Precious Metals

How Precious Are Precious Metals

What do you picture when you hear the term ‘precious metals’? Do you picture royal jewelry, a silver necklace, or perhaps a platinum ring? If that is what you think of, you are partially right. Precious metals get their adjective because these metals are very rare. They organically occur and have amazing properties thereby making them invaluable and highly respected. Also not to mention, highly expensive. While precious metals are very commonly used in jewelry, you will be surprised at how it is also quite popular in other sectors.

What qualifies as precious metals?

Four main metals qualify as precious metals. Gold, silver, platinum, and palladium. These metals do not rust, corrode, or even get tarnished which is why they are so often used in jewelry which ends up getting handed down from one generation to another, spot-free.

Where are they used?

As mentioned, one of the most popular uses of precious metals is in jewelry. However recently precious metals have proven to be useful for a variety of other reasons. Silver and gold are often used in computer software, the steel industry, satellite thrusters, automotive industries, glass coatings, etc to name a few.

Gold is known to be used in electronics since it is a great conductor of electricity. It is also used in medication such as for dental crowns or fixtures since it does not cause any kind of allergies.

Silver is used for solar panels and cutleries. It is also used in antibiotics to help with harmful infections and reduce them. Since silver too is a great conductor of electricity, it is used in batteries, televisions, switches, etc.

Platinum is used in computer parts, especially hard disks that are crucial to help store huge amounts of data. It is also used to help convert harmful emissions from the automotive sector into CO2 and water. Platinum also serves to be useful in extracting gasoline from crude oil.

Finally, Palladium is used commonly in electronics and jewelry. A lot of research is also being conducted to understand how palladium can help the human body. It is said that it can have the capability to help treat certain types of cancers. While this is still not a confirmed fact, several global research companies along with doctors having diverse expertise are trying to prove this.

Precious metals and trade

Another popular fact about precious metals is that a lot of individuals often look at them as a trade and investment opportunity. For example, gold is looked at as a good investment due to which a lot of people look at this as a great opportunity to convert money into precious metal. This route is often taken during stressful times of market uncertainty. This is why gold is quite affectionately called a ‘safe haven’ too since it works as a great investment and can give you good returns.

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