R/€ = 19.48 Change: -0.08
R/$ = 17.54 Change: -0.03
Au 1729.33 $/oz Change: 8.24
Pt 838.25 $/oz Change: 6.31
 
 
R/€ = 19.48 Change: -0.08
R/$ = 17.54 Change: -0.03
Au 1729.33 $/oz Change: 8.24
Pt 838.25 $/oz Change: 6.31
 
 
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Demand soars for US platinum coins

6th May 2020 BY: Marleny Arnoldi
Creamer Media Online Writer

The World Platinum Investment Council (WPIC) reports that demand for American Eagle platinum bullion coins has reached its highest level in 21 years.

By the end of April, sales of the 1 oz platinum Eagle had reached 56 500 oz, which came close to exceeding the second-highest sales figure of 56 707 oz in 1999.

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The record amount of 1 oz platinum Eagle coins sold is 133 002 oz in 1998.

The American Eagle coin range was launched in 1997 and is the US’s official platinum bullion coin series and the only platinum bullion coins of which the weight, content and 99.95% purity are guaranteed by the US government.

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All American Eagle platinum coins are legal tender and the 1 oz coin has a $100 face value; however, the coins are not used in circulation.

The US Mint issues 1 oz American Eagle platinum bullion coins in response to ongoing investor demand. This year’s mintage has been extended owing to exceptional demand from investors seeking to own physical platinum in the wake of the Covid-19 pandemic.

The price consumers are willing to pay for American Eagle platinum bullion coins are based on various factors, including their weight in platinum; the prevailing spot market price, plus a premium to reflect minting; distribution and marketing costs; and investor demand.

The soaring demand for precious metal coins in March and April this year, together with constrained distribution, has lifted this premium to four times its typical level for gold and platinum, and nearly three times for silver.

The WPIC says these platinum coins are often bought by investors that seek an easy and accessible way of adding physical platinum to their investment portfolios. The recent fall in the price of platinum brought about by financial markets’ reaction to the crisis has also proved to be an entry point for some investors. 

EDITED BY: Chanel de Bruyn Creamer Media Senior Deputy Editor Online
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