The Gold Guys: Platinum 101

YOUR GOLD GUYS: FUN FACTS ABOUT PLATINUM

We buy platinum
We buy platinum

 

Here at the Gold Guys we love to educate our customers! Not only do we do this in the store during transactions, but here on our website, as well.

Platinum is the rarest and heaviest of all the precious metals on earth.  In fact, Platinum is so rare, every troy ounce ever mined from the ground since the beginning of time would fit in an average size living room.

It can take up to 5 months, and multiple tons of ore to produce just one troy ounce of Platinum.

Russia and South Africa produce up to 90% of the worlds Platinum share.

When World War II began, the U.S. government declared Platinum a strategic metal.  Thus, its use in non-military applications, including jewelry, was disallowed.

Because of its lustrous glimmer and strength, Platinum has been treasured in jewelry craftsmanship. However, jewelry craftsmanship only accounts for 40% of the Platinum extracted from the earth. The remaining 60% of Platinum is consumed by industrial applications.  Such as, its use in catalytic converters for automobiles, dental apparatuses, electronic components, and coating the nose cones of missiles.

Platinum is soft and can be surface tested to authenticate it’s purity.  Unlike Gold and Silver, however, Platinum does not lose any of its material on the stone.  All other precious metals lose a small fraction of their mass when performing surface testing.

Due to its high density and strength platinum melts at much higher temperatures than Gold or Silver. Platinum melts at approximately 3,215°F (1,768°C). Gold melts at 1,948°F (1,064°C), while silver melts at even lower temperatures of 1,763°F (961.8°C).