All MINT Platinum Now Worth Spot!

MilesWaits

With platinum currently trading over $1600 American, besides the current proof Platinum on sale at the Mint, our previuosly purchased
platinum Uncirculated's are worth at least spot, or very near spot! It's a good life......


Miles

cladking

This is remarkable. Even with the tiny mintages it's going to be melted.

GritsMan

<< <i>This is remarkable. Even with the tiny mintages it's going to be melted. >>



You really think so, CK? Are there a lot of companies who actively melt these coins?

OPA

In my opinion, it's more profitable to sell them for melt, instead of selling them on eBay... eBay & combined PayPal fees of about 7% take out a chunk.

DeepCoin

The little coins are still way above melt. Check the pricing on 1/10 ounce coins.

RegistryCoin

Perhaps not many companies will be melting plats, but as a percentage of the mintage, surely many lager denomination plat coins will be melted, and many have been already. It is interesting, because I have been saying from the beginning that, concerning plats, "the prices will rise, at the same time the pops rise", one of very few situations in numismatics where this takes place." Now, there's always at least two ways to win, or at least hedge, with plats: numismatic value increases and base metal value increases, and it still looks like both are winning ways for the collector/investor of plats. So from the miniscule mintages of plats, coins will be melted. How many will be melted? How many will survive? Will most raw and 69s be melted, leaving just the few 70s in slabs? One could be very happy that they didn't listen to the masses, and tucked away a plat 70 or two.

ahooka454

so does this mean my anniversary set will hve a buyer today?

cladking

<< <i>

<< <i>This is remarkable. Even with the tiny mintages it's going to be melted. >>



You really think so, CK? Are there a lot of companies who actively melt these coins? >>



There aren't enough of them for it to get too widespread.

A big platinum user like one of GM's suppliers probably isn't going to be using
many eagles but there are hundreds possibly thousands of potential small users.
These are labs and small producers of things that contain very little platinum.

Last year there were small industries in India that were melting legal tender stain-
less steel coins for their nickel. They lost money because it was an extremely cost-
ly way to obtain nickel but they made it up on the markup on the razorblades they
produced. It's unlikely these blades contained platinum but it's easy to see the
scope of the demand in a world with many thousands of small producers and labs
that need small quantities of metal.

A lot of time you don't know what ya' got till it's gone.


So... ...what was on Giza before the pyramids?

FLBuffaloHunter

I don't know how much longer the platinum Proof pricing will hold. It currently costs less to purchase the 1oz and 4 coin Proof set from the Mint than from a bullion dealer. A 1oz platinum bullion coin from Kitco currently will cost you $1,749. The four-coin Proof set comes out to $1,734/oz. or about 7% over spot.

Rarity

<< <i>This is remarkable. Even with the tiny mintages it's going to be melted. >>




I always thought that melting of US legal tender coins is an illegal act. If so, how could this melting be happening ?

Coinhog

<< <i>so does this mean my anniversary set will hve a buyer today? >>




Sure, $1600.

ahooka454

$1600 is abit less than what i want. i got $2100+ in it. im just trying to get around 2. I just need to move it today.

ttown

Here's a nice read on the Platinum shortage. I would think the bullion eagles would be the first target since they sell for around spot now.

Platinum shortage?

ahooka454

you know, i figured id get a set and maybe sell or keep it. now i need to sell and no buyers. err, i will never again try that.

Bajajim

Who is paying spot for these sets?

cladking

<< <i>

<< <i>This is remarkable. Even with the tiny mintages it's going to be melted. >>




I always thought that melting of US legal tender coins is an illegal act. If so, how could this melting be happening ? >>




Right now it's illegal only to melt cents and nickels. There have been numerous
prohibitions in the past and some of these laws may remain on the books. The
Coinage Act of 1965 would have superceeded most of them but as with all laws;
you'll need a lawyer to untangle them.

Right now the only such laws being enforced for US coins are for the cents and
nickels.

Many countries have much stricter laws and enforce them draconianly to protect
circulating coinage and sometimes even obsolete coinage. Importing anything any-
where is a mine field of varying and sometimes conflicting law.

ozzyfan269

I just listed an APE $50 PCGS DCAM 69 FS. It sold within hours at a BIN price of $929. I bought this one when it first came out last August. I think I did fine!

blu62vette

Has platinum ever broke 1600 before?

YaHa

<< <i>In my opinion, it's more profitable to sell them for melt, instead of selling them on eBay... eBay & combined PayPal fees of about 7% take out a chunk. >>



100% right my dear Watson. Ebay and paypal and POSTAL RAtes are costing me too many headaches and money too.

fastrudy

Never.
Gold also broke a record today.

Silver has a long way to go to break its all-time high.

Cgb

Platinum is worth over $1600 2008 dollars, hooray!

jmski52

Nobody's going to be melting my platinum any time soon.

coinman420

in december of 2006 i bought a 1 oz w unc from the mint for $1350 or $1390, don`t remember exactly.(it graded MS70 FS)

wish i could of bought 100 of them, i`d sell some (raw) for melt now no problem.

just after the 2006 gold buffalo came out i bought one off APMEX on a gold dip at about $610 shipped.

wish i could of bought 100 of them.....

i bought some 2007-w plat unc 1/4`s and 1/2`s earlier in the year and then got a few more 1/4 oz on ericj96`s advice...

all the plats i bought were before the last price adjustment(increase)

i cannot comprehend melting a coin that has a mintage of approx. 4000

my advice is to sit on these for a couple years and you will do well cheers

GoldenEyeNumismatics

<< <i>This is remarkable. Even with the tiny mintages it's going to be melted. >>



Why would someone melt dependable bullion? It would make more sense they'd just trade the coins as is.

TheRaven

I don't see a problem with platinum coins being melted.....

FloridaBill

Quoted from the article on Platinum referenced above and linked here:

link



<< <i>He added that the size of the platinum ETF (exchange traded fund) was also becoming a factor in the market. “The total amount of platinum in the ETF sat around 20 000oz for most of last year. It took off in the November/December period and now sits around 200,000/oz. Effectively, what we are losing in jewellery demand is being made up by the demand from the ETF.” >>



Did I miss it? The potential offering of a plat ETF has been around for a while...did it finally happen?

FloridaBill

JohnMaben

I think its possible that uncirculated platinum eagles could someday see the melting pot, maybe even the run of the mill quality proofs. The market for proof 70 coins though will always be well in advance of melt.

As for eBay, it amazes me how so many on here talk about ebay as though that venue is the definitive market for coins. It isn't. In fact, in the past year or more, the prices realized for many high quality modern coins have been below what many collectors and even many dealers are willing to pay outside of eBay. We use eBay to sell off excess stock and to build our customer base.

There are certain items that sell really well on our website and in print ads that we wouldn't dream of putting on eBay. There are MANY buyers that prefer dealing outside of eBay, don't want to play the bidding game, and just don't care if something can be had for 10% less, especially when it involves more risk and time spent in acquiring the coins.

eBay is a useful tool for buying and selling if used properly, but it just isn't for everybody.

coinman420

<< <i>I think its possible that uncirculated platinum eagles could someday see the melting pot, maybe even the run of the mill quality proofs. The market for proof 70 coins though will always be well in advance of melt.

As for eBay, it amazes me how so many on here talk about ebay as though that venue is the definitive market for coins. It isn't. In fact, in the past year or more, the prices realized for many high quality modern coins have been below what many collectors and even many dealers are willing to pay outside of eBay. We use eBay to sell off excess stock and to build our customer base.

There are certain items that sell really well on our website and in print ads that we wouldn't dream of putting on eBay. There are MANY buyers that prefer dealing outside of eBay, don't want to play the bidding game, and just don't care if something can be had for 10% less, especially when it involves more risk and time spent in acquiring the coins.

eBay is a useful tool for buying and selling if used properly, but it just isn't for everybody. >>



your website is down?

7Jaguars

Uhh, JM I respectfully disagree as ebay is the largest marketplace other than the HSN type TV shows when it comes to the "retail" marketplace. Certainly sales occur outside of it, but if the price is consistently lower on the 'bay, it will have a tendency by shear mass effect to put downward pressure on prices reached elsewhere.

SlangNRox

I think it is very possible that a lot of the early ms platinum eagles have been melted. The mintages were huge compared to now and a majority of them were probably not bought by coin collectors. I remember all the threads a long time ago over here how the Bailyboys were looking for a 1997 $100 ms70 and had a big reward out for them. With a mintage in the 6 figures it seems like it would've not been that hard to find if the coins were available in some way to collectors.

I know that I am sure glad I started collecting them when platinum was under $800/oz. I sure was second guessing myself over purchasing a 2004 $100 ms69 for $900. Looking back I wish I bought a lot more.

MilesWaits

Those couple of grams of Platinum in the Cat Converters become more "bling" as Platinum continues to ascend and the MINT continues to guess.
I am excited by the prospect of further pressure on the upward prices of the Platinum Series irregardless of who can and cannot collect.
Coin collecting is already an "elitist" endeavor (beyond State Quarters) in that so few that I know do it and even less understand or want to understand it.
That's OK! I can share other sports and interests with my friends outside of this "elitism world" and remain in awe of the history and immense experience of those on this Collectors Universe board that have assisted me in acquiring a stunning partial Platinum Series.
Go Platinum!

Miles

MilesWaits

And NOW, maybe even, the Platinum Proofs?

Miles

DeepCoin

Be careful of confusing a rising metals market with intelligence with regard to purchases. I would be very wary of the current price levels...remember the real estate market... dot coms....etc. People have made a lot of money, someone will get burned before this is all over... just MHO.

7Jaguars

Si senor! I think a lot of us are a bit incredulous at this runup and I for one totally agree that there will be a settling soon to come. Maybe PMs will show long term gain but likely will be adjustments...

BECOKA

It's all good but I sold when Platinum hit $1000.

JohnMaben

coinman-- thanks for the heads up, website link fixed.
7 Jags-- eBay is a market in a bubble. The overall market place is far larger and does not always agree with what happens there.
There are some coins that I can easily get much more than ebay prices, even though they have brought less for months on eBay. There are some
coins that I can get more on ebay than I can get anywhere else....
Do you own 7 Jags?

ozzyfan269

JM is correct. There are different markets for different coins. Research pays off in $$$!!!

7Jaguars

Sorry, no jaguars at home, but always did like them. Actually, my point is that ebay prices may have downward pressure on prices as a whole, especially on bullion or standard items such as modern cr-- encapsulated in PCGS or NGC. This is not to say that bigger prices might not be obtained elsewhere.

vplite

<< <i>It's all good but I sold when Platinum hit $1000. >>



Ouch!!

ProofCollection

Platinum is going to $5000/oz in the next 2 years or so.

SlangNRox

I thought I was really stupid buying the 1/2oz proof from the mint this year before they announced the 10th anniv set. Just looked at my receipt today and I paid $809. I guess I'm glad I didn't return that to the mint.

Bear

I wonder if Platinum would make a good

soup stock if melted?