Gold vs. platinum?

[Maximumbob54]

I have a few gold coins I’m thinking of selling since the price is so nuts right now. That lead me to checking the spot price for gold and silver and I see platinum as well. Back when I bought gold the price of platinum always seemed to hover at twice the cost of gold (roughly). When gold was at $250 then platinum would be around $500 five or take. Now I see they are about neck and neck. Is the popularity of gold giving more than platinum despite platinum being rarer? What gives? I still can’t believe the cost of silver right now either though.

 

[H Richard]

When selling be careful, make sure you get full value, a friend sold a couple 1 Oz. coins 2 weeks ago with gold at $1750. Selling to a very reputable dealer, the dealer advised him (he originally had 3 coins to sell) that if he bought more than $5000 in value he would have to fill out a form to send to the Government. With just selling two, he didn't. Basically a 1099 notice. Wait a week or two in between and keep the government out of it.

 

[Loco Weed]

Gold is more of an investment bullion while platinum is more of an industrial metal. Gold goes up when the stock market goes down. It's a good idea to keep an eye on the prices of precious metals as they can vary greatly hour by hour. I check the prices at Northwest Territorial Mint on a daily basis and they are also a great place to sell bullion back to (see their web site for details). Look up the coin you're interested in and they'll give you the sell and buyback prices. Right now there is a big shortage of platinum bullion eagles and most places are out of stock. At the moment platinum is more expensive than gold but for a while last week gold was selling for more.

Edit: The coin dealer is misinformed. The requirement for a 1099 has been repealed. The time to sell your gold was last week as the price has tumbled considerably since the beginning of this week. Silver has been experiencing small ups and downs.

 

[Maximumbob54]

When selling be careful, make sure you get full value, a friend sold a couple 1 Oz. coins 2 weeks ago with gold at $1750. Selling to a very reputable dealer, the dealer advised him (he originally had 3 coins to sell) that if he bought more than $5000 in value he would have to fill out a form to send to the Government. With just selling two, he didn't. Basically a 1099 notice. Wait a week or two in between and keep the government out of it.

That's a good point and I will take that advice. Thank you.

 

[Damn Yankee]

Looks like some profit taking today.

Precious Metals Investing - Gold Trading - Invest in Silver and Gold

 

[BE Mike]

Edit: The coin dealer is misinformed. The requirement for a 1099 has been repealed. The time to sell your gold was last week as the price has tumbled considerably since the beginning of this week. Silver has been experiencing small ups and downs.

Could you please cite a reference that a 1099 isn't required when selling gold to a dealer?

 

[Loco Weed]

Could you please cite a reference that a 1099 isn't required when selling gold to a dealer?

Unfortunately every time I link to a web site I get in trouble with the administrators so why don't you try the navigation bar on the left side of the screen at Northwest Territorial Mint. The bill was attached to the Health Care Bill and called for a 1099 every time there was a transaction of more than $500. This was quickly repealed amid a mass uproar by investors. Conversely, can anyone show me where it ever became law?

 

[Loco Weed]

And you'd better sell quickly... gold has fallen nearly $85 just today as of the time of this writing (3:15pm CST).