Platinum price falls below price of gold
The spot price of platinum dropped below price of gold on Friday, that was yesterday, December 12th. That happened for the first time in some 20 plus years. Just think of that in May, platinum price was at $2,200. While it does present a unique opportunity to buy platinum, the coins are expensive. Lear Capital charges $165 premium over the spot on 1 oz. American Platinum Eagle. It was actually $250 just a week ago. The only reason it got cheaper is that Kitco finally got platinum bars for only $65 USD over the spot. I called Kitco to figure out who makes those bars, but the rep didn't know. APMEX today offers brand new PAMP Suisse platinum bars for the price of $927, which represents a $100 markup. Gold and platinum prices show interesting picture. As I type this message APMEX shows gold price at $823.90 to bid and $824.90 to ask, while platinum is priced at $817.10 and $827.10 respectively. Kitco, which clearly uses different futures, prices gold at $822.00 and $822.80, while respective platinum prices are $823.00 and $833.00. Previously, silver coin and bullion premium is sky high.
Sat Dec 13, 2008 05:12PM by Tony | More in Economy | Comments (0)
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