Platinum, another precious metal distinct from silver and gold, is no longer commonly seen in the investor’s market. The metal was first found in the sixteenth century AD but only in 1750 was it discovered in abundance. In finance industry, platinum isn’t made use of as payment. It’s still available now however not as needed as it was in the past. Only the most prestigious coin manufacturers across the world produce platinum bullion coins.
Platinum was found by the native Indians but it was only during the conquest of Spain of the Americas was it accepted by the scientists of Europe to be a precious metal. Based on research from earlier European scientists, platinum was found to be an element of chemistry which won’t melt using fire. Such finding ultimately made the technique for the production of platinum coins.
Platinum wasn’t abundant with supply. Up to now, Columbia is still the only principal producer of this precious metal in the entire world and it has ceased trading such rare metal. It was actually in 1882 that platinum was recognized to be just as valuable as silver and gold. This was when the Russian government started making the element into rubles and produced five hundred thousand ounces using it. This was the first coins made of platinum.
After the worth of platinum became higher together with the Embargo on Arab Oil incident more than 3 decades ago, demand for this precious metal increased. The interest in platinum bullion even spread throughout Europe and the United States where 2 platinum mints, specifically Engelhard Corporation and Johnson Matthew & Co. Ltd. started manufacturing platinum bullion in one and ten ounces.
30 years ago, the first ever Noble platinum coin was issued in The Isle of Man. This sparked the interest of various other coin manufacturers to mint their own coins made of platinum such as Canada and Australia. The introduction of the platinum bullion coin did not get to the US till the late 90s through the launch of the first American Eagle Platinum coin.
Platinum isn’t utilized globally to be a form of legal tender despite its introduction and manufacturing by renowned coin makers in the world. Some of the coins made of platinum today became more of a collector’s collection rather than an accepted legal tender. Only these coins made of platinum continue to be in the industry: Australian Platinum Koala, Isle of Man Noble, Chinese Platinum Panda, and Russian Federation platinum bullion coins.
Among this selection, only the production of American Platinum Eagle has continued having the recent manufacturing carried out in 3 years ago. Apart from the American Eagle, production of nearly all platinum coins has stopped.
There was a time when platinum traded at about similar price of gold, the same reason why demand for the precious metal went up. It was actually this trade price that triggered the full manufacturing of Platinum Eagles in the late 90’s. However, after the price of platinum pressed even greater, investor interest decreased, decreasing the manufacturing of the coins made of platinum as well. Present price for platinum is at $1,041 per troy ounce.
Investing in platinum coins is definitely well worth it. It’s now higher in price compared to gold hence you should make investments now to get better earnings later on. In case you would like more tips: investinplatinum.org