Platinum is a noble, durable, malleable and ductile metal, which occurs especially pure in nature. Platinum is one of the precious metals, but it is very rare metal, compared to other precious metals. For example annually, gold is mined ten times more than platinum. The name “Platinum” is diminutive of Spanish word “plata” (silver).
Platinum dissolves in aqua regia, and in hydrochloric acid in the presence of atmospheric oxygen or hydrogen peroxide. Platinum with osmium and iridium belong to the elements with the highest known density.
Platinum’s interesting ability is to absorb large amount of hydrogen gas.
Platinum is also very important in industry. What’s more, it is considered as a very rare precious metal, which is used as well as gold or silver for long-term investment purposes.
Extraction of platinum
Platinum was mined primarily in Russia in 19th century. In 1924, significant deposits of platinum were discovered in South African’s Transval. South Africa has become a global leader in production and exporter of Platinum, since 1924. Current part of South African’s production involves 70% of global production. Other important deposits of platinum are found in Russia, USA, Canada and Colombia.
Use of platinum
Platinum is mainly used in industry, jewellery and also for plating less noble metals. Platinum’s compounds are used predominantly as a versatile catalyst in many organic syntheses in chemical industry. It is also one of the basic materials for producing optical fibres in glass industry. Platinum is also used in production of thermocouples for accurate high temperature measurement based on platinum-rhodium alloys.
Platinum is known as the precious metal with similar properties, however, coins and ingots of platinum has never achieved the same popularity as gold or silver ingots. That’s the reason, why platinum is nowadays mainly used for the excavation of collector’s coins. The first platinum coins were minted in Russia and these old coins are very rare and expensive.
Platinum or palladium shouldn’t miss in your portfolio, if you are interested in diversity of your investments. Platinum is as well as other precious metals safe harbor for protecting your investments against inflation and other economic risks despite its small popularity. Increasing its price is another expecting fact, because industry consumption of platinum still growing.
The world price of platinum is determined primarily on London Stock Exchange. London Commodity Exchange World publishes twice a day fixed price of platinum, morning price as London AM Fix and in the afternoon the PM Fix London.
Graph of platinum prices: