I never pay spot , but

Discussion in 'Platinum' started by sterling-nz, Jun 9, 2015.

  1. sterling-nz

    sterling-nz Well-Known Member

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    Platinum is in the zone where i am actually going to fork out and and buy a few ozt.
    I get plenty of gold and silver when out hunting for bargains , BUT Platinum is very rare for me to find.
    I get the very odd ring , but never anything more than that.
    I figure now the downside is negligible and even if it halves from here it is not that much of a loss when only talking about a few more ozt.
    This is not going to be a big big winner for us as we will only get 3 ozt , but i want to be able to say that we bought at this price.
    The premium in NZ is bloody ridiculous so NO BUYING LOCALLY for me.
    I just looked at a site before posting http://www.kiwibullion.co.nz/platinum-coins.html
    If you want a good laugh go have a look at the prices these super special people want for their coins:)
     
  2. Altima

    Altima Well-Known Member Silver Stacker

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    Interesting cos it is somewhat true. I've never seen platinum being sold close to spot (the closest I've seen is MCM selling the 2015 platinum maples at around 1250 USD now).
     
  3. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    To me, "Spot" is just a dog in a children's book.
     
  4. sterling-nz

    sterling-nz Well-Known Member

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    For me this is normally close to true as well.
    I SELL stuff according to spot as a guide , but only buy CHEAP CHEAP CHEAP.
    Just picked up a 1882 Charles Nicolet fob for a grand total of $5, lol if it had been Plat it would have been a wet dream. but was alas just .925 silver:)
     
  5. miniroo

    miniroo Well-Known Member Silver Stacker

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    I often wonder why spot + 5% sounds like a good buy yet the very next day spot could drop 5% and your affectively 10% down in one day. I think it's what the likes of apmex focus on, if they feel spot will drop 5% next week they have a sale, spot + 2%.
    following week they process the orders and ship out, the sale is over and prices are back to spot + 5% but for them they are actually getting spot + 8% from the sale because spot is 5% lower.
     
  6. miniroo

    miniroo Well-Known Member Silver Stacker

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    Look at the shifting 9.

    9 is the number for completion, everything coming back to the 3x3 rule.
    The number off judgement.
    where is the number 9 going in this current chart?


    [​IMG]
     
  7. sterling-nz

    sterling-nz Well-Known Member

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    Lets face facts, WE NEED A SPOT PRICE.
    Anything that is traded needs to have a DEFINED price for sale.
    I personally like the volatility of silver because more often than not it will make a good deal even better.
    When we get in to gold and plat then the swings are not as big on a day in ,day out basis but SPOT is still an essential element.
    Things are what they are and this purchase will be one of the few times we will pay for metals at spot+.
    Platinum is just not that plentiful around my parts and i do like it as an asset , we were lucky and got rid of some of ours a while back.
    I am still amazed at the collapse of this metal, it was not that long ago and we were getting $150 MORE an ozt for plat than gold.
     
  8. SmartyFarty

    SmartyFarty Member

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    Interesting post.

    Yeah +5% sounds right.

    It must be tough being a retailer as the prices have been falling recently.

    They may be selling their inventory for less than purchase price depending on how fast they turnover stock and when they buy / sell.

    In the long run, it will even out though I suppose.
     
  9. mmissinglink

    mmissinglink Active Member

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    I believe the general rule is, dealers are always paying less to replace the silver they've sold. So they are always making profit. That said, they may have to increase premiums when the replacement cost isn't low enough for them to turn a profit.

    That's my understanding of how it works.




    .
     
  10. copperhead

    copperhead Active Member

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    Different sellers different methods
    By me one seller was happy selling back in the days at $47 per oz Silver
    as silver dropped he hung tight till $29 , Since it's been below $26 he never has any to sell
    Another no matter what $2 over
    Another sells at spot but sells out fast because of that .
    I guess USA has good companies to buy from via Internet so thats
    what works for me now .

    Platinum i'll buy if the math equals $100 to $200 over spot
    1/10 oz bar at $99 is a decent deal I think
     
  11. fltacoma

    fltacoma Member

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    I believe that platinum is one of the most underrated metals out there in terms of visibility and precious metal value. In the coin shop that I work at, we cannot keep it in stock. usually once someone sells to us, it is gone in about a week!
     

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