Recent trends in platinum prices are just too interesting to ignore. On August 17, 2012, the London Fix for platinum was $1,455 – a $57 increase from the previous day. Now, today on August 21, platinum is trading at $1504.
If you look at historical pricing trends for platinum, you can see that typical price shifts for the precious metal usually happen in $5 or $10 increments. In light of this, $57 is a significant shift. Assuming the trend will continue, platinum is definitely a hot commodity right now.
The price rally for platinum seems to be coming from some recently announced production cuts and predictions. It’s a nice relief for investors, since platinum has seen falling trends for the past few months.
No one is sure how long these prices will last, so it’s probably a good time to start selling. If you have platinum scraps you want to refine, MGS is at your service. Even if you are outside of the Manhattan area, you can use our Ship & Sell feature to send us your platinum. If you have any questions about platinum or precious metal refining, please contact us or stop by our storefront today.