France, 1906: A Platinum High

Suspect US prices?

February, 1906: 1 Troy Oz. Platinum = Fr 136.86
October, 1906: 1 Troy Oz. Platinum = Fr 186.62

Citation: Revue de métallurgie, Vol. 4 (1907) p.347



1 Troy Ounce Platinum (ingot? mkt) = Fr 217.73 (USD$ 42.57)

Citation: Études, Volume 110 Jan.-Mar. 1907, p.846

January 1906:
 

20 Oct 1906:

September, 1906?: 1 Troy Oz. Platinum = Fr 171.07
Citation: L' economiste Francais, Journal Hebdomadaire (1906) 


11 Nov 1906:

October, 1906: 1 Troy Oz. Platinum = Fr 186.62
Citation: L' economiste Francais, Journal Hebdomadaire (1906) 


22 Dec 1906:

December, 1906: 1 Troy Oz. Platinum = Fr 217.72
Citation: L' economiste Francais, Journal Hebdomadaire (1906) 
 




Import/Export, 1906

Germany, 1806

By 1806, the availability and price of Wollaston's Platinum was announced in Germany & Continental Europe.  (This English Price assumes an exchange rate of 1 Rthlr. = £ 0.20 ; w/o shipping, insurance, tariffs, etc.)

1805-  1 Troy Oz. Platinum (manufactured, retail)  = £ 0.75 - 0.9o (Thlr 4.)

Citation: Annalen der Physik, 1806 Vol. 19-24 V p.231


Where 1 Loth = 225.5 grains = 0.4867 Troy Ounce,  and if this is an accurate quote, the earlier presumed imported German price was nearly double the 1818 Paris price. 

Although this is closer to Knight's contemporary price in 1800, 36 Francs is suspicious close to the French Once price in 1811 (seven years before the article's date.)  Other German sources (c. 1825) reference astronomical prices, perhaps from this period.

Dubious (historical) Paris Price, suspect typographical error:

1819??: 1 Troy Ounce Platinum (mfg.)  = Fr 73.96 (USD$ 15.46)

Citation: Morgenblatt für gebildete leser, Volume 13 (1819) p.20

Foreign Exchange (August, 1804) : 1 Rthlr = £ 0.225 = Fl. 1.50

1806: Spanish & USD$ ($1) to Rheinish Gulden: 

1806: 1 Troy Ounce platina (Cartagena: Spot-Price) = Fl. 1.

1801- : Jeannetty's address above the Hotel de Boston,

This is so far the only one which, deals with the processing of platinum in Paris, and both at home and abroad sent his skillful work. *) On all instruments

USA, 1911: Colombian ore and Iridium

1911 Platinum All-Time Record High (in avd.) noted in January 1912 journal.

The Price of Iridium increased in the latter part of 1911, 18.5%.

At especially exorbitant rates, these may be two leading indicators for war-time escalation: hoarding and inflation.  


1911: 1 Troy Ounce platina (Colombian import, 83%?) = USD$ 26.86
1911: 1 Troy Oz. Pt (Colombian ore @.999) = USD$ 32.36
1911: 1 Troy Oz. platina (SPb: Russian ore) = USD$ 35.19

1911: 1 Troy Oz. Pt (SPb: Russian ore @.999) = USD$ 42.40

1911: 1 Troy Oz. Platinum (USA: Ore & refined, Imported) = USD$ 38.48

Citation: Minerals Yearbook, 1911 ; US Geological Survey (1912) p.990



1911: 1 Troy Oz. platina (Mkt: US ore, 70%) = USD$ 28.8806
1911: 1 Troy Oz. Pt (Mkt: US ore & Scrap, .999) = USD$ 43.12

Citation: Congressional edition, Vol. 6419 p.984
 

Citation: The Mineral Industry, Vol. 20 (1912) p.597




1911: 1 Troy Oz. Platinum (refined ingot, NY mkt) = USD$ 43.12

NY Monthly Mkt Prices for Russian Ingot, 1910 - 15:
 
October 1911:
October 1911: 1 Troy Oz. Platinum (Mkt) = USD$ 46.25
October 3, 1911: 1 Troy Oz. Platinum (Mkt) = USD$ 47.50
 


October ? 1911: 1 Troy Oz. Platinum (Trade) = USD$ 50.06


Citation: The Commercial Telegraphers' Journal: The Official Organ..., Vol. 10 No.1



 


 
Iridium: 
 
1911: 1 Troy Oz. Iridium (refined, mkt.) = USD$ 63.

1911: 1 Troy Ounce Iridium (ingot, mkt) = USD$ 54.
1911: 1 Troy Ounce Iridium (ingot, mkt) = USD$ 60.
1911: 1 Troy Ounce Iridium (ingot, mkt) = USD$ 64. 

USA, 1865-89: Worst 25-Years for US Deflation, Measured in Metals

The End of the US Civil War beget a record 25-Year period of deflation in the USA.  The US Price Index fell -58%. The Index of Wholesale Metal Prices (Table 100: Warren &Pearson, 1932) fell -64.6% and between July 1864 - December 1889, -70.9% (Table 40: Ibid.)

In 1889, speculators attempted to corner the market in Platinum.  The average monthly Price of Platinum had risen to $16. and neared a US record $20./oz., but the price dropped to $8.-9. immediately thereafter. 

1865: 1 Troy Ounce Platinum (manufactured, wholesale)  = USD$ 12. - 15.00
1865: 1 Troy Ounce platina (ore, retail)  = USD$ 6.

1889: 1 Troy Ounce Platinum (semi-refined, retail) = USD$ 20.
1889: 1 Troy Ounce platina (Russian ingot) = USD$ 16.


Conservatively estimating for similar products in 1865, platina & Platinum manufacturers cost about +25% more in 1889.

1865-89: Silver Fell -30%
 
1865: 1 Troy Ounce Silver = USD$ 1.3384
1889: 1 Troy Ounce Silver = USD$ 0.9351

 
1865-89: Gold Fell -53.5%

1865: 1 Troy Ounce of Gold = $ 44.44
1889: 1 Troy Ounce of Gold = $ 20.67

USA, Late 1890s: Platinum High

In the late 1890s, refined and manufactured platinum was 3.35x more expensive than US platina (ore).

1897: 1 Troy Ounce platina (native US ore) ~ USD$ 5.
1897: 1 Troy Ounce imported platina (ore) = USD$ 8.37
1897/8: 1 Troy Ounce Platinum (refined, manufactured) = USD$ 17.   


1899: 1 Troy Ounce platina (native US ore) = USD$ 6.- 8.
1899: 1 Troy Ounce Platinum (refined, mfg.) = USD$ 20.

1902: 1 Troy Ounce Platinum ~ USD$ 19.

  

Citation: Timely topics, Volume 5 edited by Henry Romaine Pattengill (1902), p.553

1899, 1901:

1899:

1899:


1897:
Citation: Inorganic chemistry: with the elements of physical and theoretical chemistry, John Iredelle Dillard Hinds (1902) p.540

1901, 1902:
Citation: Congressional serial set, Issue 4718 By US Government Printing Office p.242

Germany, 1889: Platinum in Marks

1889: 1 Troy Ounce Platinum (Cartel Price) = ℳ 31.104
 
In 1889, the market price of Platinum was ℳ 1,000.

Citation: Prometheus: Illustrierte Wochenschrift über die Fortschritte..., Vol. 18, No. 904, p.309 






The monthly average price for unmanufactured Platinum in 1889 was ℳ 1,072.93/kg.; the manufactured (bulk) rate was ~(ℳ 1,100./kg.) ℳ 1,107./kg.
 
1889: 1 Troy Ounce Platinum (Annual Avg. Mkt.) = ℳ 33.372
1889: 1 Troy Ounce Platinum (Mfg) = ℳ 34.432

October 1889: 1 Troy Oz. Platinum (Wire) = ℳ 37.3242

November 1889:


The price of a kilogram of platinum wire is currently around ℳ 1,200, so that individual lamp systems the material costs of Platinum alone is about Pf. 25, while it's included in the Edison lamp for only about Pf. 10.



 


February? 1889: 1 Troy Oz. Platinum (Mfg, Retail) = ℳ 46.65521

Citation: Chemiker-Kalender: ein Hülfsbuch für Chemiker, Physiker... (1889) p.164

Abdampfschalen vоn Platin, à Gramm 1,50 ℳ., 
Inhalt         g:  10   25   50   90   150 
Preis, ca. ℳ.   8    20   25   40     75


Jan. 1889: 1 Troy Oz. Platinum (Mkt) = ℳ 31.104
Feb. 1889: 1 Troy Oz. Platinum (Mkt) = ℳ 31.104
Mar. 1889: 1 Troy Oz. Platinum (Mkt) = ℳ 34.214
Apr. 1889: 1 Troy Oz. Platinum (Mkt) = ℳ 34.214
May 1889: 1 Troy Oz. Platinum (Mkt) = ℳ 34.214
Jun. 1889: 1 Troy Oz. Platinum (Mkt) = ℳ 34.214
Jul. 1889: 1 Troy Oz. Platinum (Mkt) = ℳ 34.214
Aug. 1889: 1 Troy Oz. Platinum (Mkt) = ℳ 32.66
Sep. 1889: 1 Troy Oz. Platinum (Mkt) = ℳ 32.66
Oct. 1889: 1 Troy Oz. Platinum (Mkt) = ℳ 31.104
Nov. 1889: 1 Troy Oz. Platinum (Mkt) = ℳ 33.436
Dec. 1889: 1 Troy Oz. Platinum (Mkt) = ℳ 37.324

 
October, 1889: 1 Troy Ounce Platinum (Mkt) = ℳ 31.104
October, 1889??: 1 Troy Oz. Platinum (Mfg: Wire Cloth) = ℳ 38.879 - 46.655

Citation: Catalogue of bacteriological and hygienic apparatus; Hermann Rohrbeck a.k.a. Luhme (1891) 


December 1889:
  
Citation: Stahl und Eisen, Vol. 10, Issues 1-6 p.520





1889: 1 Troy Ounce Platinum (Mfg) = ℳ 34.432 
Manufactured, bulk Platinum prices in German Marks, 1869-92:

1889: 1 Troy Ounce Platinum (semi-mfg; whols/ret) = ℳ 34.21 (USD$ 8.17)

Citation: Die Metalle: Geschichte, Vorkommen und Gewinnung, nebst ausführlicher ...Bernhard Neumann p.363



1889: 1 Troy Ounce Gold (Mkt, Ingot) = ℳ 86.63
1889: 1 Troy Ounce Gold (refined) = ℳ 90.82
1889: 1 Troy Ounce Silver (refined) = ℳ 5.44
1889: 1 Troy Ounce Palladium (Retail?) = ℳ 382.58
1889: 1 Troy Ounce Iridium (Retail?) = ℳ 298.60

Quoting 'Kosmos'

1889: Zeitschrift für Vermessungswesen, Vol. 18; Deutscher Geometerverein ( ) p.221

 

Berlin price rises in 1889. Pure Platinum wire was 84.62% more expensive than 50% Platinum Alloy (Platin-Legierungsdraht) wire; 'second quality' alloy was presumably 40% Pt/60% Silver or Tin?

9/1889?: 1 Troy Oz. Platinum (Semi-Mfg; Trade) = ℳ 37.3242 (USD$ )
10/1889?: 1 Troy Oz. Platinum (Semi-Mfg; Trade) = ℳ 40.4345 (USD$ )

9/1889?: 1 Troy Oz. 50/50 Pt-Ag Alloy (Semi-Mfg; Trade) = ℳ 20.22 (USD$ )
10/1889?: 1 Troy Oz. 50/50 Pt-Ag Alloy (Semi-Mfg; Trade) = ℳ 21.77 (USD$ )
 

October, 1889:

Citation: Korrespondenz-Blatt fuer Zahnaerzte, Vol. 18 XXVII (1889/90)
  

USA, 1921: Secrecy of US Platinum Refiners, >60% Price Collapse Noted.

Platinum was 233x the Price of Silver in January, but down to 123.4x the Price of Silver in December.


January, 1921: 1 Troy Oz. Platinum (Refined, Mkt) = USD$ 155. 
February, 1921: 1 Troy Oz. Platinum (Refined, Mkt) = USD$
March, 1921: 1 Troy Oz. Platinum (Refined, Mkt) = USD$  
April, 1921: 1 Troy Oz. Platinum (Refined, Mkt) = USD$ 
May, 1921: 1 Troy Oz. Platinum (Refined, Mkt) = USD$ 
June, 1921: 1 Troy Oz. Platinum (Refined, Mkt) = USD$ 
July, 1921: 1 Troy Oz. Platinum (Refined, Mkt) = USD$ 80.
August, 1921: 1 Troy Oz. Platinum (Refined, Mkt) = USD$ 120.
September, 1921: 1 Troy Oz. Platinum (Refined, Mkt) = USD$ 
October, 1921: 1 Troy Oz. Platinum (Refined, Mkt) = USD$ 
November, 1921: 1 Troy Oz. Platinum (Refined, Mkt) = USD$ 
December, 1921: 1 Troy Oz. Platinum (Refined, Mkt) = USD$ 75.




The Price of Silver in January was $0.664; in July $0.5851; in December,

John Story Jenks Collection Sale, mid-December 1921 shows the numismatic premium at very high Platinum prices was only ~26.5%.

An 1831 "Proof" 12-Rouble coin sold for $150.; where a full-weight 12-Rouble was 1.3292 ozt. (638 Grains Troy)

December, 1921: 1 Troy Oz. Platinum (Numismatic: 12-руб) = USD$ 112.85
December, 1921: 1 Troy Oz. Platinum (Numismatic: 6-руб) = USD$ 133.73
December, 1921: 1 Troy Oz. Platinum (Numismatic: 3-руб) = USD$ 87.15

Citation: The Numismatist, Vol. 35 (1922) p.226




 
Following the parabolic price rise of Platinum in WW1, the US refined market collapsed from the beginning of 1920 through the summer of 1921. 


With Russian platinum embargoed, supplies dwindled; the US govt's strategic stockpile was released, @ $ 85./oz. in 1919. Demand remained strong; then a speculative frenzy drove the spot price 60% higher in the next few months. That Peak & Crash were epic, perhaps a record.

January 26, 1920: NY Spot Price = $160./oz
August 1, 1921: NY Spot Price = $ 65./oz

Contemporary US government summaries do not convey the extent of the Platinum Price Collapse: see the 1919-1920 Metal Price Chart.

In 1920, the Spot Price of Platinum fell from $160. to ~ $83.50 by year end, or -47.8%. The price fell further in July/August, a low of $58. is mentioned. That's a total decline of -63.75% from the Peak within 20 months. Between 1920 and 1921, the Canadian Platinum Producer Price likewise dropped -58.6% ($ 67.63 > $ 27.97) .

Citation: Tariff information surveys on the articles in paragraph 1 ..., Issues 333-386; United States Tariff Commission (1921), p.34.

Citation: Metal industry, Vol.19 (1921), p.56


A time of secrecy & smuggling (again)?

Citation: The Mining magazine, Vol. 23 (1920), p.116.



Gauges of Wire, Foil, etc.

Pure Platinum Foil (Light, 0.03 mm): 1 Sq. In. = 5.45 Grains
Pure Platinum Foil (Medium, 0.04 mm): 1 Sq. In. = 8.18 Grains
Pure Platinum Foil (Heavy, 0.05 mm): 1 Sq. In. = 10.88 Grains




Pure Platinum Wire (Heavy?, 2.02 mm): 12 In. = 328.25 Grains

 

In the last 30 years of the 19th C., Platinum rose 367%; Pt peaked 50 years after 1870.
At the same time, Silver and fell -53.4% on London.

1899-1921:
Citation: Engineering and Mining Journal, Vol. 112 American Institute of Mining Engineers (1921) p.478

Adjusting for Real Inflation since 1920 (5,206%) we can extrapolate the "1920 Peak" spot price for Platinum (refined ingot, 89% pure) to be $ 8,490. (in 2009 USD$.)

Adjusting for Real Inflation since 1921 (5,238%) the lowest 1921 Platinum Spot Price would be $ 3,469. (in 2009 USD$.)