Platinum price
| platinum | |
|---|---|
| Country: | Global |
| Subdivision: | 1 troy ounce = 31.1034768 grams |
| ISO 4217 code : | XPT |
| Abbreviation: | no |
|
Exchange rate : (December 3, 2018) |
1 XPT = 804 USD |
The platinum price arises from the interplay of fundamental market data such as supply of and demand for platinum ; it is also influenced by emotions (e.g. fear of inflation ), events, long-term developments, speculations and long-term expectations.
history
Early modern age
In the 17th century, platinum was still viewed as an unusable and worthless metal. It caused great problems in the Spanish colonial empire as annoying accompanying material when prospecting for gold. It was thought to be “immature” gold and was thrown back into the rivers of Ecuador . Since it has a specific gravity similar to gold and did not tarnish even in fire, it was used to falsify the same. The Spanish government then issued an export ban . She even considered dumping all the platinum she had received to date in the sea to forestall and deter platinum smuggling and counterfeiting.
The first European mention comes from the Italian humanist Julius Caesar Scaliger from the 18th century. He describes a mysterious white metal that evaded all attempts at melting. A more detailed description of the properties can be found in a report by Antonio de Ulloa published in 1748 . In 1750 the English doctor William Brownrigg made purified platinum powder. In 1783, Louis Bernard Guyton de Morveau found a simple process for the industrial production of platinum.
19th century
In 1825 the Royal Mint minted a platinum coin for testing purposes.
In 1819, extensive gold and platinum deposits were found and exploited in the Urals . Around 1000 kg of platinum were produced annually, and since the Russian government under Tsar Nicholas I found just as little interested in this as the Spaniards at the time, it minted the platinum ruble from the metal from 1828 , which was to circulate alongside gold coins ( ukase of April 24th (May 6, 1828). The value ratio of platinum to gold was set at 3: 1, but since the price of platinum was lower on the free market, the platinum coins were not accepted as part of payment.
Since the coin platinum in Russia cost 289 rubles per kg and 374 francs were paid for 1 kg of pure platinum on the Paris stock exchange , the platinum coins were inferior and therefore not only unpopular in the country because they were confused with silver money. The "Latest Coin Studies" put the true value of a "platinum ducat" (= 3 rubles) at 1 ruble and 63 kopecks , which made the official Russian overvaluation of platinum coins clear. Since, contrary to Russian expectations, the platinum price did not rise compared to the gold and silver prices , the coins went back to the state coffers.
In 1845, the issue of the platinum ruble was therefore stopped again (ukase of June 10 (22) 1845). At that time, about 90 percent of the platinum supply came from Russia; the annual production increased from 1000 kg to almost 5000 kg. The result was a further drop in prices. The Russian industrialist Anatole Demidoff di San Donato , owner of the rich gold and platinum mines of Nizhny Tagil in the Urals, suggested again and again after 1845 that platinum coins should continue to be minted in Russia; but all of his attempts failed. With the advancing industrialization of the world, the real value of this precious metal was finally recognized.
The wide range of uses of the metal in industry caused the price of platinum to rise significantly at the end of the 19th and beginning of the 20th century: in 1880 the price had recovered to such an extent that it was a third of the price of gold . In Germany, 1 kg cost 600 gold marks in 1880 , around 1000 gold marks in 1885, and 2500 gold marks in 1890 and was thus roughly the same price as gold. In 1906 5000 gold marks had to be used. In the United States, the price rose from US $ 6 per troy ounce in 1900 to US $ 20 per troy ounce in 1901. Platinum was thus as expensive as gold and at the same time became a coveted jewelry metal.
20th century
From 1876 to 1880, 8,760 kg were gained in Russia, from 1896 to 1900 already 24,340 kg. Since there was no platinum processing industry in Russia itself, the metal was exported to the USA and Europe; In 1910 alone, 8484 kg of raw platinum were exported, over 2000 kg of which to Germany. After the October Revolution of 1917, this metal production initially declined rapidly; it fell from 5500 kg (1914) to 185 kg (1921), while the price had risen even more during the years of the First World War and soon exceeded that of gold by five times. In the United States, a high of $ 154.23 per troy ounce was reached on January 26, 1920.
In Germany in 1913, just before the war, platinum cost 6,000 paper marks per kg. The platinum price was twice as high as the gold price. In 1921 the price fluctuated with the exchange rate between 100,000 (January) and 700,000 (early November); the annual average was 217,000 paper marks per kg. During the German hyperinflation in 1922, the precious metal had devalued more than a thousand times the pre-war price 1700 times.
On October 19, 1922, the platinum price on the Hamburg Stock Exchange rose to 8,650,000 paper marks per kg; Since gold was quoted at 2,100,000 paper marks and silver at 64,500 paper marks on the same day, the platinum price was four times the price of gold and 134 times the price of silver. At the end of October 1922, platinum was nominally 10 million paper marks per kg. Since platinum had completely disappeared on the German precious metals market - only old platinum was traded on the Berlin Stock Exchange - the official quotations in Hamburg were discontinued. In Berlin the price rose from 145 paper marks per troy ounce in July 1921 to 18 trillion paper marks per troy ounce in November 1923.
In 1924 the geologist Hans Merensky discovered the Merensky Reef , named after him, in the northern Transvaal in South Africa , the most important platinum deposit on earth. A similar deposit was then discovered in the Great Dyke in Northern Rhodesia , and platinum was also found as a minor metal in the gold and later also in the uranium mines of South Africa. So the focus of world platinum mining shifted to South Africa.
The price of platinum rose to six times the price of gold in 1924. The position of the Soviet Union against the international sales syndicate, the resurgent Soviet platinum production and the discovery of the huge platinum deposits in South Africa caused the platinum price to crumble in 1926. In 1927 and 1928 it was still possible to maintain an average of four times the gold price, but in 1929 it fell to three times and in 1930 at times to one and a half times the price of gold. The global economic crisis with its ever lower demand for precious metals temporarily brought the platinum price close to the gold price in 1931. The return of the Soviet Union, which joined the world platinum cartel in 1931, caused the platinum price to double the gold price for a short time in 1932. On the New York Mercantile Exchange (NYMEX), platinum was listed at US $ 21.67 per troy ounce in February 1933, 86 percent lower than in 1920.
The phased devaluation of the pound sterling and the US dollar in 1931/1935 and the fear of further devaluations gave the platinum price in London a backing at 158 schillings per troy ounce at the end of 1935 . The gold price was 141 schillings per troy ounce. At the end of 1938, at 150 shillings, platinum cost just 1 shilling more than gold. After Great Britain abandoned the gold standard in September 1939, the gold price, which had been stable up to that point, was subject to considerable fluctuations, and gold prices were temporarily able to rise above the platinum price again. In principle, platinum subsequently remained the more valuable metal. At the end of 1939 the Bank of England stabilized the gold price at 168 schillings, so that only the price fluctuations of the platinum remained to be taken into account. At 200 shillings, the platinum price was no less than 32 shillings above the gold price. In 1940 the price of platinum fell to 180 schillings and the difference between the two prices was 12 schillings in favor of platinum.
The high demand since the end of the Second World War , which drove the platinum price up to 104.00 US dollars per troy ounce in 1956 and increased production, was replaced by a bear market in 1957; in 1958 the price reached its lowest point at 53.50 US dollars per troy ounce. Since then there has been a slow increase again: an indication of the steadily increasing demand. In the middle of 1968 the price for platinum was 40,000 German marks (DM), in autumn 1969 it was still 24,800 DM, but fell further and cost 13,200 DM in the period from January to June 1972. In July 1974 the price for 1 kg was again increased to 19,200 DM.
Between 1971 and 1980, the price of platinum in US dollars grew eleven times. In the 1970s, stagflation prevailed in the industrialized countries with high inflation, weak economic development, low productivity and high unemployment. This period was characterized by great uncertainty in the financial world, the oil crisis , a sharp rise in US national debt , a massive expansion of the money supply and a flight of investors into real assets. On March 6, 1980, the price of the platinum future on the New York Mercantile Exchange (NYMEX) rose to a high of 1045.00 US dollars per troy ounce. The price for the gold future was 636.00 US dollars.
On June 21, 1982, platinum was priced at $ 246.00, down 76.5 percent. From 1989 to 1999, the price remained in a trading range of around $ 300 to $ 600.
21st century
At the beginning of the 21st century, the price of platinum began to rise sharply. With the general commodity bull market in 2005, it passed the $ 1,000 mark and on March 4, 2008, it hit an all-time high of $ 2308.80 per troy ounce. Since the gold price was quoted at 989.80 US dollars per troy ounce on the same day, the platinum price was 2.3 times the gold price. The main reasons for the price increase were the growth in national debt in the USA and Europe and the weakening of the dollar against the world currencies. A global supply bottleneck, increasing demand and problems in the producing country South Africa also played a role. The country produced 75 percent of the precious metal, but electricity shortages hampered production in the platinum mines.
In the course of the international financial crisis , which had its origin in the US real estate crisis in the summer of 2007, the price of platinum began to fall. From autumn 2008 the crisis increasingly affected the real economy. As a result, stocks, raw materials and precious metals collapsed worldwide. On October 27, 2008, the price in New York was quoted at a low of 762.10 US dollars per troy ounce. The decline since the all-time high on March 4, 2008 is 67.0 percent. The crisis had crashed all asset classes . After that, the price trend remained volatile.
On August 23, 2011, a price of 1918.35 US dollars was determined for the platinum future. For the first time in almost three years, the price was below an ounce of gold. The last time the platinum price fell to the level of the gold price was in autumn 2008. On December 29, 2011, the price for the platinum future was $ 1,348.05. In 2011 and 2012, the prices of gold and platinum developed to the disadvantage of the white precious metal. In contrast to gold, platinum is less of an investment metal, but is mainly needed industrially. The euro crisis caused demand to decline.
On January 15, 2013, platinum was more expensive than gold for the first time since March 2012, at US $ 1,706.40. The reason was the announcement from Anglo American Platinum , the largest platinum producer in the world, to completely close four production wells in South Africa and to sell the Union mine in Rustenburg after numerous strikes and due to increased costs . This means that platinum production will fall by up to 19 percent per year. At the same time, around 14,000 miners are to be laid off, which could lead to new strikes and production losses.
In the following years, the platinum price fell more or less steadily, established itself at well below 1,000 US dollars and has therefore been significantly cheaper than gold for some time (as of November 2019).
Platinum market
Market mechanisms
Platinum demand and supply change frequently. That is why the platinum price is very volatile . That is, it fluctuates considerably even within a short period of time. The platinum price is traded in US dollars and is inversely proportional to the dollar price. So if the dollar rate falls, the platinum rate usually rises.
Platinum has a much shorter history in the financial industry than gold or silver , which has been known since ancient civilizations. It is relatively scarce among the precious metals. So far, platinum has been found at around 380 sites worldwide. There is significant platinum production mainly in South Africa, Russia, Canada, Zimbabwe, the USA and Colombia. The largest reserves are in the Bushveld Complex in South Africa, one of the largest intrusive complexes of basic melts on earth. The concentration in deposits of rare metals such as platinum and chromium is of global political importance.
About half of the annual platinum production is used in the manufacture of vehicle catalysts. If the automotive industry throttles its production figures, the demand for the precious metal and thus the price of platinum will drop considerably. The platinum market, valued in US dollars, is much smaller than the gold market. If a lot of international investment capital flows into such a small market, the price jumps quickly.
Trading venues
For standardized platinum trading on commodity exchanges , " XPT " was assigned as a separate currency code according to ISO 4217 . It denotes the price of one troy ounce of platinum in US dollars. XPT is the currency abbreviation published by the International Organization for Standardization , which is to be used for unique identification in international payment transactions . The "X" indicates that this is not a currency issued by a state or confederation of states.
The international securities identification number in exchange trading (ISIN) is XC0009665545. The Bloomberg ticker symbol for the spot market price for platinum reads PLAT <CMDTY>.
Primarily, platinum futures are traded on the Tokyo Commodity Exchange (TOCOM), but also on the New York Mercantile Exchange (NYMEX).
The London Platinum and Palladium Market (LPPM) is the world's most important trading platform for the physical market (platinum in bars ), which is called over -the-counter (OTC) trading. Only bars from refineries and mints that meet certain quality requirements are permitted for trading . The international seal of approval "good delivery" (German: "in good delivery") guarantees the embossed or stamped features such as fineness and weight. Platinum bars with good delivery status are accepted and traded worldwide.
Another marketplace for the physical trading of platinum is Zurich.
On the spot market prices are traded for immediate physical delivery, while fixed to the futures and options markets prices for deliveries in the future. The spot price and the price of the future usually run in parallel.
Platinum fixing
London has historically been an important center for this metal. The trade was introduced at the beginning of the 20th century, alongside the long-established bar metals. In 1973, some metal dealers introduced the London Platinum and Palladium Quotation, the forerunner of the fixings. An indication for the platinum and palladium price on the spot market was provided twice a day . In 1979, leading traders from London and Zurich reached an agreement to standardize the origins and specifications for the precious metals they would accept as “good delivery” deliveries. In 1987 the London Platinum and Palladium Market (LPPM) was founded. In 1989 the quotations for platinum and palladium were expanded and developed into full-fledged fixings. Since then, platinum and palladium fixing has been carried out by telephone twice a day with the aim of processing as many transactions as possible at a fixed price.
- Morning: Monday to Friday 9:45 a.m. UTC (10:45 a.m. CET )
- Afternoon: Monday to Friday 2:00 p.m. UTC (3:00 p.m. CET).
The meeting takes place every working day and is chaired by Standard Bank. A representative of the
- Standard Bank PLC
- Engelhard Metals
- Goldman Sachs International
- HSBC Bank USA NA London Branch and
- Johnson Matthey
who are all members of the London Platinum and Palladium Market (LPPM).
Platinum plant
Investing in platinum can be done through physical purchases and securities trading. Platinum bars and investment coins can be purchased from banks, precious metal and coin dealers. There are rental and insurance costs for storage in a bank safe. In the scope of some household contents insurance, however, valuables stored in (bank) lockers are included up to a certain maximum amount. The purchase of platinum bars and coins is subject to sales tax .
Investors can invest in certificates , funds or exchange-traded funds (ETFs) directly via the stock exchange or broker . Physical delivery is no longer required. Certificates are dependent on the solvency of the issuer and influence demand on the commodity exchanges indirectly via the banks' hedging transactions (Certificate → Future → Spot ).
Platinum was and is used for expensive jewelry and nibs , but also as a means of payment and investment . For these purposes, it is also advantageous that platinum is significantly harder and mechanically more stable than gold, which is usually used as an alloy for jewelry. The investment coins Platinum Canadian Maple Leaf and American Platinum Eagle are still issued today. In Russia , coins made of platinum, the platinum ruble, were minted in the 19th century . Initially there were coins made of around 10.3 grams of platinum with a value of 3 rubles , later coins of double and quadruple value and the corresponding platinum weight were added. Modern platinum coins are also the koala , the panda and the platinum noble .
Gold-platinum price ratio
The “gold-platinum ratio” indicates how many units of platinum are required to buy one unit of gold . The price ratio between the two precious metals changed fundamentally again and again in economic life within a few years; Then there were always rashes, which were followed by setbacks after a while. In general, during periods of sustained economic growth, platinum is often more expensive than gold (price ratio <1.0), while in times of economic uncertainty the price of platinum often falls below the gold price due to lower demand (gold-platinum ratio> 1.0) . In the financial history of both precious metals, gold was more valuable from 1880 to 1900, but since 1901 the value of platinum has mostly been higher than the gold price.
The following are the annual high, low, and closing prices for the platinum futures in US dollars per troy ounce , which began trading on March 4, 1968 on the New York Mercantile Exchange (NYMEX). In addition, the annual closing prices of gold and the gold-platinum ratio for the same period are listed. The table also shows the performance of both precious metals.
| year | High platinum |
Low platinum |
Final level platinum |
Change in% |
Closing gold |
Change in% |
Gold-platinum ratio |
|---|---|---|---|---|---|---|---|
| 1968 | 277.00 | 220.00 | 247.70 | 106.42 | 41.72 | 17.52 | 0.17 |
| 1969 | 255.50 | 152.00 | 161.00 | −35.00 | 35.40 | −15.15 | 0.22 |
| 1970 | 195.50 | 116.00 | 124.10 | −22.92 | 37.60 | 6.21 | 0.30 |
| 1971 | 127.50 | 94.50 | 110.20 | −11.20 | 43.80 | 16.49 | 0.40 |
| 1972 | 163.70 | 96.40 | 144.50 | 31.13 | 65.20 | 48.86 | 0.45 |
| 1973 | 188.80 | 135.10 | 165.00 | 14.19 | 114.50 | 75.61 | 0.69 |
| 1974 | 300.00 | 164.10 | 165.00 | 0.00 | 185.70 | 62.18 | 1.13 |
| 1975 | 179.50 | 138.10 | 149.40 | −9.45 | 148.80 | −19.87 | 1.00 |
| 1976 | 188.70 | 135.00 | 152.00 | 1.74 | 137.70 | −7.46 | 0.91 |
| 1977 | 190.00 | 144.20 | 189.20 | 24.47 | 167.50 | 21.64 | 0.89 |
| 1978 | 390.00 | 186.60 | 354.60 | 87.42 | 229.00 | 36.72 | 0.65 |
| 1979 | 715.30 | 342.50 | 692.60 | 95.32 | 541.00 | 136.24 | 0.78 |
| 1980 | 1045.00 | 465.00 | 606.00 | −12.50 | 599.50 | 10.81 | 0.99 |
| 1981 | 621.00 | 371.00 | 384.10 | −36.62 | 402.80 | −32.81 | 1.05 |
| 1982 | 409.00 | 246.00 | 392.60 | 2.21 | 453.00 | 12.46 | 1.15 |
| 1983 | 502.00 | 375.00 | 399.50 | 1.76 | 388.00 | −14.35 | 0.97 |
| 1984 | 419.00 | 291.00 | 293.00 | −26.66 | 309.70 | −20.18 | 1.06 |
| 1985 | 359.80 | 236.00 | 346.20 | 18.16 | 331.10 | 6.91 | 0.96 |
| 1986 | 682.00 | 340.00 | 476.20 | 37.55 | 406.90 | 22.89 | 0.85 |
| 1987 | 658.50 | 472.00 | 507.60 | 6.59 | 488.90 | 20.15 | 0.96 |
| 1988 | 630.00 | 439.50 | 515.60 | 1.58 | 412.30 | −15.67 | 0.80 |
| 1989 | 571.00 | 466.20 | 496.30 | −3.74 | 405.20 | −1.72 | 0.82 |
| 1990 | 536.90 | 388.10 | 414.00 | −16.58 | 396.20 | −2.22 | 0.96 |
| 1991 | 425.50 | 330.00 | 339.20 | −18.07 | 355.20 | −10.35 | 1.05 |
| 1992 | 395.50 | 329.50 | 352.60 | 3.95 | 333.10 | −6.22 | 0.94 |
| 1993 | 427.50 | 335.50 | 397.50 | 12.73 | 391.90 | 17.65 | 0.99 |
| 1994 | 437.00 | 379.00 | 421.20 | 5.96 | 384.40 | −1.19 | 0.91 |
| 1995 | 466.00 | 398.00 | 401.90 | −4.58 | 388.10 | 0.96 | 0.97 |
| 1996 | 436.90 | 369.10 | 374.60 | −6.79 | 369.20 | −4.87 | 0.99 |
| 1997 | 473.80 | 339.50 | 368.80 | −1.55 | 289.90 | −21.48 | 0.79 |
| 1998 | 432.00 | 334.00 | 367.20 | −0.43 | 289.20 | −0.24 | 0.79 |
| 1999 | 434.00 | 341.50 | 422.20 | 14.98 | 289.60 | 0.14 | 0.69 |
| 2000 | 629.90 | 388.10 | 608.10 | 44.03 | 273.60 | −5.52 | 0.45 |
| 2001 | 640.00 | 401.00 | 485.00 | −20.24 | 279.00 | 1.97 | 0.58 |
| 2002 | 610.00 | 445.20 | 594.40 | 22.56 | 348.20 | 24.80 | 0.59 |
| 2003 | 843.00 | 590.00 | 805.30 | 35.48 | 416.10 | 19.50 | 0.52 |
| 2004 | 938.00 | 762.00 | 859.70 | 6.76 | 438.40 | 5.36 | 0.51 |
| 2005 | 1024.00 | 838.50 | 976.00 | 13.53 | 519.50 | 18.50 | 0.53 |
| 2006 | 1338.00 | 978.00 | 1142.00 | 17.01 | 638.00 | 22.81 | 0.56 |
| 2007 | 1551.50 | 1111.50 | 1517.50 | 32.89 | 837.90 | 31.33 | 0.55 |
| 2008 | 2308.80 | 762.10 | 945.00 | −37.73 | 880.20 | 5.05 | 0.93 |
| 2009 | 1514.80 | 919.00 | 1470.80 | 55.64 | 1097.20 | 24.65 | 0.75 |
| 2010 | 1809.70 | 1444.30 | 1773.10 | 20.55 | 1421.60 | 29.57 | 0.80 |
| 2011 | 1918.35 | 1348.05 | 1403.25 | −20.86 | 1566.15 | 10.17 | 1.12 |
| 2012 | 1738.85 | 1380.50 | 1543.00 | 9.96 | 1675.85 | 7.00 | 1.09 |
See also
Web links
- Platinum fixing in London current and historical (in USD and GBP: from 1990, in EUR: from 1999)
- Historical prices in dollars (from 1968)
- Historical prices in euros (from 1971)
- Historical prices in Swiss francs (from 1971)
Individual evidence
- ↑ a b c d metal. International magazine for technology and business. Metall-Verlag GmbH, Berlin 1963, volume 17
- ↑ a b Swiss Numismatic Review. Swiss Numismatic Society, Bern 1974, volumes 53–54
- ^ Ferdinand Fliessbach: Latest coin studies. Verlag Ernst Schäfer, Leipzig 1853, 2 volumes
- ^ A b c Commodity Research Bureau: The CRB Encyclopedia of Commodity and Financial Prices , John Wiley & Sons, New York 2009, ISBN 0-470-34406-7
- ^ A b Deutsche Goldschmiede-Zeitung. Verlag Wilhelm Diebener, Leipzig 1922, Volume 25
- ^ Ralf Cabinet: Heraeus - A family company writes industrial history. From the unicorn pharmacy to a global corporation. Piper Verlag, Munich 2001, p. 94, ISBN 3-492-04332-1
- ^ Ferdinand Friedensburg, Johann Paul Krusch: The metallic raw materials: their storage conditions and their economic importance. Ferdinand Enke Verlag, Stuttgart 1962, Volume 16
- ^ Deutsche Goldschmiede-Zeitung. Verlag Wilhelm Diebener, Leipzig 1941, Volume 44
- ↑ Handelsblatt: Platinum price reaches new record high , February 18, 2008
- ^ Neue Zürcher Zeitung: Anglo-American subsidiary dismisses a quarter of the workforce in South Africa , January 15, 2013
- ↑ Platinum - finally back on the uptrend. In: Börse Online . November 7, 2018, accessed December 4, 2018 .
- ↑ Palladium price at record high - gold is hardly more expensive. In: Handelsblatt . November 16, 2018, accessed December 4, 2018 .
- ^ Mindat: Platinum mineral information and data
- ↑ London Platinum and Palladium Market: Good Delivery Standards ( Memento of the original from July 22, 2012 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Deutsche Bank: Edelmetalle ( Memento of the original from January 30, 2012 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ London Platinum and Palladium Market: List of Members ( Memento of the original of July 22, 2012 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice.
- ^ Federal Ministry of Justice: Value Added Tax Act
- ↑ Stooq: Historic Prices of Platinum
- ↑ Stooq: Historical Prices of Gold
