Cash For Gold: All About Platinum—The Most Valuable Precious Metal

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Los Angeles, CA , September 1, 2010 — When it comes to cash value, platinum will provide sellers with the highest payouts of all the precious metals. However, platinum is much rarer than gold, the most common metal used for jewelry settings, so there just isn’t that much around for people to sell. Today, the spot market price for platinum closed at $1524.00/ounce while gold was $1239.40 and Silver $19.01

Because it is rarer and more valuable, platinum is generally found in the settings for higher-priced jewelry. Many years ago, notably between 1900 and 1935, platinum was used somewhat more than it is today and particularly so in jewelry settings for large diamonds, rubies and emeralds.

According to Joe Montes, president, “Actually, we obviously don’t buy as much platinum as we do gold, mainly because there is so much more gold jewelry around. However, when a seller is fortunate enough to have platinum settings to send in, they can count on a pretty-significant payout.”

To the average person, a platinum ring or necklace setting can appear to be silver. However, platinum is much harder and is sometimes alloyed with a small percentage of another metal called Iridium.

Fine jewelry made with platinum settings is usually marked:

Jewelry containing at least 950 parts/thousand of pure platinum may be marked or described as “Platinum”

Jewelry that contains 850, 900 or 950 parts/thousand of pure platinum may be marked “Plat” or “Pt” if a number is used in front of the term to disclose the amount of pure platinum in the mix, such as “850 Plat” or “850 Pt”, or “950 Plat” or “950 Pt”.

The primary use of platinum today is in industrial products and mainly in the catalytic converters found in modern automobile engines.

Cash for Gold Co is always eager to purchase platinum in jewelry, coins or any other form. When received, the metal is assayed just like gold and priced against the current spot market price.

Other press releases from Cash For Gold Co

• Selling Precious Metal Jewelry Will Be a Real Problem Solver When Extra Cash is Badly Needed - August 1st, 2011
• High Insurance Coverage for Property in Transit is Important - July 27th, 2011
• Learn to Tell if Your Jewelry is White Gold or Platinum - July 25th, 2011
• Protect Yourself When Selling Precious Metals to Internet Buyers - July 25th, 2011
• Cash For Gold Customers Ask: What is ‘Black Hills’ Gold and is It Valued Differently? - February 4th, 2011