Platinum Ain’t What It Used to Be

[Luv2play]

I am in the process of winding up an estate of an old friend who had a lot of jewelry stuffed in her apartment. The other day I was at a reputed jewelry store to get an idea of what the better pieces were worth. 
I was surprised to learn that gold has far exceeded the price of platinum over the last two years. Hence pieces that were bought when the reverse was true years ago had affected the resale value of platinum jewelry today

It got me thinking that platinum underlies many areas of business, including credit cards and even Rentmen where platinum is offered as the  premium choice. 
 

If this continues will platinum be dethroned? Someone is bound to raise the question sooner or later unless platinum regains some of its glitter and pricier allure.

Edited February 25 by Luv2play

[samhexum]

That's why I stick to nickel... and dimes and quarters.

[BuffaloKyle]

I totally thought this thread was going to be something about a Platinum provider membership on rentmen. 😅

[+ azdr0710]

"gold" will always have the aura and mystique that the word connotes......though phrases like "platinum credit card" and "platinum group now boarding" exist, nobody aspires to own all the platinum in the world!

Edited February 25 by azdr0710

[CuriousByNature]

6 hours ago, Luv2play said:

The other day I was at a reputed jewelry store to get an idea of what the better pieces were worth. 

It might help to go to a place that is more than just reputed to be a jewelry store...  

But seriously, I also noticed that gold has risen higher than platinum in recent years, which surprised me at the time.  Especially since platinum is a rarer element.

I've read that platinum experiences greater swings in its value compared to gold, depending on what it is being used for at the time.  Platinum jewelry is heavier than gold, which may be a downside.  It's also not as easy to work with, and it is very difficult to polish and keep polished.  So it seems likely that even though gold is mined in greater quantities, overall it also seems to be more popular and in greater demand.

There was a time in the early 19th century that aluminum was much more valuable that gold, with aluminum place settings being a status symbol that only the wealthiest could afford.  Today I think it's rhodium that's one of the most expensive metals - rarely used as solid pieces, but instead, more often used to plate silver jewelry with a tarnish-resistant finish.

Maybe after 'gold' level the next level for status should be 'diamond' rather than 'platinum'.  I expect that gem-quality diamonds will always be more valuable by weight compared to gold.  Maybe the highest tier category could be 'red diamond' which is apparently the rarest diamond of them all.

[+ JamesB]

Historically, platinum often outpriced gold because it’s rarer, about 30 times less abundant in the Earth’s crust and has significant industrial uses, like in catalytic converters for cars. But gold’s value isn’t just about rarity; it’s tied to its role as a financial heavyweight. Central banks and investors hoard gold as a safe-haven asset, especially during economic uncertainty. Since 2022, central bank buying has surged, keeping gold’s demand steady and pushing its price up. Platinum, on the other hand, lacks that same monetary backbone. Its demand is mostly industrial, tied to things like auto production, which can swing with economic cycles. The auto industry’s shift away from platinum adds another layer. Back when diesel cars were big, platinum was in high demand for catalytic converters. But stricter emissions rules and a pivot to palladium, a cheaper alternative for gasoline engines, cut platinum’s industrial pull. Electric vehicles, which don’t need catalytic converters, are also chipping away at its market. Meanwhile, gold’s jewelry and investment demand stays strong.

[Luv2play]

So my question remains, is platinum becoming déclassé?

[CuriousByNature]

2 hours ago, Luv2play said:

So my question remains, is platinum becoming déclassé?

I imagine it may always be a status symbol for the elite, since it's much rarer than gold - even though its relative monetary value has fallen.

 

[dbar123]

I’m cheap so I usually prefer the Rust level.

[samhexum]

On 2/24/2025 at 6:32 PM, Luv2play said:

The other day I was at a reputed jewelry store 

 

On 2/25/2025 at 1:23 AM, CuriousByNature said:

It might help to go to a place that is more than just reputed to be a jewelry store...  

I was going to make the same joke but I looked up the definition of reputed... having a good reputation, or being honored, trustworthy, or respectable

Edited February 26 by samhexum
for the betterment of humanity

[Luv2play]

I used the term reputed as one that fit the description of the store I was dealing with on the jewelry I had to sell. I suppose I could have used reputable just as easily. They mean essentially the same thing. 

[Luv2play]

On 2/25/2025 at 1:23 AM, CuriousByNature said:

It might help to go to a place that is more than just reputed to be a jewelry store...  

But seriously, I also noticed that gold has risen higher than platinum in recent years, which surprised me at the time.  Especially since platinum is a rarer element.

I've read that platinum experiences greater swings in its value compared to gold, depending on what it is being used for at the time.  Platinum jewelry is heavier than gold, which may be a downside.  It's also not as easy to work with, and it is very difficult to polish and keep polished.  So it seems likely that even though gold is mined in greater quantities, overall it also seems to be more popular and in greater demand.

There was a time in the early 19th century that aluminum was much more valuable that gold, with aluminum place settings being a status symbol that only the wealthiest could afford.  Today I think it's rhodium that's one of the most expensive metals - rarely used as solid pieces, but instead, more often used to plate silver jewelry with a tarnish-resistant finish.

Maybe after 'gold' level the next level for status should be 'diamond' rather than 'platinum'.  I expect that gem-quality diamonds will always be more valuable by weight compared to gold.  Maybe the highest tier category could be 'red diamond' which is apparently the rarest diamond of them all.

I think you are confusing reputed with putative. The former describes the quality of the store, the latter to a store seeming to appear to be what it was not. 

[CuriousByNature]

2 hours ago, Luv2play said:

I think you are confusing reputed with putative. The former describes the quality of the store, the latter to a store seeming to appear to be what it was not. 

No, I thought you had meant to write 'reputable' and my bad sense of humour took over from there - I stand corrected  

[+ augustus]

On 2/25/2025 at 1:23 AM, CuriousByNature said:

Especially since platinum is a rarer element.

Much rarer than Gold and appears way undervalued.  

Edited February 27 by augustus

[+ PhileasFogg]

The relationship between the two will always be in flux.   Au has more desired uses than Pt.  Add that, in a period of turmoil (the rule rather than the norm these days), Au tends to be perceived as a safe harbor, and imbalances in supply/demand make gold more precious.   This too will change. 

Edited February 28 by PhileasFogg