From Wikipedia, the free encyclopedia
Platinum (play /ˈplæt.n.əm/ or /ˈplæt.nəm/) is a chemical element with the chemical symbol Pt and an atomic number of 78. Its name is derived from the Spanish term platina del Pinto, which is literally translated into “little silver of the Pinto River.”[1] It is a dense, malleable, ductile, precious, gray-white transition metal. Even though it has six naturally occurring isotopes, platinum is one of the rarest elements in the Earth’s crust and has an average abundance of approximately 0.005 mg/kg. It occurs in some nickel and copper ores along with some native deposits, mostly in South Africa, which accounts for 80% of the world production.
Precious metal
Platinum is a precious metal commodity; its bullion has the ISO currency code of XPT. Coins, bars, and ingots are traded or collected. Platinum finds use in jewelry, usually as a 90–95% alloy, due to its inertness and shine. Jewelry trade publications advise jewelers to present minute surface scratches (which they term patina) as a desirable feature. [37] [38]
In watchmaking, Vacheron Constantin, Patek Philippe, Rolex, Breitling, and other companies use platinum for producing their limited edition watch series. Watchmakers appreciate the unique properties of platinum, as it neither tarnishes nor wears out (relative to gold).[39]
Average price of platinum from 1991 to 2007 in US$ per troy ounce (~$20/g)[40]
The price of platinum, like other industrial commodities, is more volatile than that of gold. In 2008, the price of platinum ranged from $774 to $2,252 per oz.[41]
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,[42] the price of platinum tends to decrease due to reduced industrial demand, falling below the price of gold. Gold prices are more stable in slow economic times, as gold is considered a safe haven and gold demand is not driven by industrial uses. In the 18th century, platinum’s rarity made King Louis XV of France declare it the only metal fit for a king.[43]