Question: What Is Platinum Used For Today?

Where is platinum found?

The majority (about 80 percent) of platinum is mined in South Africa.

Approximately 10 percent is mined in Russia, and the rest is found in North and South America, according to the U.S.

Geological Survey..

Why is platinum so cheap now?

The price of platinum changes along with its supply and demand; 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, the price of platinum tends to decrease because of reduced demand, falling …

How can you test platinum at home?

The simplest tests are heating and discoloration. If the item is heated, for example, in a Bunsen flame, platinum will be more difficult or impossible to melt and the platinum will not discolour. The effect of acid is another basic test. None of the common acids will attack Pt.

What makes platinum special?

The white silver metal known as platinum is the heaviest of the precious metals, weighing almost twice as much as karat gold. It is dense, ductile and impervious to corrosion. … It’s color, which mixes well with gold, and its resistance to tarnish and wear, make it an excellent choice in the crafting of fine jewelry.

What are platinum used for?

Platinum is used in jewelry, decoration and dental work. The metal and its alloys are also used for electrical contacts, fine resistance wires and medical / laboratory instruments.

Does platinum have a future?

Demand for platinum in 2020 is forecast to drop, and there is likely to be a surplus of the metal. What’s more, the share price of platinum has been languishing for nearly a decade, prior to this year’s better performance. Even in 2019 it has underperformed the two related metals with which it is mined.

What are 3 uses for platinum?

Platinum is used in the chemicals industry as a catalyst for the production of nitric acid, silicone and benzene. It is also used as a catalyst to improve the efficiency of fuel cells. The electronics industry uses platinum for computer hard disks and thermocouples.

Why platinum is so expensive?

When it comes to picking a metal for your engagement or wedding ring, platinum is typically a more expensive choice. The main reason for this is that precious metals are priced by weight and platinum is much denser than gold, so any platinum jewellery will weigh more.

Why is platinum so cheap 2020?

Driven by the fear of another market crash, many investors rushed to unload precious metals in exchange for cash. Possibility of a collapse in physical demand from the automotive sector added fuel to the fire, with the platinum price plunging sharply from $1,016/t oz on February 19 to below $600/t oz on March 19.

Why platinum has no resale value?

Platinum also has poor resale value as only a limited number of shops buy it back. Besides, compared with gold jewellery, making charges, close to Rs 500 per gram, are much higher for platinum jewellery. Buyers also need to be cautious when it comes to the purity of the metal and what it is mixed with.

Is Platinum good for health?

ADVANTAGES OF PLATINUM It’s highly resistant to stress and withstands both extreme heat and extreme cold, which means platinum jewellery will retain its good looks better than any other metal. … Platinum is ideal for allergy sufferers as it doesn’t contain any nickel.

What are 5 uses for platinum?

Platinum is used in catalytic converters, laboratory equipment, electrical contacts and electrodes, platinum resistance thermometers, dentistry equipment, and jewelry.