Do you ever marvel why people are so fascinated with gold and silver? We see movies of hunters and collectors in the hunt for gold and silver in vast forests and mountain. How people would risk their lives just to get their hands on these precious pieces. Did you know that aside from gold and silver, there are other precious metals that are known to man.
Rhenium, rhodium, palladium, copper, mercury, osmium, iridium and platinum are also considered as this type of metal. Like gold and silver, platinum is generally traded. Rhenium on the other hand, though considered as a precious metal is not part of the platinum assembly. If you still remember you Chemistry class, it has a chemical symbol Re and atomic number of seventy-five. Characteristically, Rhenium is a silvery-white metal. Next to tungsten and carbon, it has one of the highest melting points.
Rhodium on the other hand, is a rare chemical element. It appears silvery-white. It is hard in nature. It belongs to the platinum group. It has the chemical symbol Rh and atomic number forty-five.
Of all the precious metals gold, silver and platinum are the most highly desirable. These three are used for art, coinage, jewelry and other industrial uses. Gold and silver are used in fashion and medicine. Having that said, these metals are very useful to man and man continues to advocate collecting and investing in these metals.
How Are These Metals Classified?
Certainly, we have plenty of metals around. But what does it take to be considered as precious. According to research, precious metals are the type considered as extraordinary commodity with very high fiscal value. Just like copper, this metal has been expedient to people for the last 10,000 years. Nevertheless, since 1900 approximately 95% of copper has been mined and smelted. Do you think the next generation still see other copper reserves? Measurably, only a small fraction of the copper reserves is economically feasible. Then again, thanks to recycling, people can still make use of this metal in this new age.
Other common identity of these metals are they have high melting points. They are less reactive as most elements. They gleam and shine. They are supple and soft as compared to the other metals.
Demand And Price Trends For Precious Metals
The demand for these rare metals is driven not purely for investment and store value but also for their practical applications. The cost of metal in the international market does vary. In 2007, the price of Palladium, osmium and iridium is around $376 to $435 USD per troy ounce. It is almost half the value of gold which is $689 USD per ounce during that time. Platinum, which is considered as many as the most priced metals is playing around $1,332 USD per ounce. Apparently, it is twice that of gold. Rhenium, on the other had has been fluctuating despicably, selling at 5,950 USD per ounce. There are speculations gold price will Hit $2,500 in 2012. At present, the price of gold hits $2,848.
Many factors drive the price of precious metals in the global market. The economy for one has a big impact on the value of metals. Other factors are the supply versus demand, reflation and the value of dollar. Supply and demand is a fundamental notion in economics.
Precious metals are valuable commodity. Gold, silver and platinum are three of the most familiar metals of this type. We need to consider that there are other types of metals. Above are some of them. They too have their own share of usefulness. Confidently, in the coming years, they will be developed as well as they all have promising applications to man.
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