SMALL GROUP OF PLATINUM EAGLES AVAILABLE
Platinum Eagles have been nearly impossible to find over the past 8 months. In fact, platinum in any form, whether bars or coins have been in short supply most of 2020. There were many times I had to wait several weeks for delivery.
Platinum has started to rise in price as this shortage has started to grow worse.
A deficit of 1.2 MILLION ounces is projected for this year. This is the first time in years that there will be a large physical shortage. The same thing happened to Palladium before it went from about $500 to over $2200 today. Rhodium, another Platinum Group Metal, jumped from under $1000 to over $17,000 today. Of course, those gains took place over 4 – 5 years, but they were well worth waiting for.
Platinum Eagles are most certainly one of the most sought-after platinum coins. The US government usually releases them only a few times a year at most. That is if they make them at all. Except for Proof collector versions, no Platinum Eagles were issued from 2009 through 2013. Then the Mint skipped production in 2015.
Platinum Eagles generally sell out as soon as the Mint releases them, which makes it tough to find coins within days of the initial releases.
In 2020 the US Mint made and sold 14,500 in January, 9300 in February, 31,200 in March (that’s when platinum dipped below $800 and investors bought all they could) and finally one last mintage of 1500 coins in April. The US Mint does not sell Bullion directly to the public so all these coins were bought and sold to investors by dealers, brokers and precious metals firms such as us at Am Fed.
Fractional coins have not been minted since 2008. That makes the smaller coins such as 1/10 oz, ¼ oz and ½ oz coins almost impossible to find at any price.
The coins I have available are a small number of 2020 dated coins. Just to give you an idea how hard it is to find coins in the secondary market, compare that only 56,500 ounces of platinum were sold by the Mint while 669,500 ounces of gold were sold as of the end of September.
I also have a tiny number of Quarter ounce Platinum Eagles that I just happened to be lucky enough to buy.
- Nick Grovich
