Home› U.S. Coin Forum

Platinum's drastic plunge??

DeloreanDelorean Posts: 481 ✭✭✭
in U.S. Coin Forum
Why has the price of Platinum drop sooo much?? 70 dollars just today!
Chuck,

Ever Onward

Comments

  • TassaTassa Posts: 2,373 ✭✭
    Auto industry might have something to do with it.
    Jade Rare Coin
    Jade Rare Coin eBay Listings
  • MadMartyMadMarty Posts: 16,697 ✭✭✭
    I'm sure someone on the PM Forum can answer it!!! image
    It is not exactly cheating, I prefer to consider it creative problem solving!!!

  • coolestcoolest Posts: 2,281 ✭✭✭


    << <i>I'm sure someone on the PM Forum can answer it!!! image >>



    No one on the PM forum can answer anything. Only 2 people read the PM forum and they always have the exact opposite opinion.
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,697 ✭✭✭✭✭


    << <i>Auto industry might have something to do with it. >>



    I think you're being modest. Put it in CAPS image

    ``https://ebay.us/m/KxolR5

  • adamlaneusadamlaneus Posts: 6,969 ✭✭✭
    The other side of the automobile-related-demand equation is the supply.

    Russia has lots of platinum reserves, and a highly productive mine. South Africa has lots of mines. All of them could be producing an oversupply at this time.
    Russia, for example, is very oil dependant as an exporter. The recent, dramatic drop in oil prices may have made them turn to selling other assets too.

    I think that only a market maker would know if the price decline is due to a shrinking demand or an oversupply.

    Without this knowledge, it's not good to make financial moves in this metal.


    This doesn't belong in this forum, does it?

    Oh well. I owe the 'forum police jar' one Golden Dollar.
  • coolestcoolest Posts: 2,281 ✭✭✭
    Platinum $840/oz WOW!!!
  • AbesNeighborAbesNeighbor Posts: 705
    I have platinum coins and this is the coin forum
  • notwilightnotwilight Posts: 12,864 ✭✭✭


    << <i>

    << <i>I'm sure someone on the PM Forum can answer it!!! image >>

    No one on the PM forum can answer anything. Only 2 people read the PM forum and they always have the exact opposite opinion. >>

    image good one.
  • MadMartyMadMarty Posts: 16,697 ✭✭✭


    << <i>

    << <i>

    << <i>I'm sure someone on the PM Forum can answer it!!! image >>

    No one on the PM forum can answer anything. Only 2 people read the PM forum and they always have the exact opposite opinion. >>

    image good one. >>



    Maybe you should try the paper money forum, there is only ome person there and Cliff would be glad to answer!!! image
    It is not exactly cheating, I prefer to consider it creative problem solving!!!

  • robkoolrobkool Posts: 5,934 ✭✭✭✭✭
    Platnium is nearing the price of gold ??? WOW !!!
    Ebay items for sale Current BIN's / The Kingdom Collection
  • 2manycoins2fewfunds2manycoins2fewfunds Posts: 3,047 ✭✭✭


    << <i>Platnium is nearing the price of gold ??? WOW !!! >>



    Yes the closer they both get to zero the closer they get to each other.
  • Bah1513Bah1513 Posts: 558
    Go to www.kitco.com

    Platinum falls 4% to $916,5/oz on demand concern
    Text Size
    By: Reuters
    Published on 16th October 2008
    LONDON - Platinum fell 4% on Thursday on concerns that a global recession will cut demand from auto makers.
    Platinum fell as low as $916,50 an ounce, or 4%, from $955 an ounce on Wednesday. More than 60% of global platinum use goes to autocatalysts to clean exhaust fumes.

    Editor: Reuters
    Past BST deals baddogss,llafoe,braddick,wondercoin,fireman2030, ProofCollection, SNMAN,halfnut1
  • JcarneyJcarney Posts: 3,154 ✭


    << <i>I'm sure someone on the PM Forum can answer it!!! image >>



    No need to go there. PPT did it. image
    “When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin


    My icon IS my coin. It is a gem 1949 FBL Franklin.
  • ProofCollectionProofCollection Posts: 7,295 ✭✭✭✭✭
    Also I've heard that Russia is trying to raise capital by dumping platinum supplies.

    http://ProofCollection.Net

  • keetskeets Posts: 25,351 ✭✭✭✭✭
    when i checked the spot price today i was flabbergasted. i thought Platinum would stay well above $1000, but as others have noted the auto industry is being hit hard. i saw a report a few weeks ago which gave an estimate of sales being off over 25% from a year ago. that's staggering news!!! locally, a longtime Ford dealership built a new lot/showroom last year and moved from the location they'd been at for perhaps 40 years. less than a month ago they were gone along with perhaps 20-30 jobs and all that follows that.

    i fully expect that gold may eventually sell for more than platinum. last Thanksgiving at the MSNS Show in Dearborn we dumped all the platinum we had brought to the show for about $1980/ounce while gold was around $900-$950/ounce. to think the two trade at about the same price less than a year later is hard to believe.
  • rgCoinGuyrgCoinGuy Posts: 7,478 ✭
    OK Folks. It's pretty **** simple. The electric cars you will be driving, like it or not, will not need Catalytic converters. image
    imageQuid pro quo. Yes or no?
  • coindeucecoindeuce Posts: 13,497 ✭✭✭✭✭
    Just be glad you aren't trading in rhodium, which has dropped from a high of $10,000/oz. in July to around $1800 today. And todays levels were a drop of 25% from the close yesterdayimage

    "Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
    http://www.american-legacy-coins.com

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Format
SpoilerCodeQuote
Heading 2Heading 1
Emoji
:):D:(;):/:o:s:p:'(:|B):#:*<3o:)>:)
Url
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file
Home • U.S. Coin ForumComment As ...