Precious Metals

1000 Words2 Pages

A metal is deemed “precious” because of its rare quality and high economic value. Precious metals are naturally occurring metallic elements characterized by their impressive resistance to both corrosion and oxidation. Precious metals known today include the coinage metals; gold and silver, and the platinum group metals; platinum, palladium, rhodium, iridium, ruthenium, and osmium. In general, precious metals are less reactive than most elements. They are also ductile and have a high luster.
Some metals may be discovered and labeled precious, but the status may be revoked if the metal is more common and less valuable then it was originally thought to be. For example, Aluminum was an initially precious metal that later became common. It is the most abundant metal in the earths crust; however, it is extremely difficult to extract the pure metal from its various ores. In the nineteenth century, because of the difficulty and expense in obtaining the metal, the small available quantity of pure aluminum became more precious than both silver and gold. Aluminum cutlery was given to the most important guests at Napoleon III’s banquets while gold and silver wares were given to less worthy guests. However, shortly after the quick rise in popularity, the aluminum market crashed and the metal’s value decreased. This event was caused as a result of the discovery of a method to extract pure aluminum from its ore easily and cheaply. Production soared while prices and value plummeted and aluminum became nothing more than a common, industrial metal. Aluminum went from the world’s most precious to the world’s most productive metal seen everyday in products such as soda cans and airplane bodies.
Gold is a rare but well-known precious m...

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... and housewares.
Platinum is an extremely rare, precious metal whose value exceeds that of gold. It is the most widely used of the six platinum group metals that includes palladium, rhodium, iridium, ruthenium, and osmium. It is very heavy, lustrous, silver-white in color, and does not tarnish or corrode. Pure platinum is soft and therefore must be alloyed to increase durability. In the jewelry industry, platinum is alloyed with its platinum group companion, iridium in a nine to one ratio. With its excellent properties of strength, tarnish resistance, and workability, platinum lends itself to the fabrication of intricately designed jewelry items and gem settings. Platinum may also be used in the electrical industry for contacts and resistors, in the glass industry to make dies for fiber glass, and in the automobile industry for use in catalytic converters.

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