What makes platinum different from gold?
Platinum is mainly an industrial metal. The US Geological Survey names catalytic converters as the leading use of the platinum-group metals, so platinum's price responds to demand from carmakers and factories.
The world mined an estimated 170 metric tons of platinum in 2025, against about 3,300 metric tons of gold, on USGS estimates. South Africa mined about 70 percent of the platinum.
Can platinum go in an IRA?
Yes. The tax code points to the minimum fineness a regulated futures exchange requires for delivery, and the NYMEX rules set that at 99.95 percent, which is where the commonly quoted .9995 figure comes from. The tax code also names the American Platinum Eagle. Metal in an IRA is administered by a custodian and held at an approved depository, and custodians set their own lists of accepted products.
How does platinum show up in practice?
A dealer quotes platinum at a premium over the market price when you buy and pays a bid below it when you sell. Ask for both the price you'll pay and the buyback price before you buy, so you know the spread.