Investors Shun US Mint’s Platinum Coins in Favor of Gold, Silver

Bloomberg reported that sales of the platinum coins the US Mint started producing five months ago “have all but collapsed” because investors prefer gold and silver.

As quoted in the market news:

‘It’s not considered a currency,’ said Jason Carstensen, a medical-sales representative in Ventura, California, who spends about $2,000 a month on coins. Gold and silver have value as hedges against a devaluation of the dollar, while platinum is viewed as an industrial commodity, he said.

The Mint, which resumed production of platinum coins in March after a six-year halt, has sold 13,600 ounces this year, including zero in July. By comparison, the Mint sold 313,500 ounces of gold coins and 27.71 million ounces of silver, fueled by concern that the Federal Reserve is inflating the economy with paper money to stimulate growth.

Click here to read the full Bloomberg report.