A naturally occurring metal, platinum is actually rarer than gold, the precious metal that tends to get most of the attention in the investment world. However, platinum, which has a lighter hue and a natural shine, can be just as appealing. This is also true if you’re looking to invest in platinum in bar form. If you’ve opted to invest in platinum bars, make sure to work with a reputable precious metals dealer such as First National Bullion and Coin. San Diego collectors should take the following information into account when it comes to how much bars of platinum cost and what factors typically affect the cost and price.
Cost & Bar Size
As is the case with any precious metal in bar form, the size of the bar is what largely determines cost. Commonly available bar sizes for platinum range from 1 gram to 1,000 grams. According to Redollar.com, early 2022 prices for bars in this size range go from just over $30 for the single-gram ones to more than $32,000 for the largest bars. Platinum bars can also be purchased in single-ounce sizes. In this case, the weight in grams is 31.105. Therefore, the average price for a 1-ounce platinum bar is around $1,000, since you’re getting more platinum for your investment.
Platinum Bar Purity (or Fineness)
It’s recommended you look for investment-grade platinum bars if you prefer ones that will be more appealing to buyers later should you opt to sell at some point. These bars also tend to retain their value, since the purity is on the higher side. Investment grade for platinum means a minimum fineness of 999.
Current Market Availability
The cost of platinum bars is also based on what’s available at any given time. Platinum is considered a very rare precious metal. It’s also largely mined in one location, South Africa. According to Statista, it’s estimated roughly 69,000 metric tons of platinum are left in the earth’s crust. However, when we talk about market availability, we’re really talking about what’s available from various manufacturers as bars.
Current Value of Platinum
Another factor that affects the cost of a platinum bar is what’s going on with platinum market prices. On a related note, platinum as bullion didn’t become widely available until the 1970s, so it doesn’t have the exact same investment history as silver and gold. According to Investing News, platinum prices are projected to increase through the final quarter of 2022.
Preparing to Purchase Platinum Bars
Start by checking current prices for platinum bars and platinum in general. This will give you a better feel for what’s a fair price as you look through available options. Also, determine how platinum fits into your overall investment strategy with precious metals. If platinum is a new addition for you, you may prefer to buy smaller bars first. These are also the most affordable bars, and they’re the easiest to store. Whether you purchase platinum bars in person or online, reputable sellers are typically ones presenting:
• Platinum bars with related documentation
• Clearly stated or listed prices
• Bar purity and fineness details
• Reasonable return or refund policies
Whether they’re looking for the best place to buy or sell platinum bars, gold coins, or silver bullion, San Diego precious metals collectors can rely on the trustworthy professionals at First National Bullion. We can answer all your questions and help you find all the information you need on how a variety of precious metals can be a valuable part of your investment portfolio. Give one of our experienced dealers a call today at (855) 919-2531.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.