Precious metals are commonly used in jewelry, industrial processes or, very often, as investment vehicles. The four main precious metals are gold, silver, platinum and palladium. There are eight metals that are considered precious. They are gold, silver, platinum, palladium, rhodium, ruthenium, iridium and osmium.
Of the precious metals that are not gold or silver, platinum is the most traded. Below is what makes a metal precious compared to other metals, plus a list of precious metals. Precious metals are not as reactive as base metals. They have a higher gloss than base metals and are very ductile.
Their rarity, brightness and ductile nature is what differentiates them from base metals and allows them to obtain higher prices than base metals. The best-known precious metals are gold, silver, platinum and palladium. A precious metal is a metal with a rare metallic chemical element and, because of this, has a high economic value. Precious metals are less reactive than most elements, have a high gloss, and have higher melting points than other metals.
The most common types of precious metals that people invest in are gold, silver, and platinum. Other types of precious metals include iridium, osmium, palladium, rhodium and ruthenium. The term “carats” is derived from old bazaars where carob trees were used to weigh precious metals. Precious metals are metals that are rare and have a high economic value due to several factors, including their scarcity, their use in industrial processes, the hedge against currency inflation and their role throughout history as a store of value.
The most well-known precious metals are corrosion-resistant metals used in jewelry, currency, and investments. You can also buy small or medium amounts on a regular basis to maintain as part of a retirement account or as a separate retirement account used only to invest in precious metals. Gold, platinum, and silver metals are widely traded and are considered precious metals because of their rarity and beauty. In the past, precious metals played a central role in the global economy because many currencies were physically minted with or backed by precious metals, as in the case of the gold standard.
Before buying precious metal jewelry, it is advisable to gain some knowledge about various precious metals and their characteristics. Gold (0.004 ppm) is the rarest precious metal, followed by platinum (0.005 ppm) and silver (0.075 ppm). Pure gold is very soft and flexible, and alloys of different precious metals combine with pure gold to improve its durability and strength, as well as create a blush in the appearance of gold with different shades of color. Silver has been known and used for thousands of years and is considered one of the three precious metals along with gold and platinum.
Investing in precious metals can be a good way to make quick profits or increase your savings for the future. In addition, precious metal ownership often entails storage costs (in other words, a safe deposit box) and insurance costs. It is the only precious metal used in fine jewelry that is 90% to 95% pure, largely hypoallergenic and tarnish-resistant. Precious metals used in industrial processes, on the other hand, include iridium, which is used in special alloys, and palladium, which is used in electronic and chemical applications.
Although they can carry a certain degree of security, there is always a certain risk when investing in precious metals.