Anyone considering selling their gold and buying platinum?

[jim4silver]

It seems like in the near term it is possible the gold/platinum ratio might get close to 1 to 1. If that happens, how many here would sell their gold and buy platinum?

One of my coin dealers who has been right on his calls for as long as I have been into PMs has been telling me to get platinum every time I buy gold from him. I know he personally has put a good deal of his own $$$$ into platinum, but I am still not a a platinum believer so to speak.

Any ideas out there? I like my gold and it would be very difficult for me to part with it for what is basically an industrial metal (I know silver is too, but at least silver has a million and one uses compared to platinum).

I think if they ever come up with a cheaper alternative to using platinum in catalytic converters, platinum will fall hard.

Jim

 

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[LukeTHr]

Since I don't have any gold my 2 cents probably doesn't matter but I think gold would be the way to go. I just don't see platinum becoming a metal people would ever use for trade in the event of a monetary collapse. Gold and silver are the familiar long time trade metals and I think people will stick with them.

 

[oroh2o]

Jan. 20th. 2008, platinum was at $2180 per oz. (Historical London fix). Think I'll stick with gold and silver.

 

[oroh2o]

Follow up; gold closed @ $924 that day, do the math. I just hope silver takes off soon.

 

[mts]

I don't see anything wrong with buying some platinum as part of a well diversified strategy. But I don't see the benefit of platinum over gold and silver for most hedging situations. I view it as being on the order of palladium. Some good money can potentially be made buying these metals as an investment. But they may be fairly difficult to get rid of if you really need to. Especially if things really start going South with the economy. A couple of years ago I saw a guy on CL trying to get rid of some palladium bars. He had them priced reasonably. But there were no takers. He had them listed for at least two months before either selling or just pulling the ad. Platinum would certainly be easier to sell than palladium. But not nearly as easy to sell as silver and gold.

Finally, I don't really care too much for the look of platinum. It doesn't "wow" me at all. And for that price I want to be "wowed".

 

[jim4silver]

Thanks all who commented.

The fact that platinum was more than double gold is one reason I am considering it now. If the reatio got back to that point it would be a good way to double my money perhaps in a couple of years.

Platinum is far more rare than gold and silver and it only comes from a few places around the world (at least in decent amounts). But I don't like the fact that it is such an industrial metal and if the economy continues to tank, less cars will be made thus less Platinum will be used.

Probably will stick with gold and silver for now.

Jim

 

[billjustbill]

It seems like in the near term it is possible the gold/platinum ratio might get close to 1 to 1. If that happens, how many here would sell their gold and buy platinum?

One of my coin dealers who has been right on his calls for as long as I have been into PMs has been telling me to get platinum every time I buy gold from him. I know he personally has put a good deal of his own $$$$ into platinum, but I am still not a a platinum believer so to speak.

Any ideas out there? I like my gold and it would be very difficult for me to part with it for what is basically an industrial metal (I know silver is too, but at least silver has a million and one uses compared to platinum).

I think if they ever come up with a cheaper alternative to using platinum in catalytic converters, platinum will fall hard.

Jim

Jim,

I'm wondering if your guy is trying to get out of Platinum....
If you go to refinery websites, most only pay 90% instead of 98% on gold.

You take a hit right there, then if hard times really come to pass, how many people are going to be able to test/verify your Platinum when it comes time to trade PM's for food, living supplies, and tools?

I thank my lucky stars for Platinum, because White Gold started due to it "looking like" Platinum.... Many people that have garage sales get in a hurry and think that the thin necklace is silver and sell it for coins when it's really 14kt gold....

I found an wedding band deep in packed sand on a beach in Florida. It's stamped 18kt-.95Platinum and has narrower Platinum band inset down in the 18kt gold band. Not knowing what refiners would do, I've just kept it... As for Platinum in general, I wouldn't buy but a coin or jewelry piece or two of Platinum....

Bill

 

[jim4silver]

It seems like in the near term it is possible the gold/platinum ratio might get close to 1 to 1. If that happens, how many here would sell their gold and buy platinum?

One of my coin dealers who has been right on his calls for as long as I have been into PMs has been telling me to get platinum every time I buy gold from him. I know he personally has put a good deal of his own $$$$ into platinum, but I am still not a a platinum believer so to speak.

Any ideas out there? I like my gold and it would be very difficult for me to part with it for what is basically an industrial metal (I know silver is too, but at least silver has a million and one uses compared to platinum).

I think if they ever come up with a cheaper alternative to using platinum in catalytic converters, platinum will fall hard.

Jim

Jim,

I'm wondering if your guy is trying to get out of Platinum....
If you go to refinery websites, most only pay 90% instead of 98% on gold.

Bill

Bill,

I don't think that is it. What he was recommending were Platinum Eagles, which is what he said he bought. Those don't get melted down generally speaking. His view is based on the disparity in the gold/platinum ratio which in the past has been over 2 ounces of gold for one ounce of platinum, and now is it almost 1 to 1 at the present time.

I have never sold anything to a refiner and I only buy items that are in demand by collectors and hoarders and are readily purchased by local coin dealers at spot or above if I need to sell, such as for gold: sovereigns, 20 francs, old US gold, major world mint bullion like Kangaroos, maples, etc. I don't buy stuff that would need to be melted to get rid of, but I don't metal detect or buy stuff from yard sales although I probably should do that.

I am lucky in that most of the coin dealers around here don't rip you off when you go to buy or sell, at least they don't do that to me, but they also know I am aware of what things cost, etc.

Jim