Platinum group metals are rare precious metals with unique physical properties that are used in industry and jewelry. 

There are six platinum group metals. These include platinum, rhodium, ruthenium, iridium, and osmium. Platinum’s uses rage from jewelry to industrial parts. It is resistant to corrosion, highly ductile, and stable at high temperatures.

A highly coveted precious metal because:

  • It’s rare
  • Highly ductile
  • Resistant to corrosion
  • Stable at high temperatures

Platinum’s name derives from the Spanish term “platina”, meaning “little silver”.

Platinum is mined in:

  • Chocó, Columbia
  • Bushveld Igneous Complex, South Africa
  • Ural Mountains, Russia
  • Ontario, Canada
  • Meteor impact sites

Workers Rights 

Employees of Anglo American Platinum, Ltd., enacted the longest and most successful worker’s strike in South African history. They protested for fair wages and eventually reached a 3-year settlement with the company.

 

Ancient World Platinum

Small amounts of platinum are found in ancient Egyptian gold. 

In 1557, Julius Caesar Scaliger described platinum as a metal “which no fire nor any Spanish artifice has yet been able to liquefy.”

It wasn’t considered remarkable during the 16th century. At the time it was considered an impurity in gold. It was only considered special once Pierre-Francois Chabaneau succeeded in creating a pure platinum ingot.

When there is economic growth and prosperity, platinum is about twice the price of gold. When the economy suffers, platinum usually drops well below the price of gold. Platinum is available in coins and bullion rounds.

Platinum is used:

  • To oxidize carbon monoxide
  • As a catalyst in the industry
  • Create chemotherapy drugs
  • In jewelry 
  • In limited edition watches
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