Industrial Uses: Platinum has a number of industrial uses, particularly in the automobile industry where it's employed in catalytic converters. Platinum is an extremely rare metal, occurring at a concentration of only 0.005 ppm in Earth's crust. Chabeneau realized the infusibility of platinum would lend value to objects made of it, and so started a business with Joaquín Cabezas producing platinum ingots and utensils. (For information about the mining, recovery, and production of platinum, see platinum processing.) These two impurities are thus removed by running an electromagnet over the mixture. Is It Important to Know the Price of Gold Per Gram and Per Kilo? "Platinum" debit and credit cards have greater privileges than "gold" cards. [14] Platinum drugs are used to treat a wide variety of cancers, including testicular and ovarian carcinomas, melanoma, small-cell and non-small-cell lung cancer, myelomas and lymphomas. The rarity of Platinum cannot be overstated because it has a vast array of uses, particularly in industrial use, including catalytic converters, laboratory equipment and even dentistry equipment. It has remarkable resistance to corrosion, even at high temperatures, and is therefore considered a noble metal. [29], Large platinum deposits are present in the state of Tamil Nadu, India. Numismatic Coins Vs. Old Currency: Where Value is Determined, This Rare Quarter is More Valuable Than You Think, Why The 1794 Silver Dollar Fetched Millions of Dollars at Auction - Twice. In the Sudbury Basin, the huge quantities of nickel ore processed make up for the fact platinum is present as only 0.5 ppm in the ore. Gold is the granddaddy of precious metals, at least from an investment perspective. What are the Top 5 Palladium Coins for Investment? However, by some measurements, platinum is even rarer than gold. The cod complex and the halides are convenient starting points to platinum chemistry. (Pt,Pd)S), tellurides (e.g. During electrorefining of copper, noble metals such as silver, gold and the platinum-group metals as well as selenium and tellurium settle to the bottom of the cell as "anode mud", which forms the starting point for the extraction of the platinum-group metals. [58], If pure platinum is found in placer deposits or other ores, it is isolated from them by various methods of subtracting impurities. Archeologists usually associate the tradition of platinum-working in South America with the La Tolita Culture (circa 600 BC - AD 200), but precise dates and location is difficult, as most platinum artifacts from the area were bought secondhand through the antiquities trade rather than obtained by direct archeological excavation. [66], From 1889 to 1960, the meter was defined as the length of a platinum-iridium (90:10) alloy bar, known as the international prototype of the meter. [39], Zeise's salt, containing an ethylene ligand, was one of the first organometallic compounds discovered. This led to inconsistent results in his experiments. Factors that Influence the Precious Metals Market, How the U.S. Dollar Influences Precious Metals Prices, How to Get the Most for Your Money When Buying Precious Metals. Platinum should be considered because it offers portfolio diversity and is undervalued against the price of Gold. It has six naturally occurring isotopes. Until May 2019, the kilogram was defined as the mass of the international prototype of the kilogram, a cylinder of the same platinum-iridium alloy made in 1879.[67]. Keep scrolling for a look at the Platinum Rare Haute Rejuvenation collection. 190Pt and 198Pt are predicted to have energetically favorable double beta decay paths. The Food and Drug Administration and other institutions have reviewed the issue and found no evidence to suggest toxicity in vivo. How Household Items Can Ruin Your Precious Metals, A History of U.S. Mint Production Technology, Coins and Currency of the American Civil War, Precious Metals and Ancient Civilizations, The Story of the Pre-1933 Gold Double Eagle Coins, History of the Silver American Eagle Design. [3][4], Platinum is a member of the platinum group of elements and group 10 of the periodic table of elements. [17] The use of platinum(II) acetylacetonate has also been reported. Natural Platinum is fairly impure. Often it is referred to as the “Rich Man's Gold.” The rarity of Platinum is enough to give it good long-term value and APMEX’s Platinum spot prices chart tracks the price of the metal over time. Platinum is a rare precious metal and its price per ounce has been higher than gold for many years at a time. [54] Brownrigg also made note of platinum's extremely high melting point and refractoriness toward borax. [37] Caesium platinide, Cs2Pt, a dark-red transparent crystalline compound[38] has been shown to contain Pt2− anions. This started what is known as the "platinum age" in Spain. After several months, Chabaneau succeeded in producing 23 kilograms of pure, malleable platinum by hammering and compressing the sponge form while white-hot. In 1758, he was sent to superintend mercury mining operations in Huancavelica.[52]. "If all the platinum ever mined were melted and poured into an Olympic-sized pool, the platinum would barely reach your ankles. The remaining 28.9 tonnes went to various other minor applications, such as medicine and biomedicine, glassmaking equipment, investment, electrodes, anticancer drugs, oxygen sensors, spark plugs and turbine engines. [9] Platinum is more ductile than gold, silver or copper, thus being the most ductile of pure metals, but it is less malleable than gold. Ulloa and Juan found mines with the whitish metal nuggets and took them home to Spain. Some investors are comfortable buying what they know, such as Gold or Silver. Although gold is also used in industrial applications, especially in electronics due to its use as a conductor, its demand is not so driven by industrial uses. What are Sovereign Mints and Private Mints? After publishing the report in 1748, Ulloa did not continue to investigate the new metal. LA PRAIRIE PLATINUM RARE HAUTE REJUVINATION ELIXIR, $1,315 VIA LA PRAIRIE. Platinum is much rarer than both Gold and Silver — so rare, in fact, that all of the Platinum ever mined could potentially fit into your home. [41] Others include carboplatin and oxaliplatin. [39] Platinum also exhibits negative oxidation states at surfaces reduced electrochemically. [52] From their first encounters with platinum, the Spanish generally saw the metal as a kind of impurity in gold, and it was treated as such. [13] It is also attacked by chlorine, bromine, iodine, and sulfur. [61] Mining and refining platinum has environmental impacts. Best answer. -As you can see by the chart above, platinum was worth more than gold for the vast majority of the 20th Century.It was not until the global financial crisis of 2008 that gold prices began to overtake platinum prices in terms of overall, now fully fiat US dollar valuations (Post-1971).- But other precious metals such as platinum and silver have their own place in a savvy investor’s portfolio. 190Pt is the least abundant at only 0.01%. [18], Platinum has six naturally occurring isotopes: 190Pt, 192Pt, 194Pt, 195Pt, 196Pt, and 198Pt. Heating this ammonium salt in the presence of hydrogen reduces it to elemental platinum. Platinum is used in catalytic converters, laboratory equipment, electrical contacts and electrodes, platinum resistance thermometers, dentistry equipment, and jewelry. It is one of the rarer elements in Earth's crust, with an average abundance of approximately 5 μg/kg. Platinum is also found in the very rare native alloy platiniridium. [6] Compounds containing platinum, such as cisplatin, oxaliplatin and carboplatin, are applied in chemotherapy against certain types of cancer. [73], During periods of sustained economic stability and growth, the price of platinum tends to be as much as twice the price of gold, whereas during periods of economic uncertainty,[74] the price of platinum tends to decrease due to reduced industrial demand, falling below the price of gold. [25] In 1924, the geologist Hans Merensky discovered a large supply of platinum in the Bushveld Igneous Complex in South Africa. Potassium hexachloroplatinate is similarly insoluble, and hexachloroplatinic acid has been used in the determination of potassium ions by gravimetry. Platinum-cobalt, an alloy of roughly three parts platinum and one part cobalt, is used to make relatively strong permanent magnets. How are Coin Designs Chosen for the America the Beautiful Coins? Platinum also has 34 synthetic isotopes ranging in atomic mass from 165 to 204, making the total number of known isotopes 40. Scheffer described platinum as being less pliable than gold, but with similar resistance to corrosion. The resulting gold-platinum alloy would then be soft enough to shape with tools. It was the first British crown to be made of this particular metal.

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