Understanding Gold Quote Prices
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Platinum as an investment has a much shorter history in the financial sector than does either gold or silverwhich were known to ancient civilizations. Experts posit that platinum is about 15—20 times scarcer than gold, on the basis of annual mine production. Because of this fact, platinum has usually tended to sell at a significant price premium trading price of gold per ounce gold.
Platinum is relatively scarce even among the precious metals. New mine production totals approximately only five million troy ounces Mg a year. In contrast, gold mine production runs approximately 82 million ounces 2, Mg a year, and silver production is approximately million ounces 17, Mg. To be saleable on most commodity marketsplatinum ingots must be assayed and hallmarked in a manner similar to the way gold and silver are. The price of platinum changes along with its supply and demand ; during periods of sustained economic stability and growth, the price of platinum tends to be as much as twice the price of gold; whereas, during periods of economic uncertainty,  the price of platinum tends to decrease because of reduced demand, falling below the price of gold, partly due to increased gold prices.
Platinum is traded in the spot market with the code "XPT". Platinum coins are another way to invest in platinum, although relatively few varieties of platinum coins have been minted, due trading price of gold per ounce its cost and difficulty in working. Most Swiss banks offer platinum accounts where platinum can be instantly bought or sold just like any foreign currency.
Unlike physical platinum, the customer does not own the actual metal but rather has a claim against the bank for a certain quantity of metal. Other ways of investing in platinum include spread betting or contracts for difference on the price of the metal, owning shares in mining companies with substantial platinum assets or exposure, owning traded options in platinum only available in the US market. From Wikipedia, the free encyclopedia. This article trading price of gold per ounce to be updated.
Please update this article to reflect recent events or newly available information. Archived from the original on Retrieved May 10, Archived from the original on May 11, Retrieved May 15, Retrieved from " https: Platinum Precious metals Commodities used as an investment.
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