How and Where to Sell Platinum

 

How and Where to Sell Platinum 

Platinum is more than just a popular precious metal for investing. It’s also one of the most industrially useful precious metals, with most of the world’s demand of platinum going to the automotive industry, where the metal is used to manufacture catalytic converters. If you enjoy investing in platinum coins and bars, you’re far from alone. Selling platinum, however, can actually be more difficult than buying the precious metal.

Luckily for you, selling platinum doesn’t have to be a complicated mess. The easiest and most convenient way to sell platinum is to work with an online precious metal dealer like Hero Bullion, but you can also sell platinum coins and bars to local coin shops, on online marketplaces, or even to other investors using certain trading platforms. 

On this page, you’ll learn more about how, when, and where to sell platinum.

Selling Platinum Coins and Bars

If you’re planning to sell platinum coins or bars, you’ll need to answer three main questions:

1. When should you sell your platinum?
2. Where should you sell your platinum?
3. How can you get the most out of your platinum investment?

We’ll answer all three of these questions throughout this page to help investors like yourself understand the basics of selling platinum coins and bars the right way.

When to Sell Platinum

Timing your investment isn’t just about figuring out the best time to buy. As you’ve probably heard a thousand times or more, the ultimate goal of investing is to buy low and sell high. If you’ve already amassed a sizable collection of platinum and prices have increased, it may be a good time to sell your stack and take some profit. 

That being said, timing your platinum sale is easier said than done. While the best time to sell platinum is whenever the value of your portfolio has increased, understanding what drives demand for platinum and platinum’s historical highs and lows can help you better time your platinum sales.

What Drives Platinum Demand?

Like most precious metals, the spot price of platinum is primarily driven by supply and demand. When demand increases for platinum or the available supply of the precious metal drops, the price of platinum often increases. Conversely, either a drop in demand or an increase in available supply can lead to lower platinum prices. 

Platinum is also a unique precious metal in that the lion’s share of global demand for platinum comes not from the investing sector, but from the manufacturing industry. Anywhere from 30% to 40% of annual demand for platinum comes from the automotive sector, where platinum group metals are used to manufacture catalytic converters. 

Where supply is concerned, geopolitical conditions can directly impact the value of platinum. South Africa produces the most platinum of any country, mining around 130,000 of the world’s total platinum output of 180,000 kilograms annually. Geopolitical developments in South Africa can directly threaten the available supply of platinum, making it a major hotspot for platinum investors to consider.

Learning to spot trends in the industries that drive demand for platinum can help you improve the timing of your platinum purchases and sales. Geopolitical developments, platinum manufacturing trends, demand for platinum-using vehicles, and other factors can give you a better idea of where platinum prices may be heading.

Platinum Historical Highs and Lows

Platinum investors looking to sell should also understand historical price trends for the precious metal. 

Platinum prices have historically stayed more stable than some other precious metals, such as gold, since platinum’s demand in the automotive sector helps it remain relatively involatile compared to other safe haven assets. 

The all-time high for platinum was $2,276 per troy ounce, which was the precious metal’s price in 2008 amid the global financial crisis. Platinum’s all-time low is actually relatively recent, as the precious metal fell to its lowest price ever of $333 during the global COVID-19 pandemic in 2020. Prices have since rebounded to over $1,300 per troy ounce.

Where to Sell Platinum 

Once you’ve decided you want to sell your platinum for cash, you have a few different options. The best three places to sell platinum coins and bars include:

1. Online Bullion Dealers.
2. Local Coin and Bullion Shops.
3. Selling Platinum to Other Investors.

Online Bullion Dealers

Many online precious metal dealers buy precious metals, including platinum. The biggest advantage to selling platinum to an online precious metal dealer is convenience. You can sell platinum to dealers like Hero Bullion by simply locking in your price, securely shipping your items, and receiving payment after your items are verified by the company that accepts delivery. 

Offers for platinum products will vary from dealer to dealer, so we encourage investors to compare prices across multiple online dealers before choosing who they’d like to sell their precious metals to.

Local Coin and Bullion Shops

Local coin dealers near you also often buy platinum bars and coins from customers. When you sell platinum locally, you’ll save money on shipping fees, and your local dealer might also make a better offer than large online precious metal dealers. While selling platinum to local shops is usually less convenient than selling to online precious metal dealers, you’ll often be able to drop off your metals and receive cash the same day. 

Selling Platinum to Other Investors

Another option for selling platinum is to sell directly to other investors. Because investors are not usually attempting to make a short-term profit off of your platinum coins or bars by selling to retail consumers, they’ll often make better offers than you’ll find at either online dealers’ websites or local coin shops. 

That being said, the primary downside to selling platinum to other individuals is risk. To limit your risk, be sure to work with only established precious metal traders in your area, meet in a public location like in front of a police station, and avoid accepting personal checks from people you do not trust. Additionally, we recommend being cautious about selling large amounts of platinum at one time to buyers you’re not familiar with.

How to Sell Platinum Safely

There you have it! Online precious metal dealers, local coin shops, and other investors are the three simplest ways to liquidate your collection of platinum coins and bars. Once you decide which type of buyer you’d like to sell your platinum products to, it’s time to flip your platinum coins and bars into cash! 

Below, we’ll discuss the four main steps involved in selling platinum coins and bars:

1. Find a suitable buyer.
2. List your items and finalize an offer.
3. Ship or deliver your platinum products.
4. Receive your payment!

1. Find Your Buyer

Even if you know the type of dealer you’d like to work with to sell your platinum products, take some time to compare options and choose a specific person or company you’d like to work with. Most online precious metal dealers publish their buyback prices on their websites, and others will give you a quote for your platinum products if you give them a call. 

Be sure to compare prices across multiple dealers to make sure you’re getting the best offer possible for your platinum coins and bars. However, it’s not always just about the money. Take some time to read reviews or testimonials for the person you’d like to do business with, even if they’re not a large online coin or bullion dealer. Familiarize yourself with their payment timeline, shipping procedures, and complaint settlement process before making the call.

2. List Your Items and Finalize an Offer

When you contact an online dealer or local coin shop to sell your platinum, they’ll ask for a list and description of all of your items. Take some time in advance to write down exactly which products you have, including each item’s weight, purity, mint, and approximate condition. All of these factors will impact your final offer, so be sure to be as accurate as possible when describing your platinum products.

If you’re working with a local dealer, you’ll probably need to go into their physical store to have your items evaluated and logged. After that’s finished, many coin shops will make you an offer right then and there – no waiting! For online dealers, you’ll need to call their customer service line and receive a same-day offer before preparing your items for shipment. 

3. Ship or Deliver Your Platinum Coins and Bars

After you’ve received a fair offer for your platinum coins or bars, it’s time to deliver. 

Online dealers will require you to ship your items to them. Be sure to follow your dealer’s shipping instructions exactly, as failing to follow shipping requirements can make it harder for you to recover your items in the case of theft or damage. Shipping instructions vary from dealer to dealer and should be given to you once you lock-in your offer. 

Selling platinum to a local dealer means you’ll probably need to bring the items into the shop in-person. We recommend carrying your items in a locked box or storing them in a locked glove compartment during transit. Once you drop your items off, you should receive cash, a check, or credit at their shop for your metals!

4. Receive Your Payment! 

Receiving payment once you sell platinum is probably the most exciting part of the selling process, but it can also be stressful, especially if your buyer is taking quite a while to release your cash. Local dealers often pay cash the same day for platinum sales, but online dealers need to wait for shipments to arrive and inspection to conclude before they can release funds to you. 

To mitigate your stress on this final leg of the selling journey, be sure to read up about payment settlement timelines at your dealer’s website before selling to them. Knowing when to expect payment can take quite a bit of stress out of the selling process.

Final Thoughts: How and Where to Sell Platinum

The age of the internet has made it easier than ever to buy platinum, but selling can sometimes be a frustrating and confusing process. Luckily, you have several options for selling your platinum coins and bars. Online precious metal dealers, local coin shops, and other investors can all be suitable places to sell your platinum portfolio. Make sure to compare offers across multiple buyers, vet your potential buyers, and exercise caution during the selling process to make sure you get the most out of your investments. 

You might also be interested in:

• Platinum Uses and Core Demand Drivers
• Platinum Coins vs. Bars – What’s the Better Investment?
• Platinum vs. Palladium | Comparison and Investor’s Guide