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Platinum is located on the Bering Sea coast, on the south spit of Goodnews Bay. The community was established shortly after traces of platinum were discovered by an Eskimo in 1926. The big strike occurred in 1936, which brought a stampede of prospectors, hungry for the "white gold." The individual claims were bought out by two mining companies. By 1975, over 545,000 ounces of platinum had been mined at the site. The mine ceases operations in 1990.

Due to the "commercial" history of the village, Platinum has not retained as much local tradition as other villages. Platinum is one of the few Eskimo villages in the region in which the first language of the children is English.

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