Platinum, although known since ancient times, has only recently come to be valued. It is soft and malleable but has a high melting point and is resistant to corrosion and chemicals. With increasing applications over time, platinum continues to be one of the most valuable metals.
What is the History of Platinum?
Platinum was first used in Egypt and in some regions of pre-Columbian South America as ornamentation. Europeans were introduced to platinum in the 16th century when the Spanish brought it from South America. However, because platinum was hard to work with, it was called "little silver" (platina) and considered worthless.
In the early 18th century, metallurgical studies in Europe began to reveal the value of platinum. Scientific research discovered its resistance to chemical reactions and its high melting point. With the Industrial Revolution, platinum began to be used in various industrial applications and became important.
What are the Uses of Platinum?
Platinum is used in the automotive, chemical, electronics, medical and biomedical industries, oil refineries, hydrogen fuel cells, and jewellery production. It is also sought after by investors. According to data from the World Platinum Investment Council (WPIC), in the last five years, 30-44% of total platinum demand has come from the automotive sector, 27-36% from other industries, 23-30% from jewelry, and (-10)-20% from investors.
Why is it Called Rich Man's Gold?
Platinum was priced higher than gold over the years, hence it was referred to as the rich man's gold. Although this situation has changed since 2008, platinum continues to be seen as a valuable metal.
Platinum is much rarer compared to other precious metals. Among the platinum group metals (ruthenium, rhodium, palladium, osmium, iridium, and platinum), platinum is the most commonly found. Still, it is estimated to be present at about one gram per million kilograms of Earth's crust. This rarity contributes to the perceived value of platinum.
Platinum is both a rare precious metal and an industrial metal. Its unique physical properties make it irreplaceable in some industrial applications, which is another factor that makes platinum valuable.
Platinum is silvery-white in appearance and is quite shiny. It looks similar to silver but does not tarnish and is much more durable. Additionally, platinum is purer than gold. Typically, platinum jewellery contains 95% platinum, while 14-carat gold jewellery contains 58.5% gold. Another reason that makes platinum valuable is its significant role in jewellery production.
Conclusion
Platinum is a valuable metal whose worth was discovered late but has played an indispensable role in various industries due to its unique physical properties. Considering potential contributions to sustainable solutions with future technological developments, platinum seems set to maintain its status as a valuable metal.