How much is a platinum bar worth?
|Weight||This platinum bar is worth|
|1 gram platinum bar||You can sell a 1 gram platinum bar for $27.50, today.|
|5 gram platinum bar||You can sell a 5 gram platinum bar for $137.51, today.|
|10 gram platinum bar||You can sell a 10 gram platinum bar for $275.02, today.|
|20 gram platinum bar||You can sell a 20 gram platinum bar for $550.05, today.|
|1 oz platinum bar||You can sell a 1 oz platinum bar for $855.32, today.|
|50 gram platinum bar||You can sell a 50 gram platinum bar for $1,375.11, today.|
|100 gram platinum bar||You can sell a 100 gram platinum bar for $2,750.23, today.|
|250 gram platinum bar||You can sell a 250 gram platinum bar for $6,875.57, today.|
|500 gram platinum bar||You can sell a 500 gram platinum bar for $13,751.13, today.|
|1000 gram platinum bar||You can sell a 1000 gram platinum bar for $27,502.27, today.|
How much is a platinum bar worth?
Hi guys! My name is David and your appraising service was recommended to me from a friend. I have two platinum bars which I consider to sell but I’m not sure if the moment is good. I would like to find out more about platinum bars, their value and if there are platinum bars in circulation which are very special. Maybe mine is a special one, I don’t know. I think it would be good if I would know what I own before I finally sell it.
David from Buffalo in State of New York
Hi David! Nice to meet you! My name is Alex Fordham and I will assist you with the evaluation of your platinum bars. I fully understand your position and it’s very wise that you consult us for getting a detailed appraisal and information of your platinum bars. On first sight the evaluation seems to be simple but that’s not the true. It needs to have expert knowledge to recognize the little details that can make a bit difference. Together we will get more into the topic to find out how much is a platinum bar worth.
reDollar appraiser, Alex Fordham
David wants to know, how much is a platinum bar worth
David: Hi Alex! Thank you for your response. I’m very excited to make the appraisal with you together. How can I assist you?
Alex: Hi David, nice to hear from you. Before we can started to make the appraisal please send me pictures of your platinum bars or describe them as detailed as you can. If you can’t make a picture please weigh your platinum bars, and let me know what’s stamped on them. Thank you, that’s all for the beginning.
David: Well, I have one 1 oz. platinum bar from the Credit Suisse and one 1 oz. Pamp Suisse platinum bar. I have attached photos for you. Furthermore I have double-checked the weight and every platinum bar weighs exactly one ounce.
Alex: Thank you very much! This information is very helpful for me. As you can see on your example, the monopole of platinum bars has definitely Switzerland. Switzerland is the most important producer and distributor of platinum bars. Platinum bars are produced for private investors as well as business investors. The platinum which will be usually used for the manufacturing has a purity of 99.95%. The trading, distribution and buyback happens in most cases through banks, refineries, and platinum buyers like us. Small platinum bars up to 100 grams will be minted like coins, this happens by means of high compression. Bigger platinum bars in the range of 250 grams – 1 kilogram will be casted in the classical form as we know it from gold bars. In the course of this procedure the manufacturer logo, the weight specification as well as the purity will be stamped on it. We can assume that your one ounce platinum bars were manufactured by the stamping process like coins and were not casted. One ounce equals 31.1 grams. So we know that each of your platinum bars contains 31.1 grams of 99.95% platinum.
David: Thank you Alex for the informative statement. What is Pamp Suisse? I have never heard about this company.
Alex: Pamp Suisse stands for Produits Artistiques Métaux Précieux, which is French and means artistic precious metals products, short PAMP. PAMP is an independent refiner of precious metals and a globally leading producer of minted ingots and cast bars. The company was established 1977 in Ticino, Switzerland. Their bullions are wide spread in the US and very popular to collectors and investors.
David: Ah ok, I have learned something new. Credit Suisse is already familiar to me not at least because of a big scandal. I think it is about illegal price arrangements for gold, silver, platinum and palladium. As far as I’m informed, the DoJ investigates against ten big financial institutes. The Credit Suisse and UBS are among this ten financial institutes.
Alex: You are well informed David. Yes I know that the Department of Justice investigates in this affair but I’m not sure if this investigations will be successful and constructive. Similar investigations have already taken place in Europe but unfortunately the came to nothing. We will see but in any case this incidents are very unpleasant for major banks like the Credit Suisse. But now let’s go back to the pleasant things in life, to your platinum bars. Would you like to find out the value of them?
David: In the course of the good conversation I totally lost the red line. Of course, please tell me how much is a platinum bar worth.
Alex: The market value of each 1 oz. platinum bar is $899.44 (current stock market price). So in total we have a market value of $1,710.64 for your two platinum bars.
David: Wow that’s not bad! That’s a good amount of money. Is this exactly the price I can get when I sell them with you or other platinum buyers?
Alex:Well, when you would sell your platinum bars with us we would deduct only 5% as our margin, this would result in a total of $1,710.64. But believe me, our margin is really low. There are competitors on the market who pay only 60% of the market value. It always depends. It’s no secret that the majority of pawn shops, jeweler stores who buy platinum, and other spots where buying platinum is offered pay really bad prices but there is always a very small part of buyers who pays adequate prices. It’s just really hard to find them, but they exist. Now you know how much is a 1 oz. platinum bar worth, shop around in your town and ask them for quotes. I’m sure you will be surprised. If you prefer to sell with us, you are more than welcomed!
David: Thank you for this really good conversation and appraisal. I also appreciate your honesty and openness. I will do it as suggested, when I’m in town I will visit some local platinum buyers and check out what they pay. I have the fear it won’t be that much.
Alex:Yes, I’m afraid you could be right but never say never. We stay in touch David! If there is anything I can assist you with, please let me know. I’m always available for you.
David: Thank you Alex!