There are six metallic elements that comprise the platinum group. Each of these metals is considered to be a precious metal. These metals are often found together in mineral deposits and have many similar physical and chemical properties.
The six metals of the platinum group are: platinum, iridium, osmium, palladium, rhodium and ruthenium. The following is a brief description of each of precious metal:
1. Platinum: The periodic table symbol for platinum is Pt. This precious metal is very dense, malleable and ductile, making it very easy to work with when creating bullion, coins or jewelry. Platinum has a grayish-white color. This element is extremely resistant to corrosion, making it an excellent choice for high quality industrial applications and expensive jewelry. The price of platinum as of January 2010 is $1555 USD per troy ounce, which is the second highest price of any precious metal, next to rhodium.
2. Iridium: The periodic table symbol for iridium is Ir. This element is quite hard and brittle and has a whitish-silvery appearance. Iridium is primarily used for industrial electrical applications because it is very dense and has a high resistance to corrosion, regardless of exposure to oxygen or heat. Iridium’s abundance is the fourth lowest in the Earth’s crust, with only rhodium, ruthenium and rhenium being more rare. The price of iridium as of January 2010 is approximately $408 USD per troy ounce.
3. Osmium: The periodic table symbol for osmium is Os. This metal occurs naturally in platinum ores as an alloy. This precious metal is the least dense. Osmium has a bluish-gray color and is very brittle. Osmium’s hardness requires it to be alloyed with other metals. It is most commonly found in high end electrical contacts and components, as well as in the tips of expensive fountain pens. As of January 2010, the price of osmium was approximately $32 per troy ounce.
4. Palladium: The periodic table symbol for palladium is Pd. As one of the most rare precious metals, this metal appears quite similar to platinum, with a grayish-white color, and it is very soft. The primary use for palladium is in catalytic converters for automotive engines. In January 2010, the price of palladium was about $424 USD per troy ounce.
5. Rhodium: The periodic table symbol for rhodium is Rh. This element is considered to be one of the most rare in the Earth’s crust, and may actually be the least abundant of all metals in the platinum group. It is used mainly in industrial applications, especially for catalytic converters. Rhodium has the highest price of any of the precious metals, with estimates as of January 2010 being around $2750 USD per troy ounce.
6. Ruthenium: The periodic table symbol for ruthenium is Ru. This element is mainly found in platinum ores, and is frequently used in platinum alloys. Ruthenium is very hard and has a silvery-white appearance. Its hardness makes it ideal for use in electrical contacts, as it has a high wear resistance. As of January 2010, the price of ruthenium is approximately $173 USD per troy ounce.
Each of the precious metals in the platinum group has extremely high resistance to corrosion and wear, as well as a resistance to heat, making them all excellent choices for fine jewelry and expensive industrial applications involving electrical contacts and components.
If you are looking to buy and sell coins, be sure to find a reputable dealer.
Source by Mark Heppard
What Is the Platinum Group of Metals?
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