Remember how Gollem got so worked up when a couple of hobbits ran off with his gold ring? Well, I empathize.
I complained about the price of gold back in the good old days when gold cost a mere $700 an ounce, instead of $900-plus.
For a little while at the end of last year, platinum was below $1600 an ounce — a relatively affordable upgrade from gold prices that were approaching $1000. Even recently, I was more focused on rising gold prices than on platinum. But, due to power outages affecting the output of South African mines, platinum prices are breaking records every day. A year ago, platinum could be purchased for $1168 an ounce. Today it is $2141 an ounce, and rising.
Looking back five years is even more depressing. In 2003, the low price for platinum was $602 an ounce. Let’s say it one more time. Platinum cost $602 an ounce in 2003. It costs $2141 an ounce now.
This is why jewelry is so very expensive. And why I get annoyed when people ask things like, “What’s the highest gold/platinum has ever been?” two seconds after I say, “It is at a record high.” Jebus! “Record high” means “highest ever.” Do you understand NOW, hobbits?