Platinum Spot Prices for the Last 30 days
What is Platinum 'Spot Price'
Platinum, like other precious metals, is a highly valued metal due to its rarity, density, and uses in various industries such as automotive, jewelry, and electronics. Refined .995 pure platinum is traded traded globally on various commodities exchanges markets around the world.
Platinum can be an effective way to diversify your investment portfolio with a tangible asset that you can hold in your hand and store easily at home. As a hard asset, its value is intrinsic and can serve as a store of value and a hedge against inflation.
Like other precious metals, platinum trading is performed based on commodities contracts for future delivery. The spot price of platinum is the current price that contract futures are being traded for potential delivery of the contract. As futures. most platinum and other precious metals are sold long before the platinum ore is mined or refined into .995 pure form.
The platinum spot price serves as a benchmark for buyers and sellers. For instance, the prices of retail platinum products, like coins or bars, are often set based on the platinum spot price plus a premium to account for production costs, dealer markup, etc.
Platinum bullion dealers buy, sell and price their products in relation to the ask and buy spot prices. The spot price of platinum refers to the price of one troy ounce of platinum. Platinum bullion must be of a specific fineness in order to be accepted into LBMA or COMEX storage vaults.
The ask spot price is what people, commodity traders and bullion dealers is the platinum spot price that they will be selling at per ounce. The buy spot price is the price at which the same groups will be buying platinum.
Investing in physical platinum has the advantage of providing direct ownership of the metal, often traded in the form of bars or coins, which can be bought or sold at precious metal dealers. Platinum bars and coins come in a range of sizes, from as small as 1 gram up to 1 kilogram and larger for a substantial store of wealth. Typical sizes like 1 oz platinum bars and smaller fractional sizes can offer more flexibility and easy liquidity for selling at a later time.
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Platinum Uses
Platinum is a versatile and valuable metal with a wide range of uses across various industries due to its physical and chemical properties.This lustery white metal is highly resistant to corrosion, oxidation and chemical attack, even at extremely high temperatures. The melting point of platinum is roughly 3,214 degrees Fahrenheit, making it ideal for use in environments with harsh conditions, such as in chemical processes and the automotive industry.
Its durability, rarity, and lustrous appearance also make it a popular choice for crafting high-end jewelry pieces. While its chemical properties make it suitable as a catalyst, and it is used in the chemical reactions needed to make nitric acid and in automobile catalytic converters to reduce greenhouse gases and other emissions.
Platinum is biocompatible, meaning it is well-tolerated by the human body and does not cause adverse reactions, making it suitable for medical applications, including dental work, cochlear implants, coronary stents, cardiac pacemakers, intraocular lenses and retinal implants and other life saving devices.
The aerospace industry demands materials that can withstand extreme conditions, high temperatures, and corrosive environments. Platinum's unique properties fulfill these requirements in the critical components of jet engines, rocket thrusters, and other aerospace propulsion systems.
What is a troy ounce?
The troy weight system is an ancient system of weights that is derived from the Roman monetary system. The troy system was later adopted by the British and other countries for weighing precious metals like gold, silver, and gemstones.
A troy ounce is a unit of measure for weighing precious metals that dates back to the Middle Ages. Originally used in Troyes, France, the troy ounce is now the standard unit of measure for precious metals like gold, silver, and platinum.
One troy ounce is the equivalent of 31.1034768 grams, which is a little more than the standard avoirdupois ounce that weighs 28.3495 grams. There are 12 troy ounces in a troy pound, rather than 16 ounces found in the 'avoirdupois' pound more commonly used for measuring weight in the United States.
The Troy Ounce, abbreviate as "t oz" or "oz t", is roughly 10% heavier than the avoirdupois ounce. When you see precious metal prices quoted, such as the spot price of gold or silver, it is typically quoted per troy ounce.
Where did the Troy Ounce Originate?
The system was introduced to England in the 9th Century by traders doing business with Byzantine Empire. The system was named after the Roman trading city of Troyes in France, a major trading city in the Middle Ages. This system of measurement spread throughout Europe for the trade and exchange of precious metals.
The troy system was introduced into England following the Norman Conquest in 1066. By the 1400s, the troy weight system was officially adopted in England for the trading and weighing of precious metals. The British Pound Sterling, originally denoting a pound of sterling silver, reflects this ancient connection between weight and currency. The troy measurement system became the official standard for gold and silver in Britain in 1527 under King Henry VIII.
It's worth noting that the troy ounce is heavier than the more common avoirdupois ounce that is used to weigh most other items in the U.S. The troy system's division into 12 ounces (reflecting the old Roman libra) is also in contrast to the avoirdupois system's division of 16 ounces to a pound.
Today, the troy weight system is used almost exclusively in the precious metals industry. When you buy an ounce of gold or silver, it's a troy ounce. Similarly, when precious metals are mined, they're weighed using the troy system.
