Thursday 4 November 2010
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Precious Metal Prices
Precious metals explained
A precious metal is a rare, naturally occurring metallic chemical element of high economic value, which is not radioactive (excluding natural polonium, radium, actinium and protactinium). Chemically, the precious metals are less reactive than most elements, have high lustre, are softer or more ductile, and have higher melting points than other metals. Historically, precious metals were important as currency, but are now regarded mainly as investment and industrial commodities. Gold, silver, platinum, and palladium each have an ISO 4217 currency code. The best-known precious metals are gold and silver. While both have industrial uses, they are better known for their uses in art, jewellery and coinage. Other precious metals include the platinum group metals: ruthenium, rhodium, palladium, osmium, iridium, and platinum, of which platinum is the most widely traded. [1] During the last decades, the use of platinum, palladium and ruthenium as chemical catalysts has steadily risen.The demand for precious metals is driven not only by their practical use, but also by their role as investments and a store of value. Historically, precious metals have commanded much higher prices than common industrial metals. In January 2009, gold was about $840.00/troy ounce and silver was about $11.00/troy ounce, compared to copper at $0.11/troy ounce and nickel at $0.36/troy ounce. In the early part of the 21st century, precious metal prices rose significantly and recycling precious metals became more and more attractive. Some companies have been doing recycling for many years, such as Sabin Metal Corporation (since 1945).
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