Precious metal
From The Art and Popular Culture Encyclopedia
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A precious metal is a rare, naturally occurring metallic chemical element of high economic value. Chemically, the precious metals tend to be less reactive than most elements (see noble metal). They are usually ductile and have a high lustre. Historically, precious metals were important as currency but are now regarded mainly as investment and industrial commodities. Gold, silver, platinum, and palladium each have an ISO 4217 currency code.
The best known precious metals are the coinage metals, gold and silver. Although both have industrial uses, they are better known for their uses in art, jewellery, fine jewellery and coinage. Other precious metals include the platinum group metals: ruthenium, rhodium, palladium, osmium, iridium, and platinum, of which platinum is the most widely traded. The demand for precious metals is driven not only by their practical use but also by their role as investments and a store of value. Historically, precious metals have commanded much higher prices than common industrial metals.
Economic use
Gold and silver, and sometimes other precious metals, are often seen as hedges against both inflation and economic downturn. Silver coins have become popular with collectors due to their relative affordability, and, unlike most gold and platinum issues which are valued based upon the markets, silver issues are more often valued as collectibles, far higher than their actual bullion value.
See also
- Palladium as an investment
- Platinum as an investment
- Gold as an investment
- Silver as an investment
- Noble metal
- Gemstone
- Hallmark
- List of bullion dealers
- Metallurgical assay
- Taxation of precious metals
- Troy weight
- Metal as money
- Synthesis of precious metals (precious metal transformation)
- Alchemy
- Coins 'N Things
