Rare and Precious Metals
Palladium, Platinum and Gold
Rare and precious – Any one of the three metals is rare and precious. Gold, Silver, Platinum and Palladium are the only metals with ISO (International Organization of Standardization) currency code. The price of any of these metals is determined by many factors connected mainly to their availability and demand and is subject of daily change. At the time of the writing their price order is: Platinum, Gold, Palladium and Silver. This order was different just few years ago. In the end of 2001 Palladium was right at the top preceding gold and platinum. Platinum is statistically 15 times rarer than gold. Palladium is even rarer.
Gold The annual worldwide production of gold is approximately 50 million troy ounces per year.Therefore, the world produces a cube of gold that is about 4.3 meters (about 14 feet) on each side every year. In other words, all of the gold produced worldwide in one year could just about fit in the average person’s living room!
Platinum is even more scarce than gold. Only 3.6 million troy ounces are produced per year. Its specific gravity is 21.45, and it was discovered in the 18th century, not in 3,000 B.C. If you assume that the world has produced 3.6 million ounces per year for 50 years to estimate the total worldwide supply, all of the platinum in the world would fit in a cube that is 6.3 meters (about 20 feet) on a side. In other words, all of the platinum in the entire world would easily fit in the average home!
Palladium is one of four precious metals and is a part of the platinum group of metals. Only 7 million troy ounces are produced per year. It is naturally white and durable like platinum. And, if being naturally white and durable isn’t enough, palladium is also light weight. Have sensitive skin? Palladium is pure and unlikely to cause any skin irritations. Currently regarded as the ‘new shining star’ of the jewellery world, Palladium has had a meteoric rise in popularity over the past few years with jewellery designers and watchmakers.
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