Get the most value when selling your platinum bullion
We offer among the most competitive rates in the industry for your platinum. We buy different kinds of platinum including:
- Platinum Bars
- Platinum Ingots
- Platinum Bullion
- Platinum Coins
- Platinum Rounds
Guide to Selling Platinum Bullion
While gold has been grabbing all of the headlines as of late, platinum is quietly leading the precious metals pack. Read on to find out more about how to receive the most for your platinum items.
1. Determine the Value of your Items
There are three primary factors that determine the value of your platinum
- Spot Price – The spot price of platinum, which is the current price per troy ounce, is determined by the futures commodity market, and fluctuates throughout the day.
- Weight of your item – Depending on the form of your platinum, such as coins, bars, or ingots, platinum may be priced in troy ounces, grams, or pennyweights (dwt). One troy ounce of platinum is equal to 31.1 grams, and one pennyweight is equivalent to 1.555 pennyweights.
- Purity of your item – Price adjustments will be made based on the purity or platinum content of your items. As expected, items that contain a higher percentage of platinum are more valuable than those with a lesser platinum content. The standard purity of platinum items is 90% or 95%, which is typically indicated by a stamp on the item, such as “900” and “950” respectively. Platinum bullion and bars are usually composed of 99% or .999 fine platinum.
2. Compare the Buying Rates of platinum dealers
We recommend that you compare the buying rates of platinum coin and bullion dealers before selling your items. Most dealers are hesitant to post their buying rates online or provide a quote over the phone, insisting that the item be brought in first for an evaluation.
3. Other factors to consider
- The condition of your platinum items, with the exception of platinum coins, bullion, and bars, should not be a factor in the offer that you receive. Walk away if a dealer attempts to reduce their offer based on the condition of your item.
- If selling platinum jewelry or scrap platinum, you can expect a platinum dealer to conduct a scratch test to confirm the authenticity and purity of your platinum. This is done by using a small file to make a slight scratch or notch in your jewelry. Once this is done, platinum testing solution will be applied to your item or on a testing stone to reveal the authenticity and purity of your item. Most platinum dealers won’t commit to buying your item until or unless they have determined its authenticity.
- Most precious metal buyers do not buy gemstones. Any gemstones should be removed from your jewelry prior to having it weighed and appraised. A reasonable percentage should be deducted from the total weight of your platinum if the removal of gemstones isn’t possible.