Platinum, like many precious metals, is a popular investment. Before buying platinum gather information about dealers and brokers so that you can choose a reputable dealer. Research the different forms in which platinum is available, such as coins, bars or certificates. Check the current market price just before buying to make sure you are getting the best possible price.
The first step before you buy platinum is to do research. Many resources exist which track the price of platinum and other precious metals and predict trends in the market. Be wary of sites or businesses that make predictions as to the market future of platinum and also sell platinum. It is in their interest to make a sale. They will not always have the interest of the investor as their primary concern.
Find a dealer to purchase platinum from. Many dealers operate through the internet. Some of these are reputable but many may be less trustworthy or outright scams. Research the companies themselves. Do not buy platinum from a company that does not have a service record of less than five years. You may be able to find a coin or precious metals dealer near you that has a physical establishment that you can visit.
Decide what form of the metal you wish to own before you buy platinum. Platinum can be purchased in the form of bullion, which is usually sold in one ounce bars, or platinum coins. Some investors favor platinum coins, as they may increase in value beyond the simple value of the metal itself. This is not always the case, however, as many platinum coins are valued based solely on the amount of platinum they contain. You can also purchase platinum certificates, which give you ownership of an amount of the metal, but the metal itself is held by a securities company.
The last thing to do before you buy platinum is check the market price for the metal. The price of platinum changes constantly. Most dealers will use a daily spot price set by commodities exchanges like the London Exchange or COMEX, which is part of the New York Stock Exchange. While most dealers can be trusted to use the current market price, it is a good idea to check the price before buying to prevent an unscrupulous dealer from over-charging.
Once you have chosen a dealer and decided on the form of platinum you wish to purchase, you can complete the process. Most dealers on line will accept credit cards or bank transfers for the purchase. If you buy platinum from a physical establishment and pay cash, be sure to get a receipt to save for your records. It should list detailed information on the sale including the amount purchased, the market price, the date, and the dealer's information.