Why is platinum a precious metal

1000 answers Why is platinum more valuable than gold?

Platinum is currently around 30 percent more expensive than gold. When I buy gold, the daily rate is currently 33 euros per gram, with platinum it is 43 euros. Why is that? As is well known, prices are a result of supply and demand. Let's take a look at the range: although platinum is about as common in the earth's crust as gold, it is more difficult to develop. Every year 30 times more gold comes onto the market than platinum. There are only three areas where it can be profitably mined; They are in South Africa, Canada and Russia - and of course, if this is spread over a few places, then it is of course easier for the producers to enforce a certain price. But that does not determine the price alone, because there have to be people who pay this price.

If we think back 100 years, platinum was a lot cheaper because people didn't even know what a great metal it was. They only discovered that in the 20th century. Then you saw that platinum, for example, has a higher melting point than gold. It only melts at 1700 degrees - gold already at 1000 degrees. This is not so important in jewelry production, but it is important in industrial applications, and it is these that drove the price of platinum up. A lot of platinum is used in car catalytic converters today. You can't use gold there, and that's why demand has risen sharply over the past few decades. However, the platinum price fluctuates very strongly and is currently approaching the gold price.