While many people buy gold or silver, one precious metal that is often overlooked is platinum.

This metal is much rarer than gold and silver and has a wide range of applications, particularly in industries.

In this article we explain:

• What platinum is
• Where platinum is used
• What drives the price of platinum
• What platinum products you can get

What is platinum?

Platinum is one of six platinum-group metals (PGM) that also include ruthenium, rhodium, palladium, osmium, and iridium.

It is an extremely rare precious metal: so rare that all of the platinum ever mined could possibly fit into your house.

Did you know?

Platinum is 30 times rarer than gold. If it were all melted down and poured into an Olympic-sized pool it would barely touch your ankles. Gold, however, would fill three pools.

The large majority of the world’s platinum comes from South Africa, with Russia being the second-biggest supplier of the metal. Platinum is also mined, in smaller quantities, in Zimbabwe, Canada, and the U.S. in Montana.

What does it mean for investors?

The rarity of platinum gives it long-term value, making it a good investment option for those who are looking to diversify their portfolios with precious metals.

Where is platinum used?

Platinum is an extremely durable metal used in many industries. It is, for example, essential for the automotive industry, which uses it to make catalytic converters that help reduce vehicle emissions.

Platinum is also used in the petroleum, refining, and computer industries.

Here’s the list of industries using platinum: