3 Uses for Platinum You Might Not Know About
Platinum is a precious metal that was native to South Americans and transported to Europe in 1750. The name platinum is derived from the Spanish word flattener, which means little silver.
The Mayans traditionally used platinum in jewelry as it’s a shiny, silver-white metal and resistant to corrosion like gold. Here are some facts about platinum and its uses that might surprise you.
Surprising Facts About Platinum
Here are some surprising facts about platinum and its properties that might shock you:
- Platinum is ten times rarer than gold.
- 80% of platinum comes from South Africa, while 10% comes from Russia, and the rest is mined in North and South America.
- It’s extremely soft and malleable, which makes it easy to stretch into wires and other shapes.
- Platinum is an unreactive chemical, so it’s not affected by common acids and doesn’t oxidize or corrode.
- London is the central hub of platinum trading, while physical delivery of the metal is in Zurich, Switzerland.
- Before the global economic crisis of 2008, the price of platinum peaked at $2300 per ounce.
- The United States Geological Survey found that over 30% of platinum produced worldwide comes from recycled sources.
Used in Vehicles
While platinum is extensively used in jewelry, its main use is in catalytic converters for different vehicles such as cars, buses, and trucks. 50% of the demand for platinum each year is due to the vehicle industry.
This metal is an effective chemical substance that converts car engine emissions into less toxic waste products.
Used in Medical Industry
Platinum is also used in the medical industry to make dental fillings. As this chemical is not toxic, different variations of platinum compounds are used in chemotherapy drugs to treat cancer.
Used in Electronics
Platinum is a good conductor of electricity, and it’s used in the electronics industry to make computer hard disks and thermo couples.
Platinum is also used in other electrical gadgets such as LCDs, optical fibers, spark plugs, turbine blades, and pacemakers.
A popular use for platinum is as a precious metals investment. Contact Orion Metal Exchange, one of the top gold, silver, and platinum IRA companies. Invest your savings in platinum coins and watch your financial portfolio grow!