Platinum Group Metals (PGMs) are an assortment of six rare, naturally occurring elements that have been sought after since at least 700 B.C.E. Known for their beauty, high melting point, and chemical inertness; investors look to this group as an essential part of a diverse portfolio.
Because no other resource can compare to the value that Platinum Group Metals bring to manufacturing, demand is expected to increase for many years to come. Rising demand is one of several reasons you should consider buying platinum bullion.
While scientists are not entirely sure about the abundance of Platinum Group Metals in the Earth’s crust, most estimate that quantities are comparable to gold. The name “platinum” came from the Spanish word “platina,” which means “little silver” due to its appearance in silver mines. Initially, many thought the metal was less desirable than silver because it was harder to shape. As metalsmiths soon realized, the chemical properties are extraordinary.
What Metals are Part of the Platinum Group Metals?
Alongside platinum, the other metals in the group include palladium, rhodium, iridium, osmium, and ruthenium.
Scientists who studied the residue left behind when platinum ore was dissolved in a mixture of acids identified the individual elements in the early 1800s. All six of these metals share many similar properties:
- High density
- Resistance to tarnishing, corrosion, and wear
- Durable
- Temperature stable
- Electrically stable
- Catalytic properties
Because these metals are naturally corrosion-resistant even at high temperatures, they reduce the carbon emissions of gas-powered motors better than any other element. This unique property is why PGMs are most commonly used in the automotive industry.
Industry Uses
Platinum Group Metals are extremely valuable resources for several industries, including the electrical, glass, petroleum, medical, jewelry, and automotive sectors. Because many manufacturers rely on metals like rhodium, platinum, and palladium, their demand is expected to increase in the coming decades.
Carmakers are the largest consumers of minerals from the Platinum Group. Chinese and American car makers use palladium in the catalytic converters of fuel-cell automobiles, while European factories mainly use platinum for the same application.
Several PGMs are used in jewelry, particularly platinum, rhodium, and iridium. Due to their high cost, they’re often used to plate softer metals such as silver rather than make pure jewelry.
Platinum
One of the most commonly known precious metals, platinum is the main mineral of the PGMs, as the other metals in the group are typically concentrated around it in ores. With its high melting point and corrosion-resistant properties, platinum is commonly used in catalytic converters and has many unique medical applications, such as dental crowns and cancer prevention.
Palladium
While also more commonly known, palladium isn’t quite as popular as platinum. Due to its excellent catalytic properties, it can sometimes be used as a substitute in catalytic converters for platinum. Unlike other PGMs, it has a unique ability to absorb hydrogen, which makes it one of the key components in creating synthetic rubber and nylon.
Rhodium
Rhodium is another highly active catalyst mineral that has a high melting point and is known for its temperature stability. It is used in making glass and vehicle emission control systems. Rhodium coins are seldom seen on the market, and the metal is often used as plating for other products such as white gold jewelry and sterling silver tableware. Plating with rhodium makes the finish more durable and resistant to tarnishing.
Iridium
Iridium is the rarest and most corrosion-resistant out of all PGMs. This highly stable and dense metal is primarily used in medical applications such as implants and pacemakers. It can also be found in spark plugs, electrodes, and radioisotope thermoelectric generators.
Ruthenium
Ruthenium is quite brittle for a precious metal. However, its hardness makes it an excellent alloy for platinum or palladium in electrical industries and has catalytic properties.
Osmium
The hardest and densest of the PGMs, osmium is an ideal conductor of electricity and is used as an oxidation catalyst. It is often alloyed with platinum and iridium. Osmium is valued for its role in medical research, scientific instruments, and luxury goods, with its crystalline form gaining popularity in high-end markets. Additionally, osmium tetroxide is used in biological staining and organic chemistry due to its unique reactivity.
