Common Uses of Platinum
Due to its unique qualities, platinum has been a highly desired metal and one with a number of different uses. From jewelry to industry, platinum is one of the most important metals in the world.
The most famous use for platinum is in the production of jewelry. Platinum is very strong and very resistant to tarnish, making it an ideal metal for jewelry production. Due to its strength, platinum requires a working environment not necessary for other precious metals. For example, a jeweler needs equipment that can produce a very high temperature, since platinum melts at a higher temperature than other precious metals.
Although platinum jewelry has existed for more than two thousand years, modern platinum jewelry didn’t reappear until the eighteenth century in Europe. Platinum once again went into a dormancy phase and it wasn’t until the 1960s that Japan brought back demand for the precious metal. This was followed by Germany in the 1970s and Italy in the 1980s.
Platinum in Motor Vehicles
Another common use for platinum is in the creation of autocatalysts for motor vehicles. An autocatalyst is used to convert harmful hydrocarbons, carbon monoxide, and oxides from nitrogen into carbon dioxide. Platinum and other metals in the platinum metal group is used to coat the autocatalyst. As pollution continues to be a concern, platinum will continue to be needed for the production of autocatalysts.
Another use of platinum in vehicles is in proton exchange membrane fuel cells. These cells help power electric vehicles which significantly cut down on emissions harmful to the environment. Platinum is used as catalysts in these vehicles, helping to create a cleaner environment.
Governments around the world have recently started to issue investment grade platinum coins as well. With the price and demand of platinum increasing, people are turning to platinum as an investment vehicle and platinum can be included in Precious Metal IRAs in the United States.
If you’re interested in adding platinum to your precious metals collection, give United States Gold Bureau a call today and speak with a representative.