One of the world's rarest metals is platinum. On Earth, there are only 0.005 parts per million. By comparison, silver is 0.075 ppm, and gold is 0.004 ppm. Platinum is actually found in larger quantities on the moon’s surface and in meteorites. Less than 1% of this valuable metal on Earth gets used for platinum investments. It is traded on the Tokyo Commodity Exchange and the New York Mercantile Exchange. Like other precious metals, it can offer investors a haven investment and contribute to portfolio diversification. Platinum has a high and consistent industrial demand, making it a highly lucrative option for precious metal investment. Let's learn about the uses of platinum (the reason behind the high demand) and its history to gain a deeper knowledge of this metal.
History Of Platinum
Archaeologists first discovered platinum in ancient Egyptian artifacts. The famed Casket of Thebes, in particular, was discovered to be studded with platinum, silver, and gold. Furthermore, platinum was used by native South American peoples to create ceremonial jewelry, including nose studs and chains.
Platinum was also discovered by the early Spanish explorers who landed in the New World. However, the conquistadors of the sixteenth century did not view platinum as the costly luxury it is today. They came across platinum nuggets mixed in with their just-discovered gold. This is why a lot of the recently discovered platinum was wasted. The Spanish gave this new metal the name "Platina," which is a shorter form of the Spanish word for silver ("plata").
Antonio de Ulloa is credited with discovering the metal. He brought platinum samples and information about the unusual qualities of this new metal back to Spain in 1746. Platinum wasn't recognized as an independent element until it was successfully melted down in 1751 AD. The melting point, resistance to corrosion, and sturdiness of platinum were all discovered in the years that followed. During this time, the uses of platinum mostly included decorative artworks and laboratory instrument creation. Around this time, platinum started to catch the attention of jewelers and other metal craftsmen. Louis XVI’s goldsmith, Marc Janety, started using platinum to create pricey utensils as well as buttons, chains, and other luxurious items.
Before the invention of torches that could produce high temperatures for shaping the metal, platinum wasn't often utilized for jewelry. Louis Cartier was the first to use platinum to make jewelry, and by doing so, Cartier was able to highlight the metal's strength and luster. King Edward VII of England regarded Cartier as the "jeweler of kings and the king of jewelers" and recognized the appeal of his platinum jewelry.
The Arab Oil Embargo, which began in the 1970s, prompted a fast rise in the value of precious metals, including platinum. At this time, platinum bars became available for purchase by individual investors.
Platinum coin manufacturing began in the 1980s. The Isle of Man first created one-ounce platinum bullion coins, and other mints soon followed suit due to their success. Both the platinum Koala coin from Australia and the platinum Maple Leaf coin from Canada were introduced in 1988 and were extremely popular. Along with the American Platinum Eagle, these platinum coins expanded the platinum bullion investment market to extraordinary heights.
The Uses Of Platinum
Apart from making platinum coins and jewelry, platinum has multiple other uses today. First, unlike silver, platinum jewelry resists tarnish. The primary industrial application of platinum is in manufacturing catalytic converters for automobile engines. Platinum is efficient in turning toxic engine emissions into less-harmful waste. The oil industry extracts gasoline from crude oil using platinum's catalytic properties. But the uses of platinum go well beyond this. Here, we examine some unique uses of platinum.
Treating Cancer
Platinum, in some chemical forms, can delay or stop the division of live cells. As a result, a variety of tumors have been treated with drugs based on platinum. Researchers first identified cisplatin as a platinum-based chemotherapy medication, and forty years later, it remains in use to treat some cancers. Since then, researchers have been exploring ways to make platinum-based medicines more effective at fighting cancers while both less toxic and more tolerant to sensitivity.
Vehicle Safety
Automotive airbags are coated with platinum-cured silicones to shield them from their explosive mechanisms. The platinum coating ensures that these airbags are stable and can be folded and packed for a long period without deteriorating. In addition, the airbags have an initiator sensor, which employs a fine platinum wire coated with explosive material to trigger the airbag.
Personal Hygiene
Platinum-cured silicone substances are found in a variety of personal care items, including lipsticks, shampoos, and contact lenses. Additionally, the future is looking quite promising for the usage of silicones in medical elastomers. They have exceptional wound healing properties in that they hold onto dry skin while not attaching to and causing damage to the fluid-filled wound. Furthermore, since silicones are air and moisture permeable, the healing process gets accelerated.
Autocatalysts
Platinum performs as an efficient and long-lasting catalyst in hydrogen-powered fuel cell electric vehicles (FCEVs). This is one of the most important uses of platinum. All FCEVs use a form of fuel cell called Polymer Electrolyte Membrane (PEM). The FCEV itself discharges only water from its tailpipe and is powered by a low-temperature, quick-start cell that uses platinum and palladium at its core.
Warmth and Comfort
Warmth and comfort are usually the last things one would think of while considering the uses of any metallic substance. However, petrochemical feedstocks—the basic raw ingredients needed for manufacturing plastics, synthetic rubber, and the polyester fibers used to make textiles and blankets—and synthetic rubber are all produced using platinum catalysts.
Fuel Cell Mini-grid Electrification Technology
Compared to diesel generators, platinum-based fuel cells are more affordable, cleaner, and more reliable. More than one million of the two million South African homes without power live in rural regions, and it is these fuel cells that are making a significant difference in these places. In these remote areas, fuel cell mini-grid electrification technology is an advantageous and affordable solution for grid electrification that might speed up the power supply.
Conclusion
There are several solid reasons for considering investing in platinum. First, investors can purchase physical platinum metal in the form of bars and coins. The majority of silver and gold refineries also make platinum bars. Compared to gold and silver, the selection of platinum coins is more limited; however, the number is growing. Legal tender coins are now manufactured for platinum bullion investment purposes. The most popular are the Canadian Maple Leaf, American Eagle, Australian Koala, and Austrian Philharmonic. British coins include the Britannia, the Queen's Beasts series, and the Isle of Man Noble. BOLD Precious Metals is your way to go if you want to buy any of these platinum bullion coins. BOLD provides customers with an easy purchase experience they can trust.
