Platinum is an incredibly extraordinary precious metal, far rarer than gold. It is generally more costly than gold, but in recent history, regulated by the rules of supply and demand, it has been traded lower than gold on numerous occasions. Platinum is available in only a few areas worldwide, primarily in the Merensky Reef of South Africa, the Ural Mountains of Russia and a few remote mines in the US and Canada. Platinum, with its high specific weight, is a solid, dense metal. It is about twice as heavy as 14-karat gold and has some very distinctive qualities that make it a very attractive jewellery metal. Platinum does not wear away due to its softness combined with great intensity, which ensures that the initial weight of a jewellery product at the time of buying will remain the same, and after decades of severe use. This is often the reason that large diamonds are mostly set in platinum, since the clasps will appear solid and platinums extraordinary white skin makes the diamond look more white and thus more expensive. For e.g., a wire with the thickness of a hair can hold a weight of 1 kg. Platinum is incredibly dense. In jewellery, laboratory equipment, electrical components, dental care, and vehicle emission control systems, platinum is used.
Facts of Platinum
A metal that attracts women, a metal thats pure, peaceful and elegant, a metal thats precious and unique. It originally comes from the concept Platina in Spanish, meaning little silver. Julius Caligour invented it in 1557. Platinum is known for its shine, lustre, intensity & toughness. Platinum was considered appropriate for jewellery items during the eighteenth century. In the early 1900s, Platinum achieved the height of success. 100 per cent pure platinum-1000 fineness. The platinum unit is fineness. Gold and platinum are both weighed in gram. Anti-heading, Platinum has everlasting beauty and appears the same with quite negligible wear out during its existence. A scratch on a piece of Platinum is just a metal disruption and none of its volume is affected. It is lovingly referred to as a Dead Set metal-it secures it for a lifetime until it keeps the diamond. The worlds most prominent gems, such as the Koh-I-Nor diamond, are set in platinum and are part of the British crown jewels.
- 30 times rarer and expensive than gold
- To make a single ounce of platinum, ten tonnes of gold must be extracted.
There is only 1 platinum mine in the world out of every 10 gold mines.
- In a medium-sized room, platinum mined up to date will fit.
- Compared to 2700 tonnes of gold, 88 tonnes of platinum is made into jewellery every year.
- Platinum price is 2 to 3 times higher than gold
- The processing of platinum ore into pure platinum generally takes 5 months of time
Platinum is a desirable metal which is used as a currency in catalytic converters, jewellery, watches, and brings its name to credit cards and entertainment honors. Check the fascinating facts below to find out more about platinum and its properties.
- Platinum, with the symbol Pt and the atomic number 78, is a chemical element.
- The term platinum is derived from the word platina in Spanish, which implies little silver.
- Platinum is a dense, malleable, ductile (can be stretched), glossy gray-white transition alloy, uncommon enough to be called a precious metal.
- In its native form, Platinum can be considered chemically uncombined. Because of the same, pre-Columbian South American natives used platinum to manufacture objects of a white gold-platinum alloy contained in the alluvial sands of river systems.
- In 1557, the Italian Julius Caesar Scaliger first described platinum in European manuscripts. He identified an obscure noble metal found near Mexico, that could not yet be liquefied by any fire or any Spanish artifice.
- The melting point of platinum is 1,768.4 ° C (3,215 ° F) and the boiling point is 3,825 ° C (6,917 ° F).
- Native platinum reserves are scarce and difficult to discover, despite South Africa responsible for 80 % of the worlds supply. Alluvial deposits from the Ural Mountains, Russia, are also extracted.
- There are a wide range of uses for platinum, a highly valued and preferred metal, including jewellery, catalytic converters, electronic components, pacemakers, medication and magnets. Since it is rare, according to Chemicool, there are only about 5 parts per billion by weight in the Earths crust, platinum appears to be very expensive, as anyone who wants to purchase a platinum wedding ring it is suggested to check the price before purchasing.
- Platinum is a silver-white metal, once referred to as white gold. It is highly resistant to discrediting and deterioration (which makes it recognised as a noble metal) and very smooth and malleable, making it easy to form; ductile, making it easy to shape into wire; and inert, ensuring it does not oxidise and common acids do not harm it as well.
- Platinum, a group that contains gold, silver, copper and titanium, and much of the elements in the centre of the periodic table, is one of the metallic elements. These metals atomic structure ensures that they can bond effectively with other components.
- According to Chemicool, it is also one of the densest elements at 12.4 ounces per cubic inch (21.45 gram per cubic centimetre), significantly more than 21 times the water density or 6 times the diamond density. For this extremely rare and precious metal, these properties contribute to many purposes.
Key facts of Platinum
In our environment, platinum is synonymous with high standards. The level of popularity has been achieved by a music album named Platinum. The highest credit limit is managed by a Platinum credit card. The worlds most famous gems are clutched in platinum, such as the Hope Diamond. It is much rarer than silver or gold because it is not used as commonly in the production of jewellery, but it is undoubtedly the best in the world. Here are some facts about this precious metal which you might not know:
- It takes 10 tonnes of ore and 5 months for one ounce of Platinum Bullion to be extracted.
- Platinum was used by the pre-Colombian Indians in a comparatively pure form.
Platinum does not oxidise at any temperature in the air, rendering it an outstanding jewellery choice; but it is rusted by cyanides, halogens, sulphur, and corrosive alkalis, so precaution should be taken not to expose household chemicals to platinum jewellery.
- Platinum, which also makes it suitable for jewellery, is hypo-allergenic.
- Compared to 1800 tonnes of gold, yearly mining of platinum yields around 200 tonnes.
- Platinum is considered a noble metal since it was only made accessible to aristocrats and aristocracy through its abundance. A then-unknown noble metal that could not be liquefied by fire (it has a melting point of 3216 degrees F and a boiling point of 6917 degrees F) was identified by Julius C. Scaliger. Platinum was the unknown noble metal which he alluded to.
- Diamonds and other precious gems are often placed in platinum prongs owing to their toughness, irrespective of the metal used in the group or setup.
- Platinum is capable of conducting electricity.
- The name of the element derives from the word platina in Spanish, implying little silver.
- Although platinum is comparatively unique on Earth, on the Moon and in meteorites, it is much more prevalent.
- Platinum demonstrates many metal attributes. In texture, it is silver-gray, shiny, ductile, malleable, and dense in nature.
- Platinum is a metal that is unique. In some alluvial soils, the pure portion may be identified. And during refining of copper-nickel ore, the element can be extracted too.
- In meteorites and moon rocks, the amount of platinum found is higher than the percentage identified on Earth.
- Platinum is classified, like gold and silver, to be a precious metal. In currency and investment, it has been used.
- It is claimed that platinum is non-toxic. As an antitumour component, it is safe for use in jewellery, is used in dental crowns.
- Platinum is an efficacious trigger for chemical reactions such as the shattering of petroleum, automobile catalytic converters and the conversion of methyl alcohol to formaldehyde. Large quantities of hydrogen can be absorbed by the element too.
All You Need To Know Before Investing In Platinum
It is most likely that if you are thinking of investing in precious metals, you already have searched at investing in gold and silver. In relation to the number of investors that trade the two, these are the two biggest attractions, and most common. But there are others in the segment too such as Platinum one of other precious metals that is often ignored. Currently, this precious metal always falls with the highest market value of all mentioned players. This is because it is rarer than gold, and it is harder to extract. As an industrial metal in abundance, it is another excellent alternative to try adding precious metal assets to your portfolio. Here were going to pay attention to why the price of platinum fluctuates and how you can get into the practice.
Why does the price of platinum fluctuate?
Platinum is open to all of the same variables that can relate to market volatility, comparable to silver and other precious metals that are also called industrial metals. Although it is a precious metal of extremely high value, which can serve as a measure of wealth close to gold in nature, it is much more vulnerable to the rules of availability and production as they usually apply.
Disclaimer: There maybe definitely a variance in rates and prices. GoodReturns.in has made every effort to ensure accuracy of information provided; however, Greynium Information Technologies Pvt Ltd, its subsidiaries and associates do not guarantee such accuracy. The rates are for informational purposes only. It is not a solicitation to buy, sell in precious platinum. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates do not accept culpability for losses and/or damages arising based on platinum information provided. Platinum rates are the futures rates across all cities in India and hence there maybe price variation.
Find us at the office
Blotner- Kwas street no. 55, 39246 Canberra, Australia
Give us a ring
+78 715 483 676
Mon - Fri, 10:00-22:00