Platinum Spot Price & Charts
Our platinum price and charts page includes both current spot platinum prices as well as historical prices. Charts may be useful in identifying price trends in platinum or for market forecasting.
What Exactly is the Platinum Spot Price?
The “spot” price of platinum refers to the price at which platinum may be purchased or sold and delivered on now. This is in contrast to, for example, a platinum futures contract which is the price platinum may be sold or purchased at a date in the future. The spot price represents the balance of supply and demand occurring right now.
Spot Platinum Price FAQs
What is the spot platinum price derived from?
The spot platinum price is calculated using the near month futures contract, or the nearest month futures contract with the most volume.
Platinum closed at $1145 today, can I buy platinum at $1145?
The spot price of platinum does not incorporate any dealer premiums. Dealers charge premiums on precious metals over and above the current spot price.
How is the spot price of platinum quoted?
When looking at a spot platinum quote, what you are seeing is the current spot price for one troy ounce of .9999 percent fine platinum in U.S. dollars.
Do platinum prices change frequently?
Like other commodities, platinum can experience rapid changes in price. In fact, the price is almost always moving. Platinum can experience periods of low volatility with little price movement as well as periods of high volatility with a lot of price movement.
What are some factors that can cause movement in platinum prices?
As a commodity, platinum is influenced by the basic supply/demand equation. There are many factors, however, that can influence the supply/demand balance. Some of these factors may include:
- Industrial demand
- Investment demand
- Fiscal and monetary policies
- Interest rates
Is the price of platinum the same all over the world?
Platinum is a dollar denominated commodity. Therefore, an ounce of platinum in the U.S. carries the same price as an ounce of platinum anywhere else in the world.
Is the platinum market accessible?
Yes. Platinum, like many other markets, has expanded its trading hours in recent years allowing for nearly round-the-clock access.
Are platinum prices affected by industry?
Yes. Platinum is widely used in numerous areas of industry. Some of these areas include:
- Catalytic converters
- Electrical contacts
- Lab equipment
Physical Platinum vs. Paper Platinum
Is there a platinum futures contract?
Yes. Platinum futures contracts are traded on the NYMEX division of CME Group. Each standard contract is for 50 ounces.
Should I buy platinum outright or take delivery of a futures contract?
While technically speaking one can buy a futures contract on platinum and take delivery, the process is cumbersome and can be costly. In addition, one is limited on the type of platinum that may be delivered. In our opinion, those looking to purchase platinum can do so with greater ease simply buying the metal outright from a dealer.
I want to own platinum. Should I buy shares of a platinum backed ETF?
It should be made clear that owning shares of a platinum backed ETF, or any other paper platinum product, is not the same as owning the physical metal. ETFs and other products are designed to give one exposure to the metal, and may hold that metal in a secure depository. Investors most often have no access to the actual metal, and have no way of auditing the holdings. In addition, these products do not just reflect the price of platinum. They also carry with them management or other fees that must be considered.
Other Platinum Price FAQs
Am I better off buying platinum locally from a coin shop or should I buy from an online dealer?
While some local coin shops may carry platinum, many are focused primarily on gold and silver. In either case, one may benefit from buying online. Brick and mortar coin shops often have significantly higher overhead costs than online precious metals dealers. Because of this, coin shops often have to charge higher dealer premiums in order to maintain a profit margin. Online dealers may be able to offer a significant cost savings, as well as larger inventory to choose from.
If the spot platinum price is always changing, how do I know what price I am buying at?
Different precious metals dealers may have differing procedures for the locking in of a purchase price. A brick and mortar store, for example, may simply set prices at the beginning of the trading day.
An online dealer may utilize a live spot price feed that allows for their pricing to constantly adjust along with market movement. Similar to a foreign exchange board at a currency exchange, the buy and sell prices will then be changing on a regular basis.
Typically, your price for platinum will not be locked in until you reach the checkout stage. Some dealers will allow for a specific amount of time at checkout, such as 10 minutes, to complete your transaction at that price. If the purchase is not completed within the specified time period, the price may be subject to adjustment.
Does a precious metals dealer always get to buy at spot or less?
No. While precious metals dealers will very often buy gold, silver or other precious metals below the spot price, there are times when a dealer will purchase at the spot price or even above spot. This is determined by the market for a specific product. For example, a rare silver coin with a great deal of collectible value may be purchased and sold above spot. In this case, the dealer is simply looking to buy at a certain price over spot and sell at an even higher price above spot.
How can I acquire the most ounces of platinum?
If one is simply looking to acquire as many ounces as possible, then we recommend sticking with the basics. Privately minted platinum bars and rounds can provide a cost-effective way to build a platinum portfolio.
It never hurts to buy in bulk, either. Essentially, the more ounces someone buys, the lower the per ounce cost gets not only in terms of premium but shipping. as well.
Is the price of gold a good proxy for the price of platinum?
While the precious metals complex will often times show a very positive correlation, at other times the correlation can be quite less or even negative.
How many troy ounces are in one kilogram of platinum?
One kilo of platinum contains 32.151 troy ounces.
Can I own physical platinum in my IRA account?
Yes. Physical platinum can be purchased and held within an IRA account. There are restrictions, however, as to what types of platinum products may be purchased. In addition, physical platinum held within an IRA must be held in an approved depository.
Doesn’t it take a lot of money to begin investing in platinum?
Nothing could be further from the truth. One can begin building a physical platinum portfolio today for less than $100.
Do I need to worry about volatility?
While volatility is always an important consideration, we believe that physical platinum or other precious metals should be purchased with a long-term timeframe in mind. We further believe that these metals should be purchased for their reliability and wealth-preserving qualities. That being said, we are of the opinion that the day-to-day or even monthly fluctuations in platinum prices are nothing more than market “noise.” An investment in platinum can increase in value and can decrease in value.
Can platinum prices be affected by mining issues or shortages?
Absolutely. As a commodity and natural resource, the platinum price is subject to volatility and sharp increases or decreases in price based on many factors, with mining operations being one of them. If, for example, a large mining operation were to go offline, it could create a situation in which short term demand exceeds supply thus driving prices higher.
Does platinum follow the stock market?
Platinum prices may at times exhibit both a positive and negative correlation to equities. The precious metals complex in general may see more of an inverse relationship to equities at times due to their safe haven appeal.
Is platinum used in jewelry?
Platinum is very popular with jewelry makers due to its inherent value, strength and visual appeal. Platinum is also very resistant to both corrosion and heat.
Should I also buy platinum if I already own gold and silver?
By all means. Purchasing platinum in addition to gold, silver or other precious metals is a simple and effective way to diversify one’s precious metals holdings. One can further diversify their precious metals portfolio by adding different types of platinum or other precious metals, such as coins, rounds or bars.