How Much is a Platinum Bar Worth

When you see precious metals, you might think about gold and silver. However, platinum is an underrated precious metal that has various uses and is priced between gold and silver. Currently, gold is priced at $1,908 per ounce (oz), silver is priced at $23.91 per oz and platinum is priced at $1,039 per oz. 

The market for platinum is more stable than silver and more affordable than gold. Benzinga partners like Birch Gold Group and Red Rock Secured also make it easy to acquire platinum bars.

With this guide, you’ll learn about how much a platinum bar is worth and other key facts about this metal.

How Does the Worth of a Platinum Bar Vary?

Several factors influence the cost of a platinum bar like its weight, purity and current market conditions. Platinum bars can vary in weight from 1 oz to 10 oz. To find out how much a platinum bar is worth, multiply the spot price of platinum by the number of ounces. This will give you a general idea of the price, but be sure to confirm a live quote with your broker.

Platinum bars that have purer platinum values will be more valuable than ones that are mixed with other metals like copper or zinc. However, traces of metals like rhodium can help platinum bars become more durable and retain their form.

Platinum isn’t always perfectly correlated to gold and silver. Sometimes, platinum prices can move more slowly than gold or silver because they’re highly influenced by moves in the jewelry and automotive industries. As a result, platinum can give you greater diversification among your precious metals portfolio.

Variations in the Price of Platinum Bars

Here are a few other factors that impact the price of platinum bars.

Condition of the Platinum Bar

Seemingly small scratches and smudges can greatly diminish your platinum bar’s value. Consider working with a dealer that takes all the necessary precautions while storing and transporting bars.

Premium Designs

Mints can design each bar with a commemorative logo or brand. These markings can celebrate special events like anniversaries and give the bars a numismatic value. 

Precious metals bars (including gold, silver and platinum) that have a special design can have a much higher value. For example, a rare Rothchild’s 100-gram (3.5 oz.) gold bar is selling for $12,500 on eBay.

What is Platinum Used for?

Platinum is a versatile metal that has many uses.  For starters, it’s commonly found in cars and trucks as a catalytic converter. Catalytic converters are used to convert harmful emissions from cars into harmless chemicals like water vapor.

Platinum could see higher demand since more countries and states are pushing for environmentally friendly cars. For example, California is aiming to have 100% zero-emission cars by 2035.

This precious metal is also used in rings, bracelets and other jewelry items. Platinum is also found in dental implants and has been used to treat cancer.

Platinum is noncorrosive and a great conductor of electricity. As a result, it’s found in batteries and electronics and is used in the aerospace industry.

Materials in a Platinum Bar

A platinum bar is typically made of 99.95% pure platinum, which is the minimum requirement set by the IRS to hold platinum bars in a self-directed IRA. Platinum bars with this high level of purity can also be applied to a wide variety of uses in industrial and jewelry applications.

The remaining 0.05% of the bar usually consists of small amounts of other metals like palladium, rhodium, ruthenium and iridium. These metals are referred to as platinum group metals (PGMs) and are often found together in nature.

PGMs are added to the platinum bar to improve its resistance to wear and tear. Sometimes, platinum bars are also often alloyed with other metals like gold, silver or copper to create different colors and improve the strength of the bar.

Best Alternate Platinum Investments

Now that you know roughly how much platinum bars are worth, here are a few of the most popular alternate platinum investments that may be even better for you.

Platinum Coins 

Platinum coins are smaller and easier to transport. Since they’re easier to trade, they’re also more accessible for beginner investors. Compared to bars, platinum coins can have a country’s logo and could have been used as legal tender. These factors can make them more valuable than platinum in a bar.

A few examples of platinum coins include the American Platinum Eagle, Canadian Platinum Maple Leaf and the Australian 1/4 oz Platinum Florin. Since they’re minted by government mints, each respective government backs the value and quality of each coin, increasing their values.

Platinum Mining Stocks

Companies like Sibanye Stillwater (NYSE: SBSW) and Anglo American  Platinum(OTCMKTS: ANGPY) are involved in the exploration, mining and production of platinum. You can gain exposure to not just platinum but to the performance of each company. 

Best of all, you can receive dividends for buying and holding certain platinum mining companies like Sibanye Stillwater. It offers an impressive 7% yield, which can compound long term and can give you another income source aside from capital gains earned by just holding physical precious metals.

Top Platforms That Sell Platinum Bars and Other Precious Metals

The best precious metals brokers have common traits.

Substantial Online Presence

The best brokers have a substantial online presence consisting of easy-to-use websites, forms and third-party reviews. Be sure that your prospective broker has positive reviews on review sites like the Better Business Bureau (BBB), Yelp and TrustPilot. 

Look for brokers that respond quickly to your inquiries and have U.S.-based support teams. They should also have many communication channels (phone, chat, email, social media).

Compelling Educational Content

Work with brokers that want to educate you not just sell you metals. These brokers could have helpful content found on blogs, FAQ sections and YouTube channels.

You will probably need to call their help desk to speak with a live agent who can get you a live quote and assist you with the buying and selling process. The agent can also break down fee schedules and other important details.

Red Rock Secured’s Free Retirement PlayBook will walk you through the different types of precious metals and how they can be added to your portfolio. The book also shows you how to hedge your portfolio during inflation and come out as a winner during unstable markets by investing in precious metals.

Like Red Rock Secured, Birch Gold Group has a great online presence, reviews and compelling content. You can claim a Birch Gold Group's free info kit, which includes a little known IRS "loophole" to help you secure your retirement savings.

How to Buy Platinum Bars in a Precious Metals IRA

Platinum bars must be 99.5% pure platinum to be held in an IRA. With a self-directed IRA, you can invest in platinum on a tax-deferred or tax-free basis (Roth). Self-directed IRAs give you more flexibility since you can hold other non-traditional assets like LLC companies, mineral rights, private equity and cryptocurrencies. 

By law, you must have a custodian to hold and secure your bars on your behalf. Partners like Birch Gold Group and Red Rock Secured are IRS-approved custodians who can store and secure your platinum. They also file the appropriate paperwork like reporting earnings to the IRS.

Besides finding the right custodian and complying with IRS purity laws, don’t forget other basic IRA rules. Some of these rules are contribution limits, required minimum distributions (RMDs) and penalties for early withdrawal. Consult a financial advisor if you have specific detailed questions on precious metals IRAs or traditional IRAs.

Are Platinum Bars Worth Buying?

Platinum is an up-and-coming precious metal, thanks to its role in creating environmentally friendly cars. It's also an inflation hedge since it's 20 times rarer than gold. It has a more stable market compared to silver, which means that it doesn’t have as drastic price fluctuations.

However, platinum isn’t risk-free and has some drawbacks. For example, it’s susceptible to standard risks like global markets, supply and demand and changes in the auto industry. Before investing in platinum, assess your risk tolerance, work with the right precious metals company and consult a financial advisor for more complex scenarios. 

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