Precious Metal Determinants: Current Gold Silver Prices

A metal is considered "precious" if it is rare and is of high economic value. Under these two factors, nine metallic chemical elements qualify as precious metals. These are, in no particular order, gold, palladium, silver, rhodium, iridium, ruthenium, platinum, osmium, and rhenium.

So that while the chemical element tellurium is considered one of the rarest element in the Earth's crust (its mass abundance being the same as that of rhodium, iridium, and ruthenium), its estimated price is only less than 5 U.S. dollars per troy ounce, and, therefore, cannot be considered a precious metal. The same can be said of bismuth, which has a mass abundance half less than that of palladium, but with a price of only a little more than a tenth of tellurium's price.

In terms of mass abundance, expressed in parts per billion (ppb), here's how the nine precious metals are ranked (rare to rarest): 9th: silver (75 ppb); 8th: palladium (15 ppb); 7th: gold (4 ppb); 6th: osmium (1.5 ppb); 5th to 3rd: iridium, rhodium, and ruthenium (1 ppb); 2nd: rhenium (0.7 ppb); and 1st: platinum (0.003 ppb).

The ranking appears different when the estimated world market prices, per troy ounce, of these nine precious metals are considered (estimates as of January 2010):

1st: Rhodium - rhodium- This is a chemical element that is rare silvery-white and hard. This elment is a member of the platinum group. The element has a chemical symbol of Rh and the atomic number 45. This element is one of the most expensive in that it cost about $80,000 per kg. This element is found within platinum or nickel ores this together with other members of the platinum group metals. USD2,750

2nd: Platinum - platinum- This is a chemical element with the chemical symbol Pt and it has a atomic number of 78. This element is indeed precious, dense and malleable this element is a gray-white transition metal. This element has many purposes in many industries including; electronics, automotive catalytic converters ( not Cadillac converters) in laboratory equipment and ofcourse in the manufacturing of jewelry. USD1,555

3rd: Gold - gold- This is a chemical element of the well known symbol of Au. This element has an atomic number of 79 this element has a yellowish color it is dense, soft, shiny and the most malleable and ductile pure metal known. This metal has many uses including money, coins jewelry, automotive and many other uses. Gold standards have provided a basis for monetary policies with gold. USD1,131

4th: Palladium - This is a chemical element with the symbol of Pd and an atomic number of 46. This element is rare and lustrous silvery-white metal. This along with platinum, rhodium, ruthenium, iridium and osmium all form the group called the platinum group metals however Palladium has the lowest melting point out of the mentioned.Palladium is found in many electronics including computers, mobile phones, multi-layer ceramic capacitors, component plating, low voltage electrical contacts, and SED/OLED/LCD televisions. It is also used in dentistry, medicine, hydrogen purification groundwater treatment and other applications. USD424

5th: Iridium - This is a chemical element with an atomic number of 77 this element has a symbol of Ir. This element is very hard, brittle silvery-white transition metal and belongs to the platinum family. This element is the second densest and one of the most corrosion-resistant metals even at temperatures near 2000 degress. This metal is used in high-end spark plugs, crucibles and even electrodes. USD408

6th: Osmium - This is a chemical element that has a symbol of Os and the atomic number of 76. This hard brittle blue-gray or blue-black transition metal is of the platinum group. This element is twice as thick as lead. This is found in nature as an alloy mostly in platinum ores. A Very strong element isused in fountain pen tips, electrical contacts and others were extreme hardness and durability are needed. USD380

7th: Rhenium - This is a chemical element with the symbol Re and atomic number 75. This element is a silvery-white, heavy metal. One of the rarest in the earth's crust. Used in making jet engine construction the largest use for the element, with chemical industry catalytic uses being next-most important. USD194

8th: Ruthenium - This chemical element has an atomic number of 44 and the symbol Ru is used. This element ispart of the platinum ores group. This metal is used for wear-resistant electrical contacts and for electronic semiconductors such as resistors. USD173

9th: Silver - This chemical element has the symbol of Ag and an atomic number of 47. This element has a grey shining color. This has the highest electrical conductivity of any element and the highest thermal conductivity of any metal. Many uses for ornaments, jewelry, high-value tableware, utensils. USD18

Of the nine precious metals, gold and silver are the best known. Apart from being traditional coinage metals (along with copper), both gold and silver are also well known for their uses in jewelry and art; they likewise have certain industrial uses.

A third important factor that will qualify an element as a precious metal, as may be noted from the uses of gold and silver above, is that it should not be radioactive. Thus, the chemical elements actinium, polonium, and radium are not considered precious metals because they are highly radioactive.

Compared to most other elements, precious metals are chemically less reactive, have higher melting points, and are more ductile - properties that make them ideal for many commercial and industrial applications.

In earlier times, precious metals were mainly used as currency. Today, however, they are highly regarded as investment and industrial commodities. Four of them, in fact - silver, gold, platinum, and palladium -, are minted into coins or cast into ingots and traded on commodity markets. All four are assigned the ISO 4217 currency code.

Hence, the role of precious metals as investments, on top of their practical use, drives the demand for them. For thousands of years, precious metals have demanded prices that are much higher than those of common industrial metals, such as nickel (about 36 cents per troy ounce) and copper (about 11 cents per troy ounce). As a matter of fact, there have been significant increases in the prices of precious metals at the turn of the Twenty-First century. This has encouraged many enterprises to go into precious metal recycling.

Price Gold Articles

Platinum: Most Widely Traded Of The Platinum Group Metals
Three Methods Of Assay For Raw Precious Metals
Largest Gold Nuggets Discovered: Welcome Stranger And Hand Of Faith
Placer Mining: Three Methods Used To Mine Placer Gold
Gold As An Investment: Ways Of Investing In Gold
Krugerrand: Most Well-Known Precious Metal Coin
Silver As An Investment: Ways Of Investing In Silver
Palladium: Least Dense Of The Platinum Group Metals
Osmium: Densest Precious Metal
Rhodium: Costliest Precious Metal
Bullion: Mass Of Precious Metals
The Four Platinum Bullion Coins: A Brief Description Of Each
Palladium And Platinum As Investment Commodities
Safety Issues Concerning Precious Metals
Gold: Most Sought-After Precious Metal
The Eight Precious Metals Considered Noble Metals
Precious Metal Determinants: Rarity And High Economic Value
Gold And Silver: The Two Precious Traditional Coinage Metals
Gold Standard: Definition And The Three Distinct Kinds
Rhenium: Last Naturally Occurring Stable Precious Metal Discovered
Ruthenium: Most Versatile Of The Platinum Group Metals
Iridium: Most Corrosive Resistant Precious Metal
Silver: Precious Metal With The Highest Thermal And Electrical Conductivity
Precious Metals Discoverers And Name Etymologies
The Six Precious Metals Of The Platinum Group

Disclosure: Advertisements are placed on this website to offset the cost of maintenance and to keep this site free for everyone to use. Owners of this website will receive compensation for products and services purchased through featured advertisements. All claims of actual user results should be considered atypical.