Precious metals also known as rare metals that have desired characteristics with unique beauty are used commonly in jewelry pieces. These metals do not rust or decay, therefore, they can last for many years. Thre are some incredible uses for precious metals. For example silver is used in manufacturing for the creation of solar energy panels, medical and surgical equipment, everyday electronics, cell phones, cameras, mirrors and many other items. Gold is often desired for jewelry, electronics, orthodontics items, since it is pliable and conducts electricity and can merge well with other metals. Popular items such as awards and medals are also made of gold.
If gold is the most well known precious metal, silver is easily second. Silver has more industrial uses than gold so it’s valuable as both currency and for its industrious properties.
If there was a ranking on “preciousness” platinum could be considered the most precious of all the precious metals. It’s 15 times rarer than gold and its more ductile than gold, silver or copper.
Related to platinum, both belonging to the elemental category called platinum metal group or PGM. Palladium has some of the same uses as platinum especially with its use in catalytic converters.
Gold is the most well known precious metal for many reasons, but the most noteworthy is its strong ties to global economies throughout history. Used as currency in many countries globally for hundreds of years, makes it inherently valuable and can still be exchanged for fiat currency.