Your Biggest Questions about Platinum Answered!
People have been asking us a lot of questions about platinum over the last few months. So as a service to you, our readers, we will devote today’s post to answering some of the most common questions we have heard.
“Are catalytic converters going to disappear in the next few years because gas cars are going away?”
Yes, electric and hybrid cars are being made in larger and larger numbers. According to the Edison Institute, more than 1.18 million electric vehicles were on the road in America as of March 31, 2019. Plus, the sales of electric vehicles rose 81% in 2019 over 2018 figures. But before you prepare for the death of gas vehicles, think about this . . .
According to the Edison Institute again, only 1.8% of all the vehicles on American roads in March 2019 were all-electric.
So despite all the news about electric vehicles, they are only making a small dent into the total number of cars and trucks on American roads.
And how fast will the U.S. and state governments demand that all the cars sold in America be all-electric? The answer to that question is, nobody knows. Sure, gas cars will eventually go away. When? We are thinking that could happen by about 2050, but we are only guessing.
And don’t forget that although hybrid cars (those that are powered by both electric motors and gas engines) are becoming more popular, they use catalytic converters! So if cat converters are your preferred scrap investment, don’t despair. They are not going away anytime soon. If you have 500 or more of them to recycle, give us a call at 800-426-2344 to discuss how you can recycle them now.
“Because the earth’s supply of platinum is running out, I should forget about platinum scrap and invest in other metals like silver and gold, right?”
There is no doubt that not a great deal of platinum is being extracted from the earth every year. According to the World Platinum Investment Council, only 190 metric tons of platinum is mined every year worldwide, compared with 3,300 metric tons of gold and (get this) 26,000 metric tons of silver.
But does that mean that opportunities to invest in platinum are going away? Not at all. In fact, the opposite is true because the scarce supply of new platinum has created more and more demand for recycled platinum, which is used in jewelry, in aerospace applications, in industrial chemicals, in medicines and medical testing supplies, and in lots of other places. So the fact is, this is a great time to find platinum scrap and have us recycle it for you. Every time you see a bride wearing a platinum engagement or wedding ring, chances are it is made of recycled platinum. Remember that and call us at 800-426-2344 to find out how to cash in on the boom in platinum.
“With platinum being so scarce, it must be practically impossible to find any platinum scrap that I can recycle, right?”
That would be a logical conclusion to draw, but the fact is that alert and aware precious metal investors are collecting platinum scrap from a lot of sources today and sending it to us for testing and recycling. Some of these sources include:
Used laboratory crucibles, vessels and other testing supplies
Bench and floor sweepings from factories where platinum jewelry and other products were made
Automotive components, including catalytic converters and spark plugs
Aerospace and aeronautical scrap
Medical supplies that include angioplasty guide wires, platinum catheters and probes
Platinum jewelry and decorative items
Want to Know More about Making Money by Recycling Platinum Today?
Call Specialty Metals Smelters and Refiners at 800-426-2344 to talk with a precious metal expert today. We are here to answer your questions!