Next I attempted to buy bulk, looking for 4 other investors to go in with me and we each pay 20% and each get one 2 oz bar. I only found 2 other people. Finally, my search led me to Eitan Cohen, owner of the Cohen Mint. We spoke on the phone and I learned he had rhodium coins on the way! But, not only were they only one gram, I received several emails from buyers who had to wait months to have their orders filled (no, I'm not affiliated with Cohen Mint, but I assure you a) it's damn hard to make a rhodium coin and b) they WILL get it to if you're patient). Either way, I decidedI'd buy my 1 gram coins from an Australian reader of this blog. I didn't know him, but I trusted him enough to buy a few coins. The product was good, so I bought the rest of what he had.
Cohen Mint 1-Gram Rhodium Round
But I was still several grams away from one ounce! So, when finally Cohen announced the 1 ounce rhodium bullion bar I contacted the company and made arrangements to purchase one. You need a cashier's check sent overnight (to make sure there's no huge price fluctuation) or else a bank transfer. I chose the former and FedEx (man, I hate FedEx!) didn't inform me that the don't ship to P.O. Boxes. So, I didn't get my cashier's check back until the next week because FedEx sucks. Then I had to pay to ship it with the Post Office. It was a pain getting my $30 back from FedEx too! Next time I do bank transfer!
1 oz Rhodium Bullion
Email communication with Cohen Mint was good. Many readers of this site expect hourly replies. Sometimes that just isn't possible and I understand that, so I don't mind waiting a few days for a reply. After 2 months, my 1 oz Rhodium bar showed up at the local post office! I picked it up on my way to work and left it in my glove box where I thought it would be safest. Never had a break-in but the rhodium bar is worth nearly as much as the car!Cohen 1 oz Rhodium Bullion
The coin is well-formed and smooth. There are intricate details on the coin that I wasn't expecting. I would have been happy with a slab of it stamped "Rh .999 pure" and a "Cohen Mint" somewhere on it. That's how Engelhard did their silver; and it was fine for most of us. Needless to say, it's a beautiful piece of rhodium. The bar is smaller than 1 oz of gold, which makes sense considering rhodium's density is 12.41 g·cm−3 and gold is 19.3 (UPDATE: I was told I'm wrong on my physics here, but I'll just keep it that way for now!) Here is the size of the one ounce rhodium bar vs. the 1 gram rhodium coin. Notice the paler color of pure rhodium vs the nickel and quarter.
When I made this purchase Cohen Mint was kind enough to inform me that they could not sell me a coin because they hadn't designed any yet, but that they had some in the works. I feel this is really respectable because if I had wanted a coin I could have waited for one (or four, actually, so that I'd have an ounce). Truthfully I kind of like the bar, but here's a preview of what the Cohen Mint has up its sleeve!
Yes, that's a man on a horse stabbing a dragon. Let's hope they can make it this awesome!
Oh man, that Cohen Mint St George and the dragon design is exquisite!
ReplyDeleteI love the Gold British sovereign version. But you'r right, this is a superior design of St. George. I only have the gram version of the Rhodium coin. I keep most of my money in gold. But this is a great long term investment.
DeleteInteresting post! A check on Kitco.com indicated that rhodium was approximately $2,380 per troy ounce at year-end 2010. That's a lot of money for an ounce of metal. Also, if your bar is worth almost as much as your car, that must be an old car.
ReplyDeleteI do LOVE the Cohen Mint's rhodium coin conceptual designs.
this is a good blog, there goes my click for you
ReplyDelete"The bar is smaller than 1 oz of gold, which makes sense considering rhodium's density is 12.41 g·cm−3 and gold is 19.3"
ReplyDeleteActually, it doesn't make sense. If the density is smaller, the coin should be bigger (silver has density about 11 g*cm-3, so the 1 ounce rhodium bar should be comparable in volume to a 1 ounce of silver...)
Great finds! Silver vs gold could well outstrip demand because of the lack of above ground availability.
ReplyDeleteSilver MLM
Have you tried american elements, eventhough they charge 4% + $825 for fabrication cost for a 2 oz rhodium bar
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ReplyDeleteBEWARE THE COHEN MINT! THIER DELIVERY OF PRODUCTS IS EXTREMELY SLOW. THE BETTER BUSINESS BUREAU HAS NUMEROUS COMPLAINTS OVER THE PAST 3 YEARS WITH COMPLAINTS OF NO DELIVERY OF PRODUCT. I PLACED ORDERS OVER THE PAST 18 MONTHS AND HAVE GOTTEN SOME BUT NOT ALL OF WHAT I PAID FOR. THEY ARE BEING INVESTIGATED... THEY HAVE A P.O BOX ADDRESS. THE EMAILS AND PHONE NUMBERS DO NOT WORK ANYMORE. THIER CUSTOMER SERVICE IS NON EXISTENT. THEY ARE UNAVAILABLE AT THIS POINT AND NO MORE ORDERS ARE BEING TAKEN. AVOID THE COHEN MINT AT ALL COST...THERE ARE MANY POSTS SAYING IT IS A SCAM.
ReplyDeletenice compression between gold and silver really that is nice post.
ReplyDeleteCostume jewellery
Now you suckers can buy it for 1385 an ounce.
ReplyDeleteI placed an order with the Cohen Mint for 2 1 oz Rh coins. I sent them a business check; the coins arrived as scheduled 6 weeks later by registered mail in EXCELLENT condition. When you place an order for Rh you have to be patient. This metal is EXTREMELY difficult to work with, fabrication takes TIME.
ReplyDeleteThe Cohen Mint does a great job. I highly recommend their organization for their Rhodium Products. I plan to purchase more product from them in the near future.
I would really like to see what Iridium products they will fabricate.
Just bought Rhodium because it is in the historically best spot in relation to other precious metals. My buy price was $1400 per oz. Now a "hold" for 3 to 8 years...
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