There is a ton of information online about platinum, but not all of it is reliable. When you have something you suspect that is Platinum, there are a few indicators to help you out.
* Platinum will not melt with a flame/small handheld torch (take safety precautions)
-it will glow red hot and cool very quickly, and come back just as shiny if not cleaner
-it will not discolor in any way
* Platinum is very dense, it will feel very heavy in comparison to other metals.
* Platinum is non-magnetic, if it sticks to a magnet it is not platinum
* Platinum jewelry and other industrial products can be marked with purity of 1000/1000 95/5 90/10 85/15 80/20. Other markings like 925, 1/20, or 14k are not Platinum but may contain other precious metals.
* Platinum meteorites are extremely rare and only occur in a select few places on earth, the chances of anyone finding a Platinum containing rock are extremely small.
* Platinum is bendable, it is generally not brittle unless alloyed with other metals.
* Platinum is usually alloyed with another metal, and this will effect the value since it is not 100% pure.
Knowing where you got the suspected metal will help us greatly in helping you determine if it is in fact Platinum.
Platinum-Scrap-Buyer offers analysis of platinum samples; and with our extensive knowledge will be able to help you determine the value of your scrap Platinum.
The news headlines as of late have been intense to say the least, it seems the world has gone mad. Additional sanctions against Russia have been laid out, the Gaza strip is being bombed daily, and yet the price of platinum and other precious metals seem to be unaffected by any of this news.
The cause and effect relationships that have effected the price of platinum and other precious metals in the past no longer have the same kind of strength anymore. With the advent of algorithm trading and speculators making up the bulk of the volume of metal trades in any given day, the price no longer seems to reflect real supply or demand. It seems counter intuitive that .1 percent difference in U.S. job data from a FOMC meeting can effect the markets more than major world geopolitical events like Russia or Gaza situations. In the past you would have seen a surge in metal prices and the term “strategic metals” thrown around.
Earlier this year we had serious and lengthy strikes in the Platinum mines, the effects of which are still unfolding. With a Platinum production deficit and a serious loss of supply, the price should have had no where to go but up. Unfortunately this event has done little to move the price of Platinum.
It is becoming harder and harder to determine what catalysts will actually drive the market besides the dollar fluctuating in value or some large hedge fund moving assets around. The lack of movement speaks volumes to me as far as market manipulation. Whoever or whatever is controlling the market obviously does not want to see the Platinum price moving right now in any significant way. It is unfortunate that the days of a reactive and free trading market based on supply and demand seem to have passed us by.