Posts Tagged ‘ high price of gold ’

Gold Briefly Surpasses Platinum In Price on Tuesday

Gold Key, weighing one kilogram is used to acc...

Will Gold Surpass Platinum?

For a little while on Tuesday of this week, gold was more valuable than platinum! That’s right!

Typically you might find that platinum is roughly twice the price of gold. That’s why platinum members of any group or credit card get more perks, and that’s why recording artist always strive to have their recordings go platinum, not gold.

We can thank the economy and its pending threat to dip again for this, as investors have been hesitant to invest in many things, they have turned to gold and gold has responded like a champ. I didn’t think I’d ever write this sentence, “Gold is 1,782.50 an ounce”. But I did, and I may not be done writing new things yet!

Several industry experts have chimed in on the phenomenon. Lee Josephson, VP of Raymond Lee Jewelers in Boca Raton isn’t one that believes this will affect the retail sales of jewelry,  however. “There is still a certain allure to buying platinum,” Mr. Josephson said. “So, it’s not the price that affects consumers as much. There is still the perception that platinum is more prestigious.” And we agree.

Byron King, senior analyst of Agora Financial in Baltimore says, “When you travel to the Middle East, every town and mall of any significance has a ‘gold souk,’ where the merchants gather to buy and sell gold items. I’ve never seen a ‘platinum souk,'”

Some precious metals dealers, such as James DiGeorgia, believe that since platinum mainly serves as an industrial metal, it could eventually take a second seat to gold in light of the economic situations on a global scale.

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