Written by the TreasureGuide for the exclusive use of the Treasure Beaches Report.
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One of Early Platinum Ring Finds. |
Monday the gold spot price got to over $3156 per oz., and it is $3162 early Tuesday morning.
Below are a couple excerpts from an article about gold. It was written just a few days ago.
Things may change by the time you get to read this market commentary, but as this is being written, gold has broken through the psychological $3,000-an-ounce barrier...
So, is the new higher price of gold (as well as silver and platinum) a good thing or not? If you are a gold bug and ready to take profits, the answer is “yes.” If you are a serious collector planning to continue adding to your collection, maybe not. We don’t know if gold can continue at these values, but it wasn’t so long ago that we were surprised by gold breaking the $2,000 barrier. This is a good time to re-evaluate whether you are truly a collector or an investor.
Here is the link for the rest of that article.
Gold Breaks Value Barrier - Numismatic News
If you've been hanging on to your gold finds, you might be happy with the price increases you've seen. Who knows where it goes from here.
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Gold isn't the only precious metal. Of course there is silver, but one we don't talk about as much is platinum.
At the top of this post you see a picture of one of my first platinum ring finds. I remember it so clearly. I was at a location that I only detected that one time. I was using a Tesoro water metal detector. I can't remember the name right now. Oh, it was a Stingray. See The Treasure Beaches Report Direct From Florida's Treasure Coast.: 2/23/11 Report - Using Multiple Detectors To Clean Out a Spot
The signal from the platinum ring was very nice and solid but not loud. The breakin the ring where the diamond is set could have been partly responsible for the weaker signal.
Here is what NumismaticNews had to say about platinum.
Platinum may be rare, but platinum coin collectors are even rarer. Despite ultra-low mintages, Platinum American Eagles often trade at bullion value—yet 2025 market trends could change the game. With supply tightening and demand shifting, will platinum finally shine in the numismatic world?...Adding Platinum to Your Collection - Numismatic News
Below is something I wrote back in 2013, over ten years ago. Among other things, it gives a variety of ways to test platinum.
Months after being at around $1900 per ounce, gold is now close to $1400. That is a big drop, even though it is still well above what it was years ago. Silver finished at $22.55 yesterday and platinum, at $1511.
Years ago platinum was a lot more valuable than gold and then it got to be about the same. It seems platinum is regaining some of its edge over gold again...
Platinum looks a good bit like silver and also stainless steel or titanium, all of which are being used in jewelry these days. There are ways to tell the difference though.
Instead of the common marks that indicate silver or gold, platinum jewelry is usually marked either "PT" or "PLAT" or "PLATINON."
Here are some additional ways to identify platinum.
Check the weight. Platinum is almost twice the weight of the same amount of silver. Platinum is also very hard and resistant to scratching. Like gold, it does not corrode much.
If you put platinum in a spoon and heat it, the spoon will change color but not the platinum. You can also get acid to test platinum just like the acids you can get to test silver and gold. (I've done a post on acid testing metals some time in the past. You might want to look it up. One is the May 13, 2010 post.)
You can also use iodine to test platinum. A drop of iodine on platinum sill dry completely clear, unlike on gold or palladium, which will show streaks of brown or black from the iodine.
If you know your detector very well, you might get a hint from the signal. On one detector I use, I get a quiet but very stable and smooth signal when I detect platinum.
Hopefully your jewelry will be marked. As I often tell people, if you have a jewelry item that you can't test or identify, a pawn shop or jewelry store might help with that.