Gold and silver are rare metallic chemical elements that fetch high and sturdy economic value. They are less reactive than most elements and therefore 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 the past years, have been recognized for their industrial significance too. Platinum, that was basically a waste product, has become becoming probably the most widely traded precious metals and include ruthenium, rhodium, palladium, osmium, and iridium. The character of precious metals may be derived from the fact that they are 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 stride 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 difficult to separate from 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 a simple aluminum extraction method is discovered in the late 1800's.
Fluctuations regarding 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 even more than gold in the near future.
Aside 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's also difficult to deny the industrial purposes 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.