Platinum is a relatively newly scientifically discovered precious metal.
Spanish conquistadors many hundreds of years ago could not achieve controlled fires hot enough for platinum’s melt point of 1768.3 °C or 3214.9 °F.
Platinum’s very high melt point likely caused Spanish new world miners to regard this heavy, rare precious metal, as a mere nuisance. In their quest for gold and silver ore, platinum was so useless at the time that it often got used in gold coin counterfeits from the 18th and 19th Century AD.
More so early miners for silver and gold were unlikely able to dream up platinum's real rarity and inherent value propositions today.
Platinum is like all other precious metals which are born from violent star explosions. Platinum supplies today helps clean noxious car exhaust fumes. Also, platinum gets regularly used in high-end platinum jewelry applications. And platinum is even held in long term investment portfolios typically in platinum bullion bars and coins. Learn the various uses for platinum today.
The following nearly 140-year platinum price chart illustrates Platinum Price History in US dollar values per troy ounce.
Platinum Price History Chart in US dollars per Troy Ounce
The US dollar price per troy ounce of platinum has steadily risen over time as the purchasing power of the US dollar has wained in value and overall purchasing power.
Since the year 2002, the world typically uses around 7 million troy ounces of platinum annually. This platinum production is markedly less than annual gold and indeed silver mining productions on an annualized basis.
About 20% of yearly physical platinum supplies come from recycled autocatalytic converters, old jewelry, coins, and platinum scrap supplies too.
The rest of yearly platinum supplies come from new physical platinum ore dug out of platinum mines mostly located in South Africa. Typically around 60% of annual platinum mine supplies come from South Africa alone.
The next largest national producer of platinum is The Russian Federation contributing 700k to 800k troy ounces of platinum annually.
How much Platinum is in the World?
Platinum was officially scientifically discovered in the year 1735 AD.
Historical precious metals mining data shows that over 18 times more physical gold and about 150 times more physical silver has gotten mined than platinum.
Estimates are that just over 10,000 tonnes of physical platinum have ever gotten mined by humankind.
It gets often quipped that all the platinum bullion in the world would fit in an average US car garage or living room.
Platinum vs. Gold Price History
^ Now we have some of the lowest Platinum prices versus Gold in +100 years ^
Given that platinum got only scientifically discovered a few centuries ago. And that we have been mining gold for many thousands of more years than platinum. Today’s above-ground supply of gold bullion dwarfs current above-ground physical platinum bullion holdings.
Platinum is so rare that all human history mined platinum could indeed fit inside of the average US citizen’s garage.
Picture a pure platinum bullion-cube with 8-meter sides.
Platinum as an Investment Fundamentals Video by SD Bullion
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