Sales figures from the US Mint have shown a marked increase in the sale of Platinum coins – specifically the Platinum American Eagle.
The Mint reported sales in 2018 of 30,000 of these coins; already a 50% increase after six months compared to the whole of 2017 in which the US Mint sold 20,000 platinum Eagles. 2016 also recorded approximately 20,000 platinum Eagles sold.
The increased demand for Platinum could be linked to the notable drop in price for the precious metal over the past year. Prices are now £55.29 / $60 lower compared to this point last year.
Platinum has had an odd history, particularly in Dollars, having peaked at $2,162 just before the 2008 recession kicked in. Prices subsequently plummeted, but still managed to return to $1,500 before steadily declining as the demand for the metal in the catalytic converters used for motor vehicles diminished.
Silver American Eagles are down approximately 44% compared to the first half of 2017, while sales of the gold 1oz American Eagle are down by 42%. Market analysts have attributed this down to the rise in popularity of cryptocurrencies within Generation Y (millennials) and Generation Z, but as Bitcoin and its rivals continue to struggle with high volatility it’s yet to be seen whether this is a flash in the pan interest.
