I figured gold and platinum are rarely this close in price and it would a good idea to swap gold for some platinum. Have any of you done this yet?
I wouldn't. Monetary markets insecurity has fueled the rise in gold price and it's a long way from being resolved. Platinum is not 'money' in the same way gold is, and I haven't come across anyone calling for $3-10k platinum per oz. I would like to get into platinum but I won't be giving up my gold just yet.
Platinum acts more like an industrial metal. If there is a global economic slowdown then platinum may be hit hard whereas gold may rise. I'd consider buying an ounce but not much more than that.
I swapped a spare ounce for platinum when the gold price was at the record high in AUD, earlier in the week. The guy I did the swap with was quite interested to know why I did it, so we had a short convo. He was mainly amazed I'd swap a store of wealth for an industrial metal. So I basically said: The usual order in market value is: Silver, Gold, Platinum Recently it's been: Silver, Platinum, Gold The recent spike upwards in spot gold has been given a rocket boost by JPM and GS. The MSM has been talking about gold, and that adds a little bit more interest out there than usual (outside of financial circles). I believe the big players are about to ambush everyone after spruiking gold to the highs. They will do it by encouraging a return to the share market, or by starting a mass sell-off, or both. Due to that prediction, I think the usual order of Silver, Gold, Platinum will return. Long-term gold is the store of wealth, which is why I didn't go and swap all my gold. This was mainly to "take profits" on the record highs, without doing it in fiat In the short-term, I think platinum will be in first place. Medium-term, it will return to second place. Long-term, it will return to first place. Now if you really wanna risk it for an industrial metal, rhodium wasn't a bad idea at the time It recently dropped to $1800 an ounce. But that's going too far even for me @_@
Ewwww Platinum : the only reason i would buy platinum is if i wanted to make some jewelry at a later date.. Many will disagree but i just dont like it Ive thought about it many times along with palladium & its just not enticing enough for me to plough my hard earned into either of them I could regret these decisions at a later date but i can live with that
Yeah platinum jewelry is pretty sweet, I'd like to start picking a 1/10 or 1/4 oz. Here and there but not until I reach my next targets for gold and silver. Palladium looks like a steal right now maple leaf 1 oz. For about 760 it was around 900 a few months back. Could be a sleeper pick, if some of the new technologies ie; hydrogen fuel cell, cold fusion that rely on palladium ever make a break through or become the mainstream watch out, to the moon! Very speculative but entirely possible. I might opt for a one oz palladium as its the same price as a 1/10 and 1/4 platinum with as much if not more upside. And if it crashes I'll get a fat ring made out of it!
I would not swap Gold for Pt but I would start accumulating Pt. We heard the same rubbish about silver 10 years ago -its an industrial metal. Platinum is rare very rare by comparison to gold. World production (5 mill oz) is limited to South Africa (85%) and production is falling as no new mining investment comes on line for political and labour issues. Believe me I have in depth knowledge of the SA mining problems. Production costs are far higher than gold and the refining process is far more complex. When China, Japan, India accelerate car and truck production when thet move away from the US$ and thir currecies rise they will need Pt/Pd and there is no stockpile. I heard figures stockpiles are less than 3 months. I believe as you diversify from Gold to Silver dont ignore Pt or Pd.
