What is more expensive: gold or platinum? It depends on the production technology, the industry of use of metals and the function in the economic process. Alloys based on precious metals are used in various industries, but the main consumer is jewelry.
Gold or platinum? Depends on production technology and scope of application
Platinum Basics
Platinum is a malleable metal with a density of 21.4 grams per cubic centimeter and a melting point of 1773.5 degrees Celsius. In nature, platinum is found in the form of nuggets and in ore deposits. It is almost twice as dense as gold and stronger than all known metals on earth. Platinum is a great competitor to gold, having very high corrosion resistance. Therefore, a debate often arises: what is more expensive, platinum or gold.
At the end of the 18th century, the world discovered the amazing properties of a previously unknown metal. Platinum has become a symbol of reliability and immutability. She was admired by the greatest people of civilization.
Jewelers fell in love with this beautiful white metal for its high strength and noble color, emphasizing the purity of diamonds. While a yellow gold setting gives a subtle tint to the stone, a platinum setting emphasizes all the advantages of the noble mineral. There are also more practical reasons for using platinum in the setting of precious stones: due to its strength, it acts as a more reliable element of the setting than soft gold.
What is platinum and where is it used?
Platinum is the strongest metal, has a silvery-white color, melts only at a temperature of 1768.3 °C, and enters into a chemical reaction only with aqua regia. Thanks to these and some other properties, platinum has found its use in medicine, industry, coin production and much more. In St. Petersburg, for example, today a 1 kg standard made of platinum is stored.
Jewelers also did not remain indifferent to the rare metal. Platinum is used in jewelry and white gold. Some of the most expensive diamond jewelry is made from platinum.
Because platinum is a very durable metal, it is the most reliable cut for diamonds. The stones are firmly held inside the precious item.
The white-silver color of platinum does not affect the stone in any way. But gold transmits a warm and soft light to a diamond. Platinum allows you to see the stone’s own play, which is not influenced by metal.
Platinum mining in Russia
In Russia, the development of deposits of “unprofitable silver” has also begun. At the beginning of the 19th century, rich deposits of platinum were found in the Urals, near the Upper Neiva. Russia has become the leader in the extraction of this precious metal. Platenniks or Ural chervonets appeared - platinum coins weighing 10.3 grams, which were valued at three rubles. Why platinum is more expensive than gold now is a fairly common question. History knows periods when “white” metal was more expensive than its “yellow” counterpart.
The Urals contain some of the world's largest platinum deposits.
In the twenties of the nineteenth century V.V. Lyubarsky conducted a series of studies, during which it turned out that white, shiny particles of platinum are not soluble in any acids. He made the following conclusion: “Siberian metal belongs to a special kind of raw platinum, containing a significant amount of iridium and osmium.”
A little later, huge deposits of platinum were found in the Urals, which brought Russia to first place in gold mining.
Research on platinum led to the discovery of other metals close to it, which are also quite highly valued and have similar chemical and physical properties. They were named: palladium, rhodium, osmium, iridium, ruthenium.
Metals immediately found application in industry. In medicine, platinum-iridium electrodes support the cardiac activity of patients with angina pectoris. In oncology, a platinum complex can reduce a patient’s tumor. Platinum is pure, it does not contain impurities that can irritate the skin, therefore it is widely used in medicine.
Parts of medical instruments made of platinum.
Today, platinum is one of the most expensive metals, the demand for which prevails over the supply. Many companies work with this metal; many newlyweds prefer to seal their union with rings made of this particular metal. Louis 16 once declared that platinum is the only metal worthy of kings.
Why gold?
It is not surprising that for many years the gray grains remained in the shadows. After all, gold is more expensive and more beautiful than any metal on the planet. This is what the Spaniards, Incas and many other peoples thought, but why bother with trifles, everyone thought so.
The metal, which was distinguished by its excellent malleability, pleasant color and resistance to reagents and corrosion, instantly gained popularity. It is enough just to remember how many gold rushes the world has experienced and take into account the fact that AU is considered the main metal in the world.
Platinum, silver and copper are cheaper than gold for the reason that they are clearly inferior to it in all respects. This has been thought for many years, considering the AU to be the standard of wealth and a symbol of power. It’s not for nothing that a currency reserve is formed from gold and this metal is melted into ingots.
The more gold a country has, the richer it is, the more jewelry a person has from this metal, the more prosperous he is. The logic here is quite simple.
It was AU that was chosen as the main metal that is capable of stabilizing the world economy and they were right. Gold coins, bars, jewelry and other items are being bought with a bang, and this is not surprising.
Every year the volume of production of this metal is decreasing, it is necessary to look for new deposits and develop them using modern technologies. All this leads to AU rising in price. The price of gold is invariably creeping up, for this reason investors are advised to invest money in this metal.
AU has high strength, good malleability and other characteristics. But gold has found its greatest use in the jewelry industry. Most of the mined metal is needed to make jewelry.
It is not surprising that platinum has become cheaper than gold, because it is used not only in the jewelry industry, but also in other industries. For this reason, the cost of this metal directly depends on the state of the world economy.
Why is platinum so expensive?
Why is platinum more expensive than gold on the world market? There are several reasons for this price difference. Platinum is heavier than gold. This means that a platinum ring weighing 16 grams will be heavier than a gold ring made in the same volume by 6 grams. That is, with the same processing and complexity, a product made of platinum simply outweighs products made of gold. Platinum jewelry contains 95% pure metal. While gold jewelry never contains pure gold, it is simply impractical. Platinum jewelry contains only 5% impurities of other metals. Thus, platinum jewelry is the purest and most durable in the jewelry world.
Products made from platinum are elegant and especially durable.
Processing platinum is much more difficult than processing gold. This implies an increase in labor costs and an increase in prices. The demand for gold is higher, so the production volumes of platinum jewelry are lower, which allows manufacturers to slightly inflate prices for this metal.
What is more valuable: white or yellow gold?
There is no clear answer to the question “which gold is more expensive”. It all depends on the alloy ligature. Yellow contains copper and silver, white contains palladium or platinum. All that remains is to calculate which of these metals is more expensive. The composition of white gold determines its high price. Therefore, it is impossible to confidently say what is more expensive: rare white gold or common yellow gold.
Yellow gold is more common, but .999 pure gold alloys are very rarely used for jewelry.
This is explained by the physical properties of gold, which make the metal impractical for everyday wear. Therefore, in order to give gold strength, copper and silver are added to it. Depending on the amount of copper, the shade of gold changes. White gold alloys are platinum, palladium, and nickel. White gold with platinum is an elite metal that costs more than white gold with palladium and yellow gold. Platinum will give the alloy hardness and wear resistance. It imparts its shine and impeccable color to the alloy. White gold with palladium has a subtle yellow tint, and white gold with nickel is banned in many countries due to the allergic effect of nickel on the skin. But you should not make hasty conclusions about what is more expensive, the malleable metal gold or palladium, which belongs to the class of platinum metals.
The cost of gold does not depend on the color, but on the composition of the alloy.
In many ways, the price of the alloy depends on the complexity of processing. Because of the high melting point of the platinum metals added to white gold, it is much more difficult to process than the easy-to-work yellow metal. Which gold will cost more to the jewelry buyer, white or yellow, remains for the consumer to judge.
Is investing in platinum profitable at all?
It is possible to use platinum as an investment instrument. However, this noble metal is highly dependent on industrial and economic risk factors. The benefits of investing in platinum can only be ensured by financial stability or production growth, which stimulates an increase in demand for this precious metal. Troubled, crisis times entail falling prices. At the same time, by waiting for the price minimum, you can purchase platinum profitably. Earth's reserves of this metal are limited and non-renewable. As a result, when they are exhausted, the cost will rush up. However, it is not worth choosing platinum over gold in the long term of one human life.
It is better to have both of these precious metals in your investment portfolio. Manufacturing and technological progress will continue to drive platinum prices higher. But now, to save savings over the long term, it is better to traditionally resort to good old and reliable gold in the form of coins or other physical form.
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Properties of platinum
Platinum is a malleable white metal. Platinum is capable of absorbing some gases, including hydrogen and oxygen, on the surface. It enters into a full chemical reaction only with hot aqua regia.
There is no clear answer to the question of what is more expensive: dazzling platinum or white gold - these are precious metals, the cost of which is too dependent on external factors.
Metal nanoparticles can painlessly penetrate body cells and affect vital processes. One of the main characteristics of platinum is its ability to destroy free radicals, which contribute to aging. Platinum is also used to treat cancer.
Therefore, the answer to the question of which gold is more expensive: white, containing platinum or yellow, can be simply answered - the one that contains a minimum of impurities.
How much can platinum cost?
Prolonged strikes in South Africa caused a decrease in platinum supplies. However, the expected price surge did not happen, thanks to the supply of metal from the secondary market (from the processing of recycled catalysts). At the same time, supplies from South Africa increased again. The price has dropped again. In 2014, the cost of one ounce was $1,500, in 2015 - $1,200. In 2021 and 2017, prices were predicted to rise, but platinum fell further, to $1,100. By 2021, the expected price was only $1,000.
Platinum mining
Pure platinum is practically not found in nature, therefore, it is mainly found in various ores: cuproplatinum, polyxene, nickel platinum, platinum compounds with arsenic, sulfur, antimony.
Open pit platinum mining in Zimbabwe.
Ore is mined using both open and closed methods. For most placer and some primary deposits, an open method is available; for primary deposits, only a closed method is used. After wet enrichment, raw concentrate is obtained - a concentrate with a high percentage of metal minerals. Subsequently, it is sent for refining.
Application of platinum
Over the past couple of decades, demand for platinum has outstripped supply. Perhaps this, to some extent, can explain why platinum is more expensive than gold. If before the Second World War half of the platinum was used by jewelers, now almost all of the mined platinum goes to the development of science and industry. Its chemical properties played an important role: acid resistance, heat resistance and constancy of characteristics during ignition. Platinum is used to make: crucibles, cups, glasses, spoons, spatulas, spatulas, tips, filters, electrodes. The largest consumers of platinum were the chemical and oil refining industries. Platinum is one of the best catalysts for the oxidation of ammonia to nitrogen oxide NO in the main process of nitric acid production. Platinum catalysts accelerate many other practically important reactions.
The automotive industry uses the catalytic properties of platinum, which helps neutralize exhaust gases. In addition, platinum is used in the manufacture of:
- Insoluble anodes in electroplating;
- Galvanic coatings;
- Heating elements of resistance furnaces;
- Permanent magnets;
- Electrodes for the production of perchlorates, perborates, percarbonates, peroxodusulfuric acid.
In medicine, platinum is used to make surgical instruments that cannot oxidize when sterilized with an alcohol burner. Medicines containing platinum are used in chemotherapy and successfully shrink tumors.
Where and how is platinum used?
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Over time, platinum began to find more and more uses. A cylindrical platinum-iridium alloy is the standard of the kilogram; chemically inactive platinum is used in medicine to treat certain diseases. An interesting discovery was that a mirror coated with a thin layer of platinum behaves like a mirror for the illuminated part of the building, and in a dark room the reverse side is transparent like glass. Mirror in the interrogation room
Now such mirrors are very popular among casino owners because they allow them to discreetly monitor players. And such reflective surfaces have found good use in the police. But all the above uses of platinum faded along with the growth of the industry. Nowadays, platinum is widely used in radio engineering, in the production of computers and in the space industry. But the main consumer of platinum was the automotive industry (about 46% of the total volume of mined platinum). For a long time, demand sharply exceeded supply, and platinum was twice as expensive as gold. However, the global economic crisis reduced the demand for cars, and gold came out on top. But the world economy has recovered, cars are again actively selling, and platinum is again more expensive than gold.
