Platinum is extremely rare. It is a great metal for jewelry because it is able to withstand wear and corrosion. However, its price is not cheap. There are several reasons why platinum is so expensive. Read on to learn more. Listed below are just a few of the advantages of platinum. Also, it is more durable than white gold.
Price of platinum
There are several factors that affect the price of platinum. Among these factors are interest rates, the Dow Jones Industrial Average, monetary and fiscal policies, and foreign relations.
In addition to these, bid and ask prices are also important factors that affect the price of platinum. To understand how platinum prices affect the economy and markets, it is impo
The spot price of platinum is the price of one ounce of platinum on any given day. It is a benchmark that dealers use to compare prices with other commodities. For example, the spot price of oil is traded on a daily basis, as it is transported to refineries.
Then, it is refined into gasoline. Although consumers do not purchase gasoline at the spot price, major gas stations use the spot price as the cost basis for daily pricing.
Another factor that influences the price of platinum is the relative scarcity of the metal. The price of platinum has steadily increased over the last decade. This is because this precious metal is seen as a safe haven. In an environment of unstable and devalued currencies, platinum is a safer investment than gold.
Platinum is a very rare metal. It is rarer than gold and found in only a few locations around the world. It has also been found in meteorites in very heavy concentrations. The first reports of platinum were in 1939 in research papers by F. G. Hawley. It has many unique qualities that make it valuable.
The rare metal is used in many applications today, including in jewelry, turbine engines, spark plugs, and electronic components. It is also used as an anti-tumor agent and in the production of standard weights and measures and powerful magnets.
Because of its rarity, platinum is associated with wealth and exclusivity. It is often used by marketers to advertise expensive goods and services. Its rarity has led to its increasing popularity in a number of different fields, including dentistry and automobile emissions control.
Platinum is one of the most valuable metals. It is used in jewelry, but most commonly as a catalyst for chemical reactions. It is also used in medical instruments, dental work, and automobile components.
Native Americans found platinum in South America thousands of years ago, and Spanish conquistadors used platinum alloy to make jewelry and artwork. It was not until the 17th century that a Swedish scientist named H.T. Scheffer discovered how rare platinum is and declared it precious.
Platinum is 30 times rarer than gold, making it the rarest metal on earth. If all of it was mined, the entire world’s platinum reserves would barely fill up an Olympic-sized swimming pool.
By contrast, gold would fill up three Olympic-sized pools. Due to its rarity, platinum is a great choice for engagement rings and wedding bands.
Its resistance to corrosion
Platinum is a rare silvery metal that is highly resistant to corrosion. The platinum plating process is used to increase the durability of tools, implants and other devices. These devices are normally made of steel, but can also be made of titanium, magnesium or other metals.
Its resistance to corrosion and high melting point makes it valuable in the automotive and other industrial sectors. In addition, platinum has similar properties to palladium, such as the ability to withstand large amounts of hydrogen.
Platinum is also widely used in electronics, such as wires and electronic components. It is also used in optical storage systems, such as high-density hard-disk drives.
Other applications include the manufacture of optical glass and fibre-glass. Platinum alloys are also used in jewellery. They are hard and bright white, which make them durable and resistant to corrosion.
Platinum is very versatile and can be moulded easily. It is used in various industries, including jewellery making, electronics, and the agricultural sector.
In addition to jewellery, platinum is used in hard disk drives, spark plugs, and even dental fillings. It is also used to create silicone, which is used for medical purposes.
In addition to its high melting point, platinum is also very resistant to oxidation. This makes it very valuable in electronics. It is also a popular choice for electrical contact plating.
Its resistance to wear
One of the most common questions asked by consumers is whether platinum jewelry scratches easily. This question arises because consumers often equate scratch resistance with durability.
They are disappointed when their Platinum jewelry shows signs of wear and scratching. Platinum jewelry resists scratches better than white gold, but it still requires some maintenance to keep its luster.
Platinum is also resistant to corrosion, a major concern for industrial equipment. It can act as a sacrificial layer, slowing the formation of rust. It also helps reduce the appearance of tarnishing, a type of corrosion that appears as a thin film on other metals.
Platinum can also be used to increase the durability of medical devices. Many implanted devices and tools are coated with platinum to improve their strength and durability.
Traditionally, these devices were made of steel. However, some are now made of magnesium or titanium. As these tools come into contact with the human body, they need to be sturdier and more resistant to corrosion.
Platinum is also an important metal component in industrial manufacturing. It is easy to manipulate, is scratch-resistant, and mixes well with other metal alloys.
It also retains its shine and makes details stand out. Platinum tarnishes slowly, whereas copper rusts and develops a greenish patina. However, this patina can be buffed out. Another alternative to platinum is cobalt, which is more tarnish resistant.
The cost of platinum per ounce fluctuates, depending on its demand and supply. The platinum mines in South Africa provide 70 percent of the world’s supply.
The platinum price fluctuates around $1100 an ounce. In 2015, platinum’s daily benchmark was below gold. This is because platinum is in short supply.
A typical platinum futures contract is made for 50 troy ounces. That is a huge investment, and it is typically out of the reach of the average retail investor.
A better option is to purchase platinum bullion instead. This investment is usually much cheaper than platinum futures contracts. But this option does not suit all investors.
Platinum is traded on several futures exchanges around the world. Each contract specifies a future delivery date. Although most futures contracts never see delivery, there are a few that do.
However, these contracts are usually closed prior to their expiration date and are settled in cash. Buying a larger amount of platinum will help reduce the cost per ounce.
The price of platinum depends on several factors. Interest rates, macroeconomic trends, and the Dow Jones Industrial Average all play a role in the platinum price.
There is also a difference between the bid and the ask price. This difference is known as the spread. This difference is a reflection of how competitive the market is.