Whenever we think about precious metals, it is gold, silver, or platinum metals that cross our mind as they are commonly known as precious metals. However, do you know, besides these 3 metals, there are few more metals considered as precious metals?
All these metals, though many do not consider them as precious metals, also have attracted lots of interest from various investors who like to buy bullion online. For example, some of them are :
Many such metals are also traded as commodities and considered as valuable and they have lots of important industrial applications.
What are considered precious metals?
As per definition, you can call those metals precious metals, which are very rare, and naturally occurring metals. At the same time, they also hold significant value economically. The majority of those precious metals may not oxidize in a normal environment, provide longevity in their value.
As an example, you can wear any time your golden ring or silver necklace and if they ever collect dust then you can polish them. Your necklace or ring will never decay or rust. Also, due to rarely available metal, gold and silver will maintain a significant amount of value that will often grow with times during economic uncertainty.
Indigo Precious Metals offers the price based on the market conditions for 5 precious metal groups e.g. Gold, Silver, Palladium, Platinum, and Rhodium, and also a few rare earth metals available in the marketplace.
Precious metals besides gold and silver
Let us discuss here briefly about applications of few other precious metals that most of us are not aware that they too are considered as precious metals.
There are plenty of uses of copper particularly in electrical applications as copper is considered to be a good conductor of electricity.
It has the following applications:
- Hardening agent for platinum alloys.
- Used in crucibles
- For equipment used at very high temperatures
- As heavy-duty electrical contact source.
The following are a few uses of lithium:
- Electric vehicle batteries
- Electric vehicles
- For treating certain serious mood disorders
- Marine applications
- Solar power systems
Comparatively, it has relatively few uses. Osmium is found as a platinum alloys component and also used in:
- Fountain pen tips
- Instrument pivots
- Electrical contacts.
Palladium has a use in the following areas:
- Blood sugar test
- Surgical instruments
- Aircraft spark plugs
- Electrical contacts.
Platinum is of course is a recognized precious metal and has the following applications:
- Medical industry
- Dental work
- Laboratory equipment
- Electrical uses.
Rhodium has the following applications:
- Used as catalytic converters
- As alloying material with platinum
- Airplane spark plugs
- Medical equipment.
Ruthenium has got a number of commercial uses as follows:
- Alloying agent for platinum jewelry
- Electrical contacts
- Solar panels.
Like any kind of investment, you must do good research and get a proper understanding of how the value of precious metals moves before you decide to make an investment in them.