PGM (Platinum Group Metals)
Platinum Group Metals (PGMs) are a group of six metallic elements that are typically found together in nature. The six metals that make up the PGMs are platinum (Pt), palladium (Pd), rhodium (Rh), iridium (Ir), ruthenium (Ru), and osmium (Os). These metals are highly valuable and are used in a variety of applications in modern industry.
Platinum group metals together with gold and silver are better known as precious metals.
PGMs are special for several reasons. First and foremost, they are rare and difficult to extract from the earth. They are typically found in low concentrations, and mining and refining them is a complex and costly process. Additionally, PGMs are highly resistant to corrosion, making them ideal for use in a wide range of industrial applications. They are also excellent conductors of heat and electricity, and have high melting points, making them suitable for use in high-temperature applications.
Platinum is perhaps the best-known of the PGMs. It is a dense, malleable metal that is highly resistant to corrosion. It is used in a variety of applications, including catalytic converters for automobiles, jewelry, and electronic components. Palladium is also widely used, particularly in the automotive industry, where it is used in catalytic converters and as a component in fuel cells. Palladium is also widely used in the electronic Industry as a key component in capacitors.
Rhodium is another highly valued PGM. It is used primarily in catalytic converters and as a coating for high-quality mirrors. Iridium is a very dense metal that is extremely rare and expensive. It is used in high-temperature applications, such as in spark plugs for aircraft engines and as a catalyst in the production of fertilizers.The price of Iridium tripled since 2021 due to high demand in the fuel cells industry.
Ruthenium is used primarily in the electronics industry, while osmium is used in the production of alloys and as a catalyst in chemical reactions.
The value of PGMs is largely driven by their rarity and the difficulty in extracting them from the earth. Additionally, the demand for PGMs has been driven up in recent years by their use in new technologies, such as fuel cells and electronic components. As a result, PGMs are highly sought after by investors and are often used as a store of value, much like gold and silver.
In conclusion, PGMs are a group of highly valuable metallic elements that are rare, difficult to extract, and highly resistant to corrosion. They are used in a variety of industrial applications, including catalytic converters, electronics, and jewelry. The value of PGMs is largely driven by their rarity and demand, and they are highly sought after by investors as a store of value. As such, they play a vital role in the modern economy and are likely to remain highly valued for years to come.
PGM PRICES AS PER 03/2023 – ($/t Ounce)
Palladium (Pd)-1500 Platinum (Pt)-980
Rhodium (Rh)-7500 Ruthenium (Ru)-500
Iridium (Ir)-5780 Osmium (Os)-55800
PGM’s will continue to paly a major rule in future life a good example is Platinum-Platinum, one of the platinum group metals (PGMs), holds significant promise in future technologies, particularly in fuel cells. As a catalyst, platinum plays a crucial role in the operation of fuel cells, which convert chemical energy from fuels into electrical energy through a clean and efficient process. The metal’s excellent catalytic properties facilitate the electrochemical reactions in the fuel cell’s electrodes. This is particularly important in the development of hydrogen fuel cells used in automotive and stationary power applications. As the world shifts towards sustainable energy solutions, the demand for platinum in fuel cells is expected to increase, highlighting its critical role in advancing green technology and reducing dependence on fossil fuels.
