closes.

TheNumish

Right now the mint is done making 2002 dated gold and platinum coins. There will be no more 1/10 oz plats coins made so it looks like the mintage will be 14,000. They are planning to strike 2003 platinum eagles. It should be interesting to see what they do with the proofs since the 5 year "Vistas of America" series is over.

dpoole

TheNumish--Do we have a good number on the 1/10 2002 mintage? The difference between 7,000 and 14,000 for this series is considerable, in terms of it's relative rarity.

TheNumish

Here you go dpoole. Right from the US Mint.2002 us mint gold and plat mintage figures

Placid

I looked at the mint's web site. They wat $118.00 for a 2002 1/10 oz proof.

Link
They show a mintage of 20,000 for the proofs.

TheNumish

Placid- it's the 1/10 oz BU coins that went up from $65 to $100. The proof coins haven't done anything.

dpoole

TheN--so THAT's the deal. They doubled the year's total with that 7000 November production.

Still looks like the lowest mintage of the series in MS, by a substantial margin.


Thanks!

Placid

Numish the charts say sales at the top. Do sales=mintage?
Does the mint melt what dosen't sell or only strike what they get orders for?

TheNumish

That's a good question. Maybe they only report on the coins that have been shipped to the distributers and don't include what they have in inventory.

MrKelso

Platinum closed at the Bid price of $594.00 with the ask price set at $604.00 according to The Bullion Desk Gold is at Ask $324.90 Bid 324.40 all as of Dec 5th close