France: 1890 Death Spike and Prices, Investigated

1889: 1 Troy Oz. Platinum (Wholesale) = Fr 27.99 (USD$ 5.42)
1889: 1 Troy Oz. Gold (Wholesale) = Fr 107.87 (USD$ 20.886) 

1889: 1 Troy Oz. Platinum (Wholesale) = Fr 34.21 (USD$ 6.62)
 
1890: 1 Troy Oz. Platinum (Wholesale) = Fr 74.65 (USD$ 14.44)
1890: 1 Troy Oz. Gold (Wholesale) = Fr 107.93 (USD$ 20.881) 
 
1891: 1 Troy Oz. Platinum (Wholesale) = Fr 45.10 (USD$ 8.721) 
1891: 1 Troy Oz. Gold (Wholesale) = Fr 108.365 (USD$ 20.952)  

Citation: Commission Permanente des Valeurs de Douane (1890)








 
Where 1 Poud cost (Fr. 34,838) руб 12,500. in the Urals,

June, 1890: 1 Troy Ounce platina (Ural, High) = 23.74 руб
June, 1890: 1 Troy Oz. platina (Ural, High) = Fr 66.15
June, 1890: 1 Troy Oz. platina (Ural, High) = USD$ 16.18


Citation: Recueil Consulaire Contenant les Rapports Commerciaux des Agents..., Vol. 95, Belgium, Ministère des affaires étrangères (1897) p.357


From Berlin in 1890:



June, 1890: 1 Troy Oz. platina (Ural, High) = Fr







 

October 1890:

10/1890: 1 Troy Ounce Platinum (Mfg) = Fr 85.53 (USD$ )


1889: 1 Troy Ounce Platinum (Mfg) = Fr 37.32 (USD$ )
1890: 1 Troy Ounce Platinum (Mfg) = Fr 80.87 (USD$ )

Platinum stills
 



Counterfeit Fr 20. coins, removed from circulation by the French Mint:

Citation: Annual Report of the Director of the Mint; United States Bureau of the Mint (1891) p.288

USA, 1920: Metals Chart, Platinum Death Spike Evident

January, 1920: 1 Troy Ounce Platinum (SF Spot: .999) = USD$ 150.

January, 1920: 1 Troy Oz. Platinum (NYC Spot: .999) = USD$ 154.
February, 1920: 1 Troy Oz. Platinum (SF Spot: .999) = USD$ 152.
February, 1920: 1 Troy Oz. Platinum (NYC Spot: .999) = USD$ 152.50
March, 1920: 1 Troy Oz. Platinum (SF Spot: .999) = USD$ 140. 
March, 1920: 1 Troy Oz. Platinum (NYC Spot: .999) = USD$ 140.20
April, 1920: 1 Troy Oz. Platinum (SF Spot: .999) = USD$ 128.
April, 1920: 1 Troy Oz. Platinum (NYC Spot: .999) = USD$ 128.50
May, 1920: 1 Troy Oz. Platinum (SF Spot: .999) = USD$ 96.
May, 1920: 1 Troy Oz. Platinum (NYC Spot: .999) = USD$ 96.10
June, 1920: 1 Troy Oz. Platinum (SF Spot: .999) = USD$ 85.50
June, 1920: 1 Troy Oz. Platinum (NYC Spot: .999) = USD$ 85.50
July, 1920: 1 Troy Oz. Platinum (SF Spot: .999) = USD$ 85.
July, 1920: 1 Troy Oz. Platinum (NYC Spot: .999) = USD$ 82.50
August, 1920: 1 Troy Oz. Platinum (SF Spot: .999) = USD$ 115.
August, 1920: 1 Troy Oz. Platinum (NYC Spot: .999) = USD$ 111. 
September, 1920: 1 Troy Oz. Platinum (SF Spot: .999) = USD$ 115.
September, 1920: 1 Troy Oz. Platinum (NYC Spot: .999) = USD$ 115.62
October, 1920: 1 Troy Oz. Platinum (SF Spot: .999) = USD$ 103.
October, 1920: 1 Troy Oz. Platinum (NYC Spot: .999) = USD$ 103.50
November, 1920: 1 Troy Oz. Platinum (SF Spot: .999) = USD$ 89.
November, 1920: 1 Troy Oz. Platinum (NYC Spot: .999) = USD$ 89.39
December, 1920: 1 Troy Oz. Platinum (SF Spot: .999) = USD$ 85.
December, 1920: 1 Troy Oz. Platinum (NYC Spot: .999) = USD$ 80.

Citation: "Mineral Industry of California" Bulletin, Issue 90, p.70

Refined Platinum ingot in bulk @ New York:
 





1920: PGMs

Citation: Mineral Resources of the United States, Part 1 pp. 43-4

1920: Monthly Prices for


January 1920 - August 1921: Platinum fell -59.4%

Iridium fell about -55% from January - June 1921.

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

More here. (fwiw, with wartime price controls, Platinum did not reach $160. again until January 1968, 48 years later.)

1919-20


1911 - 1921: Average Colombian Ore Price, US Import

Citation: The Jewelers' Circular, Vol. 85, Issue 2 (11/1/1922) p.77



1911 - 1921: Refined Platinum Price, New York

Citation: Engineering and mining journal, Vol. 112; American Institute of Mining Engineers (1921) p.478


A notable coin-sale in mid-December 1921 records the numismatic value of Russian Roubles in the USA, illustrating the collector's premium (44.37 - 71. 5%) nearly two years after the 1919 Peak. The lowest price/premium (11.8%) may have approximated the retail price for scrap Platinum. (Also ironically, the more expensive 'proof' coins might have been late counterfeits.)

December, 1921: 1 Troy Ounce Platinum (NY Spot) = USD$ 78.19
December 15, 1921: 1 Troy Ounce Platinum (Rouble, numismatic: High) = USD$ 134.
December 15, 1921: 1 Troy Ounce Platinum (Rouble, numismatic: Low) = USD$ 87.40

Citation: The Numismatist, Vol. 35 (May 1922) ; American Numismatic Association, p.225




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


Citation: Metal industry, Vol. 19 (1921), p.338 (350)

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

Citation: Bulletin, Issue 90, California State Mining Bureau, California. Division of Mines and Geology (1921) p.70


Iridium fell from $325. > $165. in 6 months.

1/26/1921:

3/1/1921:


3/9/1921:

3/16/1921:

6/15/1921:


6/22/1921:



6/14/1922:



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 for would be $ 3,469. (in 2009 USD$.)

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$.)