Platinum prices: do they fluxuate with the market or do they never go back down?

[gwendolyn]

I just did a search for platinum pricing, and from what I read, it sounds like some jewelers just use a slight increase in the price of platinum to justify raising their prices heaps--one thread I read talked about the price jumping up $600 in a matter of a few weeks!

I only just last week got a price quote from GOG about the MWM Flame, which (as most of you probably already know) is only available in platinum. The prices I received are naturally the current ones, but I''m not planning on buying for months and months yet, maybe even a year.

Now, I think that, of all the jewelers out there, Mark Morrell is probably NOT one of the ones I have to worry about least in terms of getting ripped off. But it did get me thinking about how much the platinum market might change, and that the ring might end up being considerably more expensive 6 or 9 or 12 months from now than it is today. But it also got me wondering if the prices might ever go (dare I say it) down? Not the market price of platinum, but what the jewelers charge.

I am hoping (but don''t know) that MWM doesn''t have any prices on his website because he adjusts his prices to the current value of platinum, but I''m not sure I have that kind of faith in many other jewelers. Seems like an excuse to earn a little extra, if the price drops. Is that what they do?

 

[LegacyGirl]

Good question! I was wondering the same thing. I have no idea if I should buy my wedding rings now or wait and risk that they will be 2-3x as much in a few years.

 

[Garry H (Cut Nut)]

It jumped to $1800 now.

them damm Seth Efricens whith their ESCOM power supply problems. People do not like being a few miles down a platinum mine and having a power blackout. They get scared of the dark

 

[strmrdr]

traditionally a high fast rise never sticks for a long period of time in commodity metals, a sharp rise is always followed by a fall.
I don''t consider the high prices of plat sustainable, a lot of it is used in automobile catalytic converters and much much much cheaper alternatives got government approval last year and the use in spark plugs is down also with other materials taking over.
This means less demand.
The commodity metal market is being driven by fear, once the fear goes away prices will drop like a rock.
Will the bubble last a year? who knows..... will prices be cheaper in 5 years, bet on it :}

 

[niceice]

Precious metal prices fluctuate, but right now they''re out of control. I have to agree with Storm, I don''t see these prices as sustainable. $1800 an ounce! Yowza!

 

[gwendolyn]

So when prices do go back down again, will the price of platinum settings reflect that drop fully, partially, or not at all?

 

[gwendolyn]

*bump*

Is my question not answerable?

 

[LegacyGirl]

Well I would think that they would. For instance look at housing. When the supply goes up there will be less of a demand (as what someone above said would happen with Platinum) so in order to move product I''m sure the price of the settings would go down.

 

[LegacyGirl]

And if some people don''t want to lower their prices to reflect the market you know there will always be someone else who will.

 

[crown1]

 

[strmrdr]

Busy day today.
Depends on sales but yea I think most will trend downward, if sales are off very quickly, if sales are good then not very quick.
My guess is they will for the most part go down, the competition is cut throat.

 

[niceice]

Phew! Today brought an all time HIGH to platinum prices. From Rapaport Diamond News, Friday, February 15, 2008:

--Platinum Surges to $2,025oz.

Platinum reach new highs as South Africa power supply concerns deepen.
The precious metal hit a record $2,025 per ounce after having retreating to $2,009 in late trading across Europe Thursday morning, up 23 percent from its Wednesday close in New York.

 

[gwendolyn]

Thanks, strmdr--that''s what I figured (or hoped, rather). Now to get the bleedin'' prices to fall!

Date: 2/15/2008 12:16:48 PM
Author: niceice
Phew! Today brought an all time HIGH to platinum prices. From Rapaport Diamond News, Friday, February 15, 2008:


--Platinum Surges to $2,025oz.


Platinum reach new highs as South Africa power supply concerns deepen.

The precious metal hit a record $2,025 per ounce after having retreating to $2,009 in late trading across Europe Thursday morning, up 23 percent from its Wednesday close in New York.

Mr. Gray, sir, this is NOT the right direction!

 

[niceice]

Date: 2/15/2008 12:24:30 PM
Author: gwendolyn

Mr. Gray, sir, this is NOT the right direction!

You''re telling me, the only time this type of thing is good for "us" is when we have piles of platinum scrap sitting in a bucket and can send it off to the refinery to get paid on the scrap value - but we did that long ago when the price was "HOT" at $1,400.00 per ounce. Who would have guessed it would ever go this high? Not me. Off to Pray to the Platinum Gods for more reasonable prices

 

[Erik Carlson GG]

Date: 2/15/2008 12:33:07 PM
Author: niceice

Date: 2/15/2008 12:24:30 PM
Author: gwendolyn

Mr. Gray, sir, this is NOT the right direction!

You''re telling me, the only time this type of thing is good for ''us'' is when we have piles of platinum scrap sitting in a bucket and can send it off to the refinery to get paid on the scrap value - but we did that long ago when the price was ''HOT'' at $1,400.00 per ounce. Who would have guessed it would ever go this high? Not me. Off to Pray to the Platinum Gods for more reasonable prices

LOL, I remember thinking platinum was going to come back down when it hit $1,000/oz.

As a side note there are some deals to be had if the jeweler that you get the setting from has had it in stock for a few years and has not repriced it.

 

[gwendolyn]

Date: 2/15/2008 12:42:07 PM
Author: Erik Carlson GG
As a side note there are some deals to be had if the jeweler that you get the setting from has had it in stock for a few years and has not repriced it.

If he hasn''t repriced it by now, he''s probably dead.

 

[Erik Carlson GG]

Date: 2/15/2008 12:46:48 PM
Author: gwendolyn

Date: 2/15/2008 12:42:07 PM
Author: Erik Carlson GG
As a side note there are some deals to be had if the jeweler that you get the setting from has had it in stock for a few years and has not repriced it.

If he hasn''t repriced it by now, he''s probably dead.

LOL Good point!

In answer to your original question however when the cost base for rings goes down (lower metal costs) most jewelers would LOVE to reduce the pricing of their rings. You do need to stay competitive in this game.

 

[Odilia]

Date: 2/15/2008 12:16:48 PM
Author: niceice
Phew! Today brought an all time HIGH to platinum prices. From Rapaport Diamond News, Friday, February 15, 2008:

--Platinum Surges to $2,025oz.

Platinum reach new highs as South Africa power supply concerns deepen.
The precious metal hit a record $2,025 per ounce after having retreating to $2,009 in late trading across Europe Thursday morning, up 23 percent from its Wednesday close in New York.

It figures I am getting my setting done when platinum is so high. I don''t know what the future will bring, but I wish I could have found my dream ring when I was enaged 5 years ago; sure would have gotten more for the money... oh well...

 

[LegacyGirl]

Gwen I''m sorry this is totally my fault. All throughout my life whenever I''ve wanted something automatically the prices skyrocket. When I got my first car gas went crazy. When I wanted a house so did everyone else. I fall in love with sushi grade tuna, they start being fished to death. Now I need an ER and some wedding bands... of course this has to happen.

So sorry, my bad!

 

[mrssalvo]

Date: 2/15/2008 12:46:48 PM
Author: gwendolyn

Date: 2/15/2008 12:42:07 PM

Author: Erik Carlson GG

As a side note there are some deals to be had if the jeweler that you get the setting from has had it in stock for a few years and has not repriced it.

If he hasn't repriced it by now, he's probably dead.

not necessarily. look at pearlmans close out section for example. those prices have not moved and actually, considering the skyrocking metal prices, those items are becoming even better deals. you just have to know how to hunt for them and be in the right place at the right time

 

[Erik Carlson GG]

Look on the bright side, in 5 years when platinum is $3000/oz you can say "Wow I''m glad I bought my ring when platinum was so low!"

 

[Odilia]

Date: 2/15/2008 12:59:16 PM
Author: Erik Carlson GG
Look on the bright side, in 5 years when platinum is $3000/oz you can say ''Wow I''m glad I bought my ring when platinum was so low!''

Ha, you know that has crossed my mind! I am not optimistic about the economy, so I think metal prices are going up up up - at least for the forseeable future.

 

[Odilia]

Date: 2/15/2008 12:58:22 PM
Author: mrssalvo

Date: 2/15/2008 12:46:48 PM
Author: gwendolyn

Date: 2/15/2008 12:42:07 PM

Author: Erik Carlson GG

As a side note there are some deals to be had if the jeweler that you get the setting from has had it in stock for a few years and has not repriced it.

If he hasn''t repriced it by now, he''s probably dead.

not necessarily. look at pearlmans close out section for example. those prices have not moved and actually, considering the skyrocking metal prices, those items are becoming even better deals. you just have to know how to hunt for them and be in the right place at the right time

That is true; one ring I did consider, instead of going custom, was the Scott Kay crown 5-stone, and a store near here had a great deal on it in platinum. About half of what others stores charge.

 

[gwendolyn]

Date: 2/15/2008 12:58:22 PM
Author: mrssalvo

Date: 2/15/2008 12:46:48 PM

Author: gwendolyn

Date: 2/15/2008 12:42:07 PM


Author: Erik Carlson GG


As a side note there are some deals to be had if the jeweler that you get the setting from has had it in stock for a few years and has not repriced it.

If he hasn''t repriced it by now, he''s probably dead.

not necessarily. look at pearlmans close out section for example. those prices have not moved and actually, considering the skyrocking metal prices, those items are becoming even better deals. you just have to know how to hunt for them and be in the right place at the right time

I know, m''dear, I was making a joke. Trying to lighten the mood in this thread so I don''t throw myself out any windows!

 

[mrssalvo]

Date: 2/15/2008 1:10:54 PM
Author: gwendolyn


I know, m''dear, I was making a joke. Trying to lighten the mood in this thread so I don''t throw myself out any windows!

ah, well it''s not the first time I didn''t get a joke

...

back to blaming my pregnancy brain

i''ve been doing that a lot today

 

[gwendolyn]

Date: 2/15/2008 1:14:44 PM
Author: mrssalvo

Date: 2/15/2008 1:10:54 PM

Author: gwendolyn
I know, m''dear, I was making a joke. Trying to lighten the mood in this thread so I don''t throw myself out any windows!

ah, well it''s not the first time I didn''t get a joke

...


back to blaming my pregnancy brain

i''ve been doing that a lot today

No worries, I have a weird sense of humour! Some say insane, even...

 

[MoonWater]

This thread is depressing! When I was working with WF to design my ring, the price of Platinum went up twice. Worse is that the design is final, but it hasn''t been purchased yet so that means it will go up again and again and again before my bf gives to ok to create it! It will probably end up costing more than the freaking diamond!!

 

[MoonWater]

Date: 2/15/2008 12:56:11 PM
Author: LegacyGirl
Gwen I''m sorry this is totally my fault. All throughout my life whenever I''ve wanted something automatically the prices skyrocket. When I got my first car gas went crazy. When I wanted a house so did everyone else. I fall in love with sushi grade tuna, they start being fished to death. Now I need an ER and some wedding bands... of course this has to happen.

So sorry, my bad!

Hahahaha!!

 

[gwendolyn]

Date: 2/15/2008 12:56:11 PM
Author: LegacyGirl
Gwen I''m sorry this is totally my fault. All throughout my life whenever I''ve wanted something automatically the prices skyrocket. When I got my first car gas went crazy. When I wanted a house so did everyone else. I fall in love with sushi grade tuna, they start being fished to death. Now I need an ER and some wedding bands... of course this has to happen.


So sorry, my bad!

*hypnotizes you* You do not want platinum anymore....you want palladium...white gold...yellow gold...sterling silver....plastic! No more platinum for you...

THIS is what you now crave....THIS....

 

[LegacyGirl]

AWWWWHAHAHAHA!!!! That''s awesome.