Why is Platinum So Valuable?
Platinum is one of the few metals that stands above gold when it comes to pricing. Also termed a noble metal, it has a light gray appearance and is more durable than gold and silver.
Nearly two-thirds of the platinum supply comes from South Africa and Russia. It is one of the most widely-sought precious metal investments or IRA. Let’s find out why this metal is considered far more valuable than gold and why you should contact a precious investment dealer if you’re looking for a solid investment.
Platinum is Used As Jewelry
In 1800, platinum was first made into jewelry. The metal has unique properties that allow it to keep its luster long. It doesn’t tarnish from moisture and doesn’t corrode in everyday conditions.
The metal is also hypoallergenic; it doesn’t affect people who suffer from metal alloy allergies and doesn’t dissolve in acid easily. For these reasons, platinum is converted into jewelry and minted into bullion coins.
The Star of Africa and the Hope Diamond are among the well-known pieces of jewelry prepared from platinum.
Platinum Is Used In Manufacturing
Did you know that platinum was once considered worthless compared to gold? It was because of platinum’s high melting point. Platinum is found as a solid and melts into a liquid at 3215 °F. Getting such a high temperature to cast it was virtually impossible at the time, so it was considered worthless until the improvement of its extraction and refining process.
Today platinum has a significant role to play in the manufacturing industry. Some automotive industries use it to cure toxic emissions before releasing them as exhaust. Technological industries also use platinum for creating and designing products, and it’s widely found in some spark plugs, refrigerators, paints, and explosives.
Platinum As An Investment
Platinum is rarer than gold. According to a report, the total worldwide platinum reserve equals 70,000 metric tons. As the metal has been used in manufacturing and is scarce compared to gold, it has a far higher value. The IRS allows people to invest in platinum and keep it stored in a precious metal IRA.
Contact Orion Metal Exchange if you’re seeking a reputable precious metal investment dealer to buy platinum. We are a precious metals storage company that provides secure vault storage for gold, silver, and other precious metal investments. If you want to save for retirement, we can also set up a precious metal IRA account for you.
To learn more about our services, please contact us.