Is platinum more expensive than gold?

Yes, platinum is more expensive than gold. 

The primary reason is that precious metals are priced by weight, and platinum is far denser than gold; thus, it will be heavier.

Another reason platinum is more costly than gold is that platinum is a considerably rarer metal. Every year, around 1,500 tonnes of gold are mined, but only 160 tonnes of platinum are extracted.

Platinum is also used in jewelry with one hallmark – 950, which means the bar is worth 95% of its face value. This signifies that impurities are virtually absent, and you are looking at a pure metal. And its reserves are far less than those of gold, silver, or any other element. It turns out that products containing it are likewise significantly more scarce.

It is the most durable metal, has a silvery-white tint, melts only at 1768.3 Degrees C, and only reacts chemically with aqua regia solution. Platinum is used in medicine, manufacturing, coin production, and many other fields due to these and other qualities. It is the most dependable diamond cut since it is a very durable metal. Stones are securely contained within the platinum.

How much platinum is in the world? 

The total global reserve of platinum group metals is estimated to be around 70,000 tons. Platinum is a scarce precious metal; it is only mined in a few locations and is discovered three times less frequently on the earth than gold.

According to the World Platinum Council (WPIC), it is only mined on a large scale in four nations worldwide, with South Africa having the largest platinum deposits. Just about 6 million ounces of this precious metal are mined globally annually. The following countries are involved in platinum mining: South Africa has 72%, Russia has 11%, Zimbabwe has 8%, and North America has 6%. The remaining 3% are concentrated in China, Colombia, and Finland.

Why is platinum valuable? 

Platinum is an excellent inflation hedge, but that’s not the only reason it’s so valuable. The following are reasons why platinum is so valuable: 

  1. Appearance: Many royal jewels were created in the 18th and 19th centuries using platinum rather than silver or gold by jewelers. This metal is thought to be in harmony with diamonds, making them appear more significant and appealing.
  2. Strength: When compared to other metals, platinum is unique. It isn’t easy to make a mark on this metal.
  3. Durability: Platinum will survive far longer than gold or silver. It is a durable metal that withstands shocks calmly and is not easily scratched. Durability is essential when fixing large stones: the holding paws should not loosen over time, so the jewel does not slip out. However, silver and even gold lag far behind.
  4. Allergenicity: More and more people are developing allergies due to harmful environmental conditions and poor food quality. Allergies are frequently induced by contaminants such as nickel; however, because impurities in platinum goods are typically less than 5%, there is little risk of allergy.

 How much platinum has been mined? 

Mining specialists predict that man has extracted only over 10,000 tonnes of platinum and that total mine production of platinum globally in 2021 will be around 180 metric tons.

Where to mine platinum?

  • South Africa
    The Bushveld Complex in South Africa’s Transvaal region supplies more than 70% of the world’s platinum supply. It possesses one of the most significant quantities of platinum. Platinum mining in South Africa is not severely regulated, permitting contracts to enter the country with minimal or no intervention.
  • Russia
    Platinum has been mined in Russia since the early nineteenth century. It is still one of the most active platinum mining areas today. Platinum reserves were found in the Ural Mountains in 1823, giving Russia the longest-running history of platinum mining. There are various Platinum mining areas in Russia, but two in the far east region, the Kondyor mine and the Koryak mine, contributed more than 185,000 oz of Platinum in 2005. 
  • North America
    Platinum group metals are predominantly mined in Canada and Montana in North America. Most of the platinum found in North America results from nickel mining. Mining started in Canada as early as 1883. There are currently very few Platinum-only mines in North America. This reflects the current value of platinum.
  • Zimbabwe
    In Zimbabwe, platinum is extracted from four primary sources. It remains a hotspot for platinum mining due to its unique terrain and features suited to platinum production.

How much is platinum? 

The price of platinum as of November 3, 2022, is $917 per ounce. 

What is more expensive than platinum? 

Palladium is the most expensive of the four primary precious metals, the others being gold, silver, and platinum. It is more costly than platinum and is used in more significant quantities in catalytic converters.

Is platinum more valuable than a diamond?

Platinum and diamond are both timeless jewels well-known for their distinct beauty. They are both employed in creating some of the most beautiful rings available today. When the two are combined, they create stunning pieces that are also long-lasting. Whether you choose diamond or platinum, it will be the best option for your needs.

Platinum provides a low-risk entry point for individuals wishing to invest in precious metals. It has a minimal link to traditional asset performance and performs well during moments of economic recovery.

Platinum is an excellent short-term investment that typically provides more extensive, instant profits than other metals. It is also a perfect inflation hedge. Take advantage of the opportunity that comes with this metal now! 

Call the precious metal experts at American Bullion: (800) 531-6525.

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