Metals are determined to be “precious” based on how abundant they are and what the worth is. Considering these criteria, there are nine different chemical elements that are classified to be precious. These nine metallic elements include gold, silver, platinum, osmium, palladium, rhodium, ruthenium, rhenium and iridium.
Another metallic chemical element, tellurium, is extremely rare, with an abundance approximately equal to iridium, ruthenium and rhodium, yet the price of tellurium is below $5 USD per troy ounce, making it not very valuable. Tellurium does not meet criteria for being considered to be precious. Other rare elements, including bismuth, fall into this category as well, with the price being quite low.
The most abundant of the nine precious metals is platinum, with an estimated abundance of 0.003 ppb (parts per billion). The other eight are ranked according to abundance (highest to lowest) as follows: (second) rhenium, with 0.7 ppb; (third, fourth, fifth) ruthenium, rhodium, iridium (1 ppb); (sixth) osmium (1.5 ppb); (seventh) gold (4ppb); (eighth) palladium (15 ppb); and (ninth) silver (75 ppb).
The most valuable of the metals in this group is rhodium, with an estimated value of $2750 USD per troy ounce. The remainder of the nine metals are ranked in the following order (highest to lowest price per troy ounce): platinum ($2750), gold ($1131 USD), palladium ($424 USD), iridium ($408 USD), osmium ($380 USD), rhenium ($194 USD), ruthenium ($173 USD), and silver ($18 USD).
Gold and silver are by far the most popular and well known of this group of elements. These two metals are especially common for jewelry and coins, and have a variety of industrial uses as well.
None of the metals that are precious are radioactive. This eliminates the radioactive metallic chemical elements of polonium, radium and actinium from being considered in this group.
Precious metals are less chemically reactive than most other elements. They have very high melting points. These metals are also highly ductile, meaning they can be hammered and shaped, which makes them ideal for industrial use and commercial applications.
Historically, many currencies were minted from precious metals. Today’s coins are made from mainly metal alloys, as the precious ones are considered to be more of an investment commodity and are less likely to be in circulation. Gold, platinum, silver and palladium are all considered to be prime investments and can be traded as coins, ingots or bullion.
The value of these metals as an investment creates a high demand for them. Precious metals have a far higher cost than other common metals, including nickel and copper, which are used for industrial purposes. These two common metals have a value of only approximately 36 cents and 11 cents per troy ounce, respectively.
Since the beginning of the 21st century, prices for precious metals have increased substantially, resulting in the increase of precious metal recycling.
The value of gold has risen dramatically in recent months. To buy or sell gold coins and jewelry contact a reputable coin dealer or jewelry expert.
Source by Mark Heppard
Determining Precious Metals: Based on Abundance and Worth
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