Precious metals are rare metallic chemical factors that fetch high and durable economic value. They're less reactive than most elements and are made distinct by their luster as well as their high melting points. The very best known metals are gold and silver whose uses range widely from jewelry to coinage to art, and in yesteryear years, happen to be recognized for their industrial significance as well. Platinum, which was basically a waste product, has become becoming one of the most widely traded precious metals and can include ruthenium, rhodium, palladium, osmium, and iridium. The character of precious metals might be produced from the fact that they're very scarce and unique among other commodities that also take into account their quality to be judged to be of great monetary value, thus, a measure of wealth. It is also vital that you consider that not every precious metals stay precious forever. This relies on their own availability and new methods for refining or even creating such. Take aluminum, for instance, once difficult to outside of ore, it used to be the most challenging metal to obtain despite being one of the most common. Its status, which once place it above gold, dropped significantly when an easy aluminum extraction method is discovered within the late 1800's.
Fluctuations regarding the rarity of metals rely on demand. Silver, for just one is within a supply deficit, using more silver than mined, and it is then projected to cost even more than gold soon.
Apart from rarity, other common characteristics of metals such as uses, easy storage, similar origin and historical value are thought as criteria for being distinguished as gold and silver. It's also hard to deny the economic purposes of precious metals which make them much more appealing. Finding new ways to use them increases their market value in the trade and commodity market.