U.S. Mint Platinum Coins Bypassed in Rush for Gold

(Bloomberg) – Five months after the U.S. Mint began producing coins made with platinum, sales have all but collapsed as investors continue to favor gold and silver.

Gold and silver have been treasured by kings and merchants for millennia, and the metals are still popular today among retail investors who hold precious metals as a store of value. Platinum is even rarer and wasn’t widely known until the 18th century. Now, it’s used mostly in catalytic converters to reduce auto emissions.

“It’s not considered a currency,” said Jason Carstensen, a medical-sales representative in Ventura, California, who spends about $2,000 a month on coins. Gold and silver have value as hedges against a devaluation of the dollar, while platinum is viewed as an industrial commodity, he said.

While demand for platinum coins has been muted, investors aren’t completely shunning the metal.

Other Favorite Posts You Might Like...

Charts to provide perspective for gold bulls Most chartists use daily or weekly charts. Few look at monthly charts. I don’t know of anyone (myself included) who pays any attention to quarterly charts. We decided to take a look at the quarterly c...
Precious Metals Bear Markets: How Much Longer? The problem value investors face is figuring out what cheap is, and when low is low enough to be the bottom (or at least close to it so the drawdown is limited). If you are a value investor today, ...
Silver prices when the traffic lights are blue tod... The view of the silver market from ten thousand feet away shows what is really going on behind the scenes. The manipulation of the market by deep pocket bullion banks with a hugely concentrated combi...