Applications of Platinum
Platinum is a precious metal that belongs to the family of PGM (Platinum group metals) which include Palladium, Rhodium, Iridium, Osmium, and Ruthenium. The price of platinum per ounce is rather high and due to its rarity and its special properties, it can rather be known as the big brother of gold. Platinum has a number of applications, other than the well-known ones of jewelry, electrical, chemical and in the glass sectors. It is used in automotive and medical applications, and this industry consumes a large amount of platinum, to the tune of 100,000 oz of the metal per year. This is used for many smaller purposes, such as catalytic heaters, cathodic protection, and pollution control and so on. The price of platinum per ounce can be availed at various websites, on an hour to hour, or even a minute to minute basis.
Fluctuation in prices
As there is an industrial demand for this precious metal, the price of platinum per ounce can fluctuate. Today, for instance, platinum is being used in hard disks, as there is the necessity for storing a large amount of information in it. Platinum helps to improve the storage capacity in the hard disks. The magnetic layers of hard disks, therefore, contain platinum. You can view the historical and current prices at websites that even show a comparison of the price of platinum per ounce along with the other metals in the platinum group, such as palladium, rhodium, ruthenium and Iridium. You can see the price of platinum per oz, in dollars, euro or in pound, in the form of graphs for the past few years, in order to calculate the trend of the price.
Sources of Platinum
90% of the world production of platinum is from South Africa and Russia, with the former accounting for about three-fourths of the world production of platinum. In the rest of the world, platinum is mainly produced in the USA and in Canada. The platinum mines are very rare and sparsely distributed when compared to gold mines. The production is less than twelve times the world production of gold and almost 100 times less than the production of silver.
The price of platinum per ounce has always seen a lot of ups and downs, when compared to gold. You can purchase platinum bullion coins, from distributors and collectors. The Perth Mint of Australia has released the Platypus Platinum bullion coins. The front part of this new coin has a platypus diving in water. The upper portion has ‘Australian Platypus’ on it and the bottom notes the purity of the coin along with the date of printing. There is an effigy of Queen Elizabeth II on the back side along with the value of the coin which is 100 dollars.
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