Therefore, platinum rings are more expensive. The price of palladium, a precious metal 30 times as rare as gold, has risen by more than 50% since August, surpassing the price of gold for the first time since 2001. It has jumped by more than 25% in the last two weeks alone, and almost doubled in … The platinum ring is almost twice the price of the gold ring. Platinum is also highly resistant to corrosion and it is considered to be a noble element. Some of these applications would be: Just like gold, platinum is a shiny and beautiful metal. The Casket of Thebes is an Egyptian sarcophagus than can be dated back as far as 700 B.C. Being about 20% denser than white gold, platinum is about two-and-a-half to five times more expensive than white gold. The demand for Platinum grew in the Second World War because of the discovery of new applications for platinum. Actual prices may vary based on region, supplier, or various other factors. At high temperatures and high pressure the light petroleum is eventually converted into high octane liquid with rich aromatic compounds. Buying bars of platinum can be rather costly, so a more accessible way to gain exposure to platinum is with the ETFS Physical Platinum Shares (PPLT), which is backed by physical bullion. ďƒ˜ Platinum jewellery is always more expensive than gold jewellery due to its unique and rare qualities, but diamond jewellery is most expensive of all. It wasn’t until the early 18th century where Europeans truly tried to understand the metal. Silver and palladium are surging, too. Platinum is more expensive because it is rarer and mined much less than gold. They are aggregated using multiple sources. Platinum prices reached parity with gold earlier this year and have now settled around $1,200. Thanks to modern technology it is now possible to create beautiful platinum rings and jewelry. However, the ‘little silver’ has recently been traded at a discount to gold, as one can see in the chart below. One such sought application was Platinum’s ability to increase the octane rating of gasoline which would save a lot of time and money. - Platinum does NOT need to be coated, is much harder than gold, about the same as rhodium, and generally wears by microscratching vs. gold having larger scratches. Ten tons of platinum ore is required to process a single ounce of pure platinum. Platinum is also harder to work with especially for custom jewelry making, with a melting point just over 3200 degrees nearly double the heat needed for gold, because of this platinum jewelry can be nearly double the price compared to 18kt gold & because of this platinum jewelry is almost always more expensive to create. White gold isn't rare since its base (yellow gold) isn't very rare. The casket is decorated with gold and silver hieroglyphics with a mixture of platinum group metals. Platinum manufacturing process is more complex than gold which adds labor costs. With the spot price of platinum and gold being very much the same nowadays, many people ask us why platinum is still more expensive that white gold. Metals investors who want to hold the most concentrated wealth in a single ounce bullion product should opt not for gold or platinum…but for a different platinum group metal called rhodium. The displayed metal prices are estimates only. Privacy Policy. Platinum is ductile, malleable, dense, and highly unreactive, it has a silvery white look and it often mistaken for silver. They considered it to be worthless and believed that it had no inherent value. This means that a platinum piece of identical specifications as a gold or silver piece will be heavier and as a result, more expensive. And just like gold, it is collected and traded for its inherent value. Platinum plays a big role in catalytic reforming. 14kt white gold has a very slight tint of yellow. Lately, platinum has traded at an abnormally large discount to the yellow metal. Then they were added coins denominated in 6 and 12 rubles. agree to our, A Tale of Two Metals: One WAY More Valuable Than Gold, The Other Historically Undervalued, FREE Subscription to Our Precious Metals Newsletter. But currently, the ratio is around 1.6, which means platinum is cheaper and more attractive. Platinum is one of the rarest elements in the world, much rarer than gold. Jewelries and metal ingots usually have their value determined by their metal content and weight, so in short you will be paying for more for the platinum. Gold has risen nicely since the meltdown following Lehman's collapse, with the gold price in dollars rising 130%. Currently, gold costs around $1,300 per … Our website uses cookies to improve your experience, which can include personalizing advertising. Copyright © 2021 Metalary. The historical average is that platinum is somewhere around a third more expensive than gold. Another reason is because platinum is 60% heavier than 14 Karat gold. Additionally, platinum rings are usually 95% pure platinum, while 14k gold is only 58.5% gold (18k gold is 75% gold). So it shares no common drivers with gold, and there's really no reason why platinum should be more expensive than gold. Catalytic reforming is a process where light petroleum is converted into high octane liquids. William Hyde Wollaston found a way of producing malleable platinum and turned them into metal ingots. While both gold and platinum prices have continued to fall so far this year, platinum has taken a harder hit, making the white metal cheaper than gold. White gold is really yellow gold with some other white alloys added to the mix to make it look white. Platinum is almost 3 times the rate of white gold. Platinum is one of the rarest elements in the world, much rarer than gold. Autocatalysts reduce the pollutants released by the vehicle by converting 90% of carbon monoxide and hydrocarbons into water vapor and carbon dioxide. Why is Platinum More Expensive than Gold? In the modern age Platinum has a variety of applications that makes it a very sought after precious metal. Because platinum is a very rare metal that produces only a few hundred tons annually, it is considered to be a very precious commodity. Historically, the ratio has been below 1, meaning the price of platinum has been higher than gold. Platinum jewelelry is consequently more expensive than gold jewellery. Platinum and gold are both precious metals. However, when made into jewelry, platinum pieces are often more expensive than white gold. The third most expensive precious metal in the world is gold. Although both gold and platinum are rare earth metals, platinum is rarer and thus has a higher value. Another reason is because platinum is 60% heavier than 14 Karat gold. Platinum is often called “white gold”, and believe it or not, platinum is actually way more valuable than gold. But platinum prices are down almost 15% year-to-date. Often, platinum commands a higher price than gold. Aside from assuming that platinum is a superior metal, have you wondered exactly why platinum gets the higher ticket price in the jewelry industry? That isn't the case now though. Culturally, there is a hierarchy amongst the precious metals which roughly translates into their material value. There are multiple reasons why platinum is more valuable than gold. Another reason would be that platinum is harder to process and would take up more time, resources and labor than that of gold. Although both gold and platinum are rare earth metals, platinum is rarer and thus has a higher value. It is widely used in several electronics devices and equipment. As such, platinum jewelry costs more than gold, not only because it is 60% heavier (a 10 gram ring vs. a 16 gram ring noted in #1 above), but those grams of precious metal are more pure, and therefore, more valuable and costly in platinum compared to gold. Why is it more valuable than gold? The Gold-to-Silver Ratio Explained Briefly, Basics of Gold And Silver Investments in Miners And Streaming Companies, Popular Methods of Gold And Silver Investments, Portfolio Diversification with Gold And Silver, 5 Better-Than-Gold Precious Metals Investments. Money Metals Exchange was named Best in the USA because of our high-quality educational content, great pricing, and white-glove customer service. How expensive is platinum? Platinum is between 90 - 99% pure whereas 14K white gold is only 58.33% pure gold with the rest being alloys. They had a very hard time dissecting the metal because of its high melting point and its high resistance to corrosion. 83616-9120. Since the late 1960s and early 1970s,—when it first garnered the interest of investors—platinum has a few series of record surges—the most at over $2,000 per ounce in 2008—and series of record plunges. That is why we have platinum credit cards which provides us with more benefits. This is done by having the light petroleum distillates or naphthas come in contact with a platinum catalyst. Platinum looks almost identical to white gold and will remain looking the same for many years as long as they are both maintained and cared for properly. Platinum is an industrial metal, and it's specifically a car industry metal. The Spanish Conquistadors of the early 16th century viewed platinum as an impurity. Currently, platinum’s price per ounce stands at $892 (subject to change) but this wasn’t always the case. This is why historically the white metal has been more valuable – just think of platinum credit cards which offer greater privileges and prestige than the gold ones. Platinum can be used as a catalyst in scientific experiments, worn as jewelry, and taken in anti-cancer drugs. It's more than "interesting" that platinum prices are lagging gold. It was the Spanish naval officer Antonio de Ulloa and his companion Don Jorge y Santacilia who found mines containing “platina” and delivered them back to Spain. Platinum is much rarer than other precious metals, with platinum production occurring in only a handful of locations in the world. Platinum is also high resistant to wear and tear, and it hardly ever gets tarnished. Only 160 tons of platinum are mined annually, as opposed to 1,500 tons of gold. Platinum engagement ring settings range in price from approximately $300 for a simple solitaire to $3,000 for an intricate vintage setting. There are four main reasons for this: Platinum is denser, and thus more material weight is needed to produce the same ring than from white gold. Some people have golden rings and jewelry to show off their wealth but people who wear platinum rings are often considered to be wealthier and more privileged. Autocatalysts are usually made up of metals or ceramics coated with platinum group metals. They named the pesky metal as “Platina” which would roughly translate to “little or small silver”. 3. Because of its hardness, platinum can be used in a purer form than gold. Because it's less malleable, platinum is a more difficult material to work, so the cost of labor that goes into molding that piece increases. Enter your name and email to create an account. But platinum is used not only in jewelry, it is widely used in medicine and technology. And yes, it is rarer, and it is pretty. Gold prices have soared more than 20% in 2020, and they hit a new record high earlier this year. Linette Lopez. The earliest known object that contains platinum would be the Casket of Thebes. White gold was actually made as a substitute for platinum, because platinum was scarce during WWII. All Rights Reserved. Well, normally it is. There are multiple reasons why platinum is more valuable than gold. Soon after the value of platinum coins overtook that of gold and silver. 18kt white gold can look almost as yellow as a dim yellow gold piece of jewelry. This makes platinum look more "buffed" than scratched. The price of the precious metal palladium has soared on the global commodities markets. Platinum is 95-99% pure (the remaining 5 percentage is usually other platinum groups as well). Ruthenium is most commonly found in ores with other platinum group metals in the mountains of North and South America. They brought the strange white metal back to be investigated and to find out if it had value like gold and silver. Unlike the next most popular white metal; white gold. 9 Substances More Valuable Than Gold. Also, platinum is more dense than gold, so the same ring will weigh significantly more in platinum than in gold (and precious metals are priced by weight). Compare this platinum matte classic wedding band with this similar matte white gold wedding band. Due to its rare nature, platinum is historically more expensive than gold, but there are times when the opposite is true. By using our site, you acknowledge that you have read and Value of Platinum. Combining section 1-3 above makes Platinum jewelry much more expensive which naturally has a negative effect on the demand which leads to another price increase parameter. This is also one reason which makes white gold cheaper than platinum. Sign Up NOW to Receive These Great FREE Benefits: Opt-out at anytime, hassle free. Yes, that's historically been the case. The cost depends on factors such as the ring style, amount of platinum used a… Gold. A naturally white metal, platinum is typically utilized in a nearly pure form for jewelry—ranging from 95-98%. So platinum jewelry is a much purer and denser metal-type than gold. Another reason Platinum is higher than gold. While gold and platinum are similar in price per gram, platinum is more dense and so more of it is required to make a ring. Platinum jewelry is more expensive than gold… It’s a well-known fact. Platinum is rare. Despite the higher cost per gram, Platinum being 1/3rd heavier retains its higher price for our finished rings. It is about 60% heavier than 14K gold and 40% heavier than 18K gold. Throughout history platinum has tended to be more expensive than gold and is generally considered to be the most valuable metal of all. The main reason platinum is more expensive is that, even at the same cost, it takes more platinum to make a platinum ring than it takes to make a similar size ring in gold. Platinum is a very rare metal and it is considered to be very valuable resource. Please enter your username/email and password to log in. By the way, even before the start of platinum mining local Ural hunters used silver grains as a fraction, funny, because they did not know that they shoot metal, which is more expensive than gold. If you have a 10 kg ingot of gold, then that would be equivalent to 16 kg of platinum. These white metal substances that were mixed with gold was considered a pest because they tend to stick to gold and other metals. Platinum is said to be 35 times rarer than gold. As of today, Ruthenium costs approximately $260 per ounce. Platinum alloys used in jewellery are purer. Platinum is a member of the platinum group of elements (it’s a little ironic) and it holds the chemical symbol of “Pt”. When the cost of Gold exceeds the cost of Platinum, our Platinum engagement rings remain more expensive due to the higher density and additional weight compared to 18ct Gold. 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