With platinum now trading for over $900 on the London Fix, it stands to reason that you can make a lot of money recycling pure platinum scrap (like bench sweepings from jewelry factories) and pure platinum objects you have found (like platinum engagement rings and lab equipment).

Many people who collect precious metals fail to recognize platinum when they see it. They come across an old ring or other white metal item at an estate sale or antique store, assume that it is made of silver, and pass it by. With platinum trading at about $1,000/oz. at the time of this post, and silver at only about $16, that is a very costly mistake to make. Let’s take a look at some of the common misconceptions about platinum that could cause you to miss it.