, 1,000 cubic centimeters of 99.9% pure platinum, worth about US$696,000 at 29 Jun 2016 prices, Average price of platinum from 1992 to 2012 in US$ per troy ounce, In the laboratory, platinum wire is used for electrodes; platinum pans and supports are used in thermogravimetric analysis because of the stringent requirements of chemical inertness upon heating to high temperatures (~1000 °C). Platinum is a rare, valuable metal that's used in things like jewelry, electronics, automobiles, and machinery. At Platinum, Alaska, about 17,000 kg (550,000 ozt) was mined between 1927 and 1975. Keep scrolling for a look at the Platinum Rare Haute Rejuvenation collection.  It reacts vigorously with fluorine at 500 °C (932 °F) to form platinum tetrafluoride. Platinum had a major price drop at the onset of the 2008 financial crisis. Platinum is much rarer than both Gold and Silver — so rare, in fact, that all of the Platinum ever mined could potentially fit into your home. The alluvial deposits used by pre-Columbian people in the Chocó Department, Colombia are still a source for platinum-group metals. In the 18th century, platinum's rarity made King Louis XV of France declare it the only metal fit for a king. Pricing for precious metal numismatic products (e.g., palladium, platinum, 24-k gold, 22-k gold) varies by the average cost of the underlying metal. Platinum is one of the least reactive metals. Even better, gift it this holiday season if you want to gain serious points in a skincare lover’s book. This led him to believe he was working with a single metal, but in truth the ore still contained the yet-undiscovered platinum-group metals. Silver is a popular precious metal for jewelry, but its value extends well beyond beauty. Since then platinum coins have become an attractive “value buy” amongst platinum … Precious Metals and Your Purchasing Power, The Importance of Monitoring Precious Metals Prices.  "Platinum awards" are the second highest possible, ranking above "gold", "silver" and "bronze", but below diamond. How will the Growth of Self-Driving Electric Cars Affect Demand for Palladium and Platinum? Platinum mining in South Africa, or mining for Platinum Group Metals (PGM), is widespread on the African continent. Platinum is insoluble in hydrochloric and nitric acid, but dissolves in hot aqua regia (A mixture of nitric and hydrochloric acids), to form chloroplatinic acid, H2PtCl6.. 190Pt is the least abundant at only 0.01%. The value of Platinum is inexhaustible in many economic markets. Consequently, platinum is often found chemically uncombined as native platinum. 8, 50 (1964)", "Seventy-fifth Anniversary of the Discovery of the Platiniferous Merensky Reef", 10.1002/0471238961.1612012019052513.a01.pub2, "Evidence of huge deposits of platinum in State", "Identification of meteoritic components in imactites", "Effects of relativistic motion of electrons on the chemistry of gold and platinum", "Synthetic metallomolecules as agents for the control of DNA structure", "Sur les métaux égyptiens: Présence du platine parmi les caractères d'inscriptions hiéroglyphiques, confié à mon examn", "Ancient Platinum Technology in South America: Its use by the Indians in Pre-Hispanic Times", "Several Papers concerning a New Semi-Metal, Called Platina; Communicated to the Royal Society by Mr. Wm.  Platinum is more ductile than gold, silver or copper, thus being the most ductile of pure metals, but it is less malleable than gold. How Does Supply and Demand Impact Purchasing Precious Metals? , In 1735, Antonio de Ulloa and Jorge Juan y Santacilia saw Native Americans mining platinum while the Spaniards were travelling through Colombia and Peru for eight years. rare-candy; platinum; asked Jun 26, 2012 by Victini Victory reshown Apr 12, 2013 by Pokemaster.  Its resistance to wear and tarnish is well suited to use in fine jewellery. , As of 2020, the value of platinum is around $32.00 per gram ($1,000 per troy ounce). , In 2007, Gerhard Ertl won the Nobel Prize in Chemistry for determining the detailed molecular mechanisms of the catalytic oxidation of carbon monoxide over platinum (catalytic converter). Platinum occurs combined with arsenic as sperrylite (PtAs 2) in the copper–nickel-mining district near Sudbury, Ont., and with sulfur as cooperite (PtS) in the Transvaal.  In 2010, South Africa was the top producer of platinum, with an almost 77% share, followed by Russia at 13%; world production in 2010 was 192,000 kg (423,000 lb).  Mining and refining platinum has environmental impacts. Another large alluvial deposit is in the Ural Mountains, Russia, and it is still mined. However, investors looking for an edge know they need to look to under-tapped markets such as Platinum. Smaller reserves can be found in the United States, for example in the Absaroka Range in Montana. It is one of the rarer elements in Earth's crust, with an average abundance of approximately 5 μg/kg. The previous bar was made of platinum in 1799. Antonio de Ulloa returned to Spain and established the first mineralogy lab in Spain and was the first to systematically study platinum, which was in 1748. , From 1889 to 1960, the meter was defined as the length of a platinum-iridium (90:10) alloy bar, known as the international prototype of the meter. Its name is derived from the Spanish term platino, meaning "little silver". Watson F. R. S", Historical Statistics for Mineral and Material Commodities in the United States, "2010 Minerals Yearbook; Platinum-group metals", "Platinum Metals: A Survey of Productive Resources to industrial Uses", "2014 Minerals Yearbook; Platinum-group metals", "Guide tothe Realization of the ITS-90 - Platinum Resistance Thermometry", International Committee for Weights and Measures, "Standard Reference Material 1750:Standard Platinum Resistance Thermometers,13.8033 K to 429.7485 K", "Professional Jeweler's Magazine Archives, issue of August 2004", "The state-of-play and future of platinum drugs", "Occupational Health Guideline for Soluble Platinum Salts (as Platinum)", "CDC – NIOSH Pocket Guide to Chemical Hazards – Platinum", "FDA Backgrounder on Platinum in Silicone Breast Implants", "187 Fake Cancer 'Cures' Consumers Should Avoid", NIOSH Pocket Guide to Chemical Hazards – Platinum, "A balanced historical account of the sequence of discoveries of platinum; illustrated", "Johnson Matthey Technology Review: A free, quarterly journal of research exploring science and technology in industrial applications (formerly published as Platinum Metals Review)", "Platinum-Group Metals Statistics and Information", "International Platinum Group Metals Association", https://en.wikipedia.org/w/index.php?title=Platinum&oldid=990854198, Short description is different from Wikidata, Wikipedia indefinitely move-protected pages, Wikipedia articles needing clarification from May 2014, Articles with Encyclopædia Britannica links, Wikipedia articles with SELIBR identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 26 November 2020, at 21:54. Silver. To put it in perspective, each year there is fifteen times more gold mined than platinum. Platinum is used as an alloying agent for various metal products, including fine wires, noncorrosive laboratory containers, medical instruments, dental prostheses, electrical contacts, and thermocouples. Unlike gold, these metals derive much of their value from industrial uses. Platinum is paramagnetic, whereas nickel and iron are both ferromagnetic. The specific layer he found, named the Merensky Reef, contains around 75% of the world's known platinum. It is a dense, malleable, ductile, highly unreactive, precious, silverish-white transition metal. Most platinum isotopes decay by some combination of beta decay and alpha decay. Backwardation and Contango: Definition and Explanation.  Unprecipitated hexachloroplatinate(IV) may be reduced with elemental zinc, and a similar method is suitable for small scale recovery of platinum from laboratory residues.  The negative oxidation states exhibited by platinum are unusual for metallic elements, and they are attributed to the relativistic stabilization of the 6s orbitals. The reason for this is twofold: only two locations in the world produce platinum in any significant quantity (China and Russia); and because most of the natural nuggets are small in size, they are often overlooked by the automated machines that carry out the mining. Call 800-963-9798 to speak to an experienced Account Executive now. , One suitable method for purification for the raw platinum, which contains platinum, gold, and the other platinum-group metals, is to process it with aqua regia, in which palladium, gold and platinum are dissolved, whereas osmium, iridium, ruthenium and rhodium stay unreacted. Making the Right Choice For You, Why are Prices Higher on Paper Currency Products than Bullion. , Several barium platinides have been synthesized in which platinum exhibits negative oxidation states ranging from −1 to −2. , Platinum's rarity as a metal has caused advertisers to associate it with exclusivity and wealth. The 1909-S VDB Lincoln Cent – The King of Lincoln Cents, The 1916-D Mercury Dime – A Very Dangerous Dime, The 1937-D 3-Legged Buffalo Nickel – A Small Error in Very Large Demand. it is unlimited but only once per day.  In 1924, the geologist Hans Merensky discovered a large supply of platinum in the Bushveld Igneous Complex in South Africa. For example, a small box from burial of Shepenupet II was found to be decorated with gold-platinum hieroglyphics. Jewellery trade publications advise jewellers to present minute surface scratches (which they term patina) as a desirable feature in attempt to enhance value of platinum products. Secret Ultra Rare (ScUR)  Compounds containing platinum, such as cisplatin, oxaliplatin and carboplatin, are applied in chemotherapy against certain types of cancer. As is expected, tetracoordinate platinum(II) compounds tend to adopt 16-electron square planar geometries. Sometimes the metal was entirely incombustible, but when alloyed with osmium, it would volatilize.  Some products, such as blenders and vehicles, with a silvery-white color are identified as "platinum". Silver Vs Platinum Vs Palladium - How To Tell The Difference. Platinum Vs. Gold. Heating this ammonium salt in the presence of hydrogen reduces it to elemental platinum. Platinum is considered a precious metal, although its use is not as common as the use of gold or silver. Prismatic Secret Rare (PScR) Extra Secret Rare (EScR) Platinum Secret Rare (PlScR) Ultra Secret Rare (UScR) 20th Secret Rare (20ScR) 10000 Secret Rare (10000ScR) Errors. Franz Karl Achard made the first platinum crucible in 1784. Platinum is also used in the petroleum industry as a catalyst in a number of separate processes, but especially in catalytic reforming of straight-run naphthas into higher-octane gasoline that becomes rich in aromatic compounds.  The platinum used in such objects was not the pure element, but rather a naturally occurring mixture of the platinum group metals, with small amounts of palladium, rhodium, and iridium. How rare is platinum? It is the only stable isotope with a non-zero spin; with a spin of 1/2, 195Pt satellite peaks are often observed in 1H and 31P NMR spectroscopy (i.e., Pt-phosphine and Pt-alkyl complexes). Platinum is the rarest and most expensive of the popular precious metals.  The use of platinum(II) acetylacetonate has also been reported. LA PRAIRIE PLATINUM RARE HAUTE REJUVINATION ELIXIR, $1,315 VIA LA PRAIRIE. The supply for Platinum products is tight, due to the metal being extremely rare. , If pure platinum is found in placer deposits or other ores, it is isolated from them by various methods of subtracting impurities. Due to its rare nature, platinum is historically more expensive than gold, but there are times when the opposite is true. The current OSHA standard is 2 micrograms per cubic meter of air averaged over an 8-hour work shift. Market Loss Policy | , Because the other platinum-family members were not discovered yet (platinum was the first in the list), Scheffer and Sickingen made the false assumption that due to its hardness—which is slightly more than for pure iron—platinum would be a relatively non-pliable material, even brittle at times, when in fact its ductility and malleability are close to that of gold. , Pure platinum is a lustrous, ductile, and malleable, silver-white metal. The rarity of Platinum cannot be overstated because it has a vast array of uses, particularly in industrial use, including catalytic converters, laboratory equipment and even dentistry equipment. Because platinum is significantly denser than many of its impurities, the lighter impurities can be removed by simply floating them away in a liquid. His historical account of the expedition included a description of platinum as being neither separable nor calcinable. Platinum spot prices can be tricky but the market value of this metal tracks as fluidly as Gold or Silver. "Platinum" debit and credit cards have greater privileges than "gold" cards. Numismatic Coins Vs. Old Currency: Where Value is Determined, This Rare Quarter is More Valuable Than You Think, Why The 1794 Silver Dollar Fetched Millions of Dollars at Auction - Twice. These include BaPt, Ba3Pt2, and Ba2Pt. The frame of the Crown of Queen Elizabeth The Queen Mother, manufactured for her coronation as Consort of King George VI, is made of platinum. , The metal was used by pre-Columbian Americans near modern-day Esmeraldas, Ecuador to produce artifacts of a white gold-platinum alloy. Due to its rarity and value, it is not readily available to mineral collectors and is seldom represented in in all but the highest-end mineral collections. , As platinum is a catalyst in the manufacture of the silicone rubber and gel components of several types of medical implants (breast implants, joint replacement prosthetics, artificial lumbar discs, vascular access ports, etc. It was often simply thrown away, and there was an official decree forbidding the adulteration of gold with platinum impurities. We have a couple of Pokemon Platinum rare candy cheats for you to try. Some investors are comfortable buying what they know, such as Gold or Silver. PS3. PtAs2), and as end alloys with nickel or copper. Watchmakers appreciate the unique properties of platinum, as it neither tarnishes nor wears out (the latter quality relative to gold). It has remarkable resistance to corrosion, even at high temperatures, and is therefore considered a noble metal. The most common oxidation states of platinum are +2 and +4. Platinum(II) and platinum(IV) bromides are known as well. , Treatment of hexachloroplatinic acid with an ammonium salt, such as ammonium chloride, gives ammonium hexachloroplatinate, which is relatively insoluble in ammonium solutions. And palladium is even rarer than that. Alloying this impure platinum residue called "plyoxen" with gold was the only solution at the time to obtain a pliable compound, but nowadays, very pure platinum is available and extremely long wires can be drawn from pure platinum, very easily, due to its crystalline structure, which is similar to that of many soft metals. Automotive demand is one of the biggest drivers of platinum prices. 188Pt, 191Pt, and 193Pt decay primarily by electron capture. , Of the 218 tonnes of platinum sold in 2014, 98 tonnes were used for vehicle emissions control devices (45%), 74.7 tonnes for jewelry (34%), 20.0 tonnes for chemical production and petroleum refining (9.2%), and 5.85 tonnes for electrical applications such as hard disk drives (2.7%). Because platinum is so rare, many people are willing to pay for old scrap platinum so they can recycle and reuse it. Goldline offers rare, high quality platinum coins for sale from the world's leading mints. , Platinum, along with the rest of the platinum-group metals, is obtained commercially as a by-product from nickel and copper mining and processing. The standard hydrogen electrode also uses a platinized platinum electrode due to its corrosion resistance, and other attributes. , Platinum is an extremely rare metal, occurring at a concentration of only 0.005 ppm in Earth's crust. , In 1786, Charles III of Spain provided a library and laboratory to Pierre-François Chabaneau to aid in his research of platinum.
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