While Gold and Silver remain the market favourites, platinum is the underdog metal that has consistently gained over the past few years. Platinum has a substantial industrial demand which drives its prices considerably. Hence, investors take a keen interest in this metal, and if you are looking to sell your Platinum bullions, it might be the right time to do so. Though, there are some things to keep in mind when you sell Platinum bullions.
Things to remember when selling Platinum bullions
While the world watched gold and silver rise high during the pandemic, platinum stayed backstage to climb up the market ladder. Here are some things to remember to get the best value of your platinum bullions.
What is the value of your items?
When you are in the market, looking forward to selling your platinum bullions, three factors are required to decide the value.
Spot Price: Platinum’s spot price is the current price per troy ounce and is regulated by the futures of the commodity market and changes throughout the day.
The bullion’s weight: The weight of your platinum will depend on its form (bullion in this case) and priced in grams, pennyweights (dwt), or troy ounces. Platinum’s one troy ounce equals 31.1 grams.
Your bullion’s purity: The dealer will adjust the price depending on your bullion’s purity of platinum content. If your item has a higher platinum percentage, it is more valuable than if your item has lower platinum content. The typical purity of platinum objects is 90-95% and is usually stamped on the item like ‘900’ or ‘950.’ Most platinum bullions have 99% platinum (.999 fine).
Ask around the buying rates of various dealers.
It is advisable to compare the different buying rates that platinum bullion dealers offer before deciding to sell. Most dealers are reluctant about posting their buying rates on a call or online and insist on bringing the object for evaluation.
Know what you are selling
Before you agree on a deal, you should know what you are selling – You must verify the total platinum carats you have and determine the price based on the current market rate. This is where your local dealer or jeweller comes in handy. They can check what you have and the condition of your platinum bullion to give you a fair estimation. Since all the precious metals are doing well for the past couple of years, you should get a reasonable price if the platinum bullion has been with you for a few years now.
Concluding note
Due to the current market status of precious metals, platinum bullions are in huge demand. Since the world pandemic is scaring investors into buying these metals, you can rest that you should get a reasonable price on your platinum bullion. If you are looking for a precious metals dealer in London, contact RPS Gold today. We are a recognised name in the industry and can guide you through.
