What’s So Special About Platinum
Platinum wedding bands, with their classic patina finish, have emerged as a personal favorite of many users around the world. Unlike white gold, which loses its silvery hue, platinum is naturally a silver-colored metal that maintains its visual charm. Its value, moreover, has been on the rise due to its growing market demand.
Mining Troubles
Platinum is one of the four precious metals but is almost 30% rarer than gold. It is mainly mined in South Africa (around 70%–80%) and Russia (10%–20%), with some deposits found in North American mines. This rarity, coupled with the difficulty in obtaining pure platinum, makes it a valuable resource.
Applications
While the metal’s supply has faced critical issues like geopolitical differences and mining hardships, platinum has a growing demand on an industrial scale. It is used in many industries, including automotive, healthcare, agriculture, energy, etc.
In the automotive sector, platinum is used in petroleum refining and catalytic converters, reducing the toxicity of a vehicle’s emission. Non-reactivity of the metal makes it ideal for healthcare applications. It is non-toxic, non-corrosive, and biocompatible, making it a suitable material for stents, pacemakers, and chemotherapy drugs like cisplatin.
Jewelry
With its glamorous sheen and precious metal characteristics, platinum has found a significant market in the jewelry sector. Its non-tarnishing nature and lack of reactivity with the natural environment help the metal retain its look for years. It is also hypoallergenic, thus being suitable for ornament use.
Apart from their beautiful silver color, platinum rings are famous for their unique patina finish. They enjoy a popular spot in wedding bands selection due to this visual feature which most users commend.
Agriculture
Platinum is widely used for its catalytic properties. Agriculture is one significant area where platinum catalyst finds tremendous application. It is used to produce nitric acid, an important reactant in fertilizer production.
Synthetic fertilizers have become necessary in the agricultural sector to meet the growing demand for food and crop.
Investment
Owing to its value, platinum is a sound investment option. Pure platinum coins and bars are commonly available in some countries. However, due to the metal’s strict supply and demand drivers, it is mostly seen as a short-term investment, unlike the long-term investment made through gold.
If you’re looking for a precious metals investment dealer to open up a gold and silver IRA or for general consultation, you can contact our experienced team. They can tell you about the benefits of investing in precious metals and guide you about buying gold. You can look for various purchase options here and buy gold bullion bars and coins online. For more information, you can check the quality services we provide.
