Price. Platinum: Despite being nearly identical in appearance, platinum is more valuable than gold. Platinum's high price point can be attributed to its rarity and density as precious metals are often priced by their weight.
Platinum is generally valued higher than gold. This is because platinum is rarer than gold, has a higher density and is purer. Platinum rings require more platinum than gold rings require gold, which can increase the overall cost.
For starters, gold is far more abundant in the earth's crust, making platinum rarer. Whilst 1,500 tons of gold are mined annually, only 160 tons of platinum are extracted. Platinum is also denser than gold, thus heavier.
The rarity of platinum is what makes it valuable. Just as in everything else, when there is greater demand compared to supply, the value of object increases. The same can be said for platinum. Compared to many metals, both gold and platinum are rare.
In 2021, estimates of the total proven world reserves of PGMs were 69,910 tonnes or 2.2 billion troy ounces and are located mostly in South Africa.
Some investors may want to prioritize stability and long-term investing. In that case, gold is likely the better option. The precious metal has a longstanding history of reliable demand which often spikes during economic downturns. On the other hand, platinum usually performs better during times of economic growth.
Platinum Tends to Have a Poor Resale Value
According to The Economic Times, platinum, in general, has a poor resale value. The main reason is because a relatively small number of people are willing to buy it.
Platinum is 30 times more rare than gold. If all the platinum ever mined were melted and poured into an Olympic-sized pool, the platinum would barely reach your ankles.
The price of platinum changes along with its supply and demand; during periods of sustained economic stability and growth, the price of platinum tends to be as much as twice the price of gold; whereas, during periods of economic uncertainty, the price of platinum tends to decrease because of reduced demand, falling ...
Platinum is rarer than gold, and its demand is strong across several industries. However, platinum is a highly volatile precious metal that tends to see sharp swings in its prices.
Approximately 88 tons of platinum are used to make jewelry every year compared to 2,700 tons of gold. Because of its rarity, platinum is valuable and will hold its value as the years pass.
The electronics industry uses platinum for computer hard disks and thermocouples. Platinum is also used to make optical fibres and LCDs, turbine blades, spark plugs, pacemakers and dental fillings. Platinum compounds are important chemotherapy drugs used to treat cancers. Platinum has no known biological role.
Palladium is regarded as of low toxicity, being poorly adsorbed by the body when ingested. It may cause skin, eye or respiratory tract irritation, may cause skin sensitisation. Liquid may cause burns to skin and eyes.
The average concentration of gold in Earth's crust is 'very, very low,' at 4 parts per billion. In its elemental form, gold is significantly rarer than diamonds.
The only disadvantages to platinum are the higher cost and heavier weight. For example, platinum is a great metal for necklaces, bracelets and rings but not earrings, because the heavy weight may pull down more on your ears and cause discomfort.
It is the most durable metal used to make jewellery. Platinum should last a lifetime and you should not have to reset your platinum engagement ring. Platinum is a naturally white metal that is highly resistant to tarnish.
On the downside, platinum is very expensive to purchase and repair, and some jewelers cannot even work with the metal because they don't have the equipment, materials, or experience to deal with its unique chemical properties.
What is the highest price platinum has ever been? The all-time high platinum price was about $2,270 per troy ounce. It was reached in March of 2008.
1. RHODIUM: TOP MOST VALUABLE METAL. Rhodium is the most valuable metal and exists within the platinum group of metals. It is used in jewelry for a final finish on white gold jewelry.
Gold: The Traditional Safe Haven
Gold has long been considered a safe haven asset due to its limited supply and historical stability. It's also seen as a hedge against inflation and currency devaluation, which makes it especially appealing during periods of economic uncertainty.
Platinum is an extremely rare metal, occurring at a concentration of only 0.005 ppm in Earth's crust. It is sometimes mistaken for silver. Platinum is often found chemically uncombined as native platinum and as alloy with the other platinum-group metals and iron mostly.
Platinum has often been used in cigarette boxes, lighter cases, cigarette and cigar holders, cigar cutters, and other smoking accessories. Now that smoking is becoming less popular, a number of these items are “washing back” onto the marketplace.
Platinum, gold & silver
Known as the precious metals, platinum, gold and silver are all pure metals, therefore they contain no iron and cannot rust. Platinum and gold are highly non-reactive, and although silver can tarnish, it is fairly corrosion-resistant and relatively affordable by comparison.