Platinum is a precious metal that is highly valued for its rarity, durability, malleability, conductivity, and beauty. It is a dense (21.4 g/cm^3), silvery-white metal that is resistant to corrosion and oxidation, making it extremely durable. Platinum is also an excellent conductor of heat and electricity, which makes it useful in a wide range of industrial applications.
Platinum is commonly used in jewelry, particularly in engagement rings and wedding bands. It is also used in auto catalytic converters, which are devices that reduce harmful emissions from vehicles. Platinum is also used in electronics, medical devices, and aerospace applications, such as plating engine blades with platinum coating thanks to its remarkable resistance to corrosion, even at high temperatures.
Platinum It is one of the rarer elements in Earth’s crust, with an average abundance of approximately 5 μg/kg. It occurs in some nickel and copper ores along with some native deposits. Platinum is primarily found in South Africa, which is the largest producer of the metal, followed by Russia, Zimbabwe, and Canada. Other countries where platinum is found in smaller quantities include the United States, Colombia, and Australia.
Due to its rarity and high value, platinum is often traded on commodity markets and is considered a valuable investment. It is also used as a currency reserve by some countries, such as Russia.
Overall, platinum’s unique combination of properties makes it a valuable and versatile metal that is used in a wide range of applications across many industries.
Platinum price is about 1050 $/toz (04/2023) which is about 33.7 $/gram. Some experts predict its price will increase as it is an important component in fuel cells. On the other hand, demand for the auto catalytic converters may go down as the EV market grows rapidly.