There is no doubt that Platinum is by far one of the most expensive metals. It is used as jewelry, laboratory equipment, catalytic converters, electrodes, thermometers, and many more.The person who discovered this rarest metal was Antonio de Ulloa who is commonly credited as the first scientist to describe Platinum. It is defined as Pt symbolic. Platinum is more expensive than gold. It is also known as white gold. The appearance of this metal is silvery white. The atomic radius of the substance is 175 pm. The current price of this metal is $31.54 per 1g.
Why is platinum so expensive?
The aspect which makes this metal so expensive is the demand and supply chain. The supply chain is so well calculated when it comes to this metal. Supplies do not exceed the market so it creates an even balance for consumers and makes it highly demanding. Usually Platinum costs 30%-40% higher than gold in the current market. The country that imports the maximum Platinum in South Africa from the mineral cooperite. As a by-product of copper and nickel refining, some Platinum is also been prepared. When it comes to the density of this metal it tops gold thus making it extra costlier. It is heavier. The fact that cannot be ignored is that this metal is extremely rare. To get this metal one needs to dig 2km inside the Earth’s crust. The environment where Platinum is being extracted this not so human-friendly so making it more difficult to get skilled workers. Many works do not prefer, there are risks involved. One thing that makes this metal so different is the shine this metal offers. Apart from all this, the metal is less reactive.
Why do people like platinum most?
If one needs their ornaments to be pure like a newborn baby he/she needs to go with Platinum, the purity rate is 90% to 95%. The biggest achievement of this metal holds that it was officially classified as a precious metal in the 18th century. It was found in Egypt. The name Platinum comes from a Spanish word known as ‘platina’. As an investment choice, this metal is a great choice to make a difference in your investment portfolio. The market is crazy for this metal. The pharmaceutical industry has taken a huge step in the industry so the demand for this metal as in rare diseases like cancer many drugs contain Platinum such as cisplatin. Due to its low reactivity and nontoxic this metal is so seemingly for human tissues. In industrialization, this metal played a heavy role. 20% of the manufactured goods are dependent on this metal. The connectivity with electricity is high and has a high of 3,215 melting points. It is perfect for industrial production. The resale value is high. It holds great sentimental value such as wedding rings or family heirlooms.
What is the usage of platinum?
One would be surprised to know that now Platinum is being used in chemotherapy. The electrical contacts and sparking points it is being used because it resists high temperature and chemical attack of electric arcs. Other than the above mentioned there are many uses, therefore, demand will always be on the rise. Many investors are bidding high on this metal. Hope we get to see plenty more use of this metal other than what we are seeing today. And we will be able to make accomplishments in this metal. When this happens this metal will be more valuable than ever with this belief the popularity of this substance makes it more valuable now.
What are the disadvantages of this metal?
To extract this mostly happens deep underground. It costs big bucks to extract, thus a big price. As early as we can recall it was first referenced in 1557 by one and only Julius Caesar Scaliger which he described as an unknown noble metal found. It was between Darien and Mexico. Everything has a good side and a bad side and we cannot ignore the bad part. The bad side is very minimal and can be easily ignored as all the problems are short-term exposure to Platinum salts which may irritate the nose, throat, and eyes. The mined ratio of Platinum is 80% in South Africa and 10% in Russia. First, this metal was named after an Italian physicist. Some fun facts about Platinum Moon rocks are mostly composed of Platinum. It Is heavily found on meteorites. Isotopes of Platinum are six stable isotopes which occur in nature (190,192,194,195,196,198). No matter what happens in the future or how the industry decides to evolve it is certain that Platinum will evolve side by side and it is good for them all. We will get to experience Platinum made from cutting-edge technology, innovative jewelry, and much more. The way the medical field is growing we can rest assured that the metal will make its way to the industry and hopefully with the level of demand and supply we will be benefited from much more affordable and cost-effective treatment which requires Platinum.
Conclusion: Thus the hardworking miners will be paid off. So with the perfect balance, we will achieve a cost-effective metal and costly metal both at the same time just like how gold holds the market. It is really important and high time for this metal to be available to a mass audience so the misconceptions which lie will be ripped off completely and a large audience will get access to this metal. The reputation that the metal offers are divine. It would be interesting to see how the metal manages to hold its value due to environmental issues, and the reservations in mines. If these things get threatened then the dream of getting this metal at a lower cost will be vague nothing other than that. We hope we get to see a shiny future of Platinum just like how it always shines.
