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