Platinum is a highly valued metal called a transition element because it can combine with other elements, including carbon. Platinum’s symbol is Pt, and its atomic number is 78.
This precious metal’s name originates from the Spanish word platina, which is a diminutive of plata, meaning silver. Because of its brilliant silver color, many people mistake platinum for silver.
How Do Platinum and Silver Differ
Although the two get mistaken for one another, there are discernable differences between platinum and silver to the naked eye. Both precious metals have gray undertones, but platinum is much brighter and lustrous, while silver has a duller gray color.
Platinum is also much more durable than silver. Silver is a soft metal that can wear down very quickly and tarnishes easily. Platinum has a very high melting point and is a much harder metal, so it does not need to be mixed with an alloy.
Another key difference between the two metals is that silver is highly affordable, and platinum is one of the most expensive metals for making jewelry. In terms of cost, platinum is only second to rhodium.
The Discovery of Platinum
Platinum was first discovered in 1735 by Antonio de Ulloa in South America. This precious metal was used by pre-Columbian South Americans, who used it to fashion decorations.
This metal is used in making fine jewelry and a host of other uses, including the following.
- Catalytic converters
- Electrical contacts
- Magnets
- Medication
- Dentistry equipment
- Catalyst for the production of silicone, benzene, and nitric acid
- Chemotherapy drugs
- Optical fibers
- Turbine blades
- Spark plugs
- Computer hard disks
- Thermocouples
- Dental fillings
Facts About Platinum
Platinum is one of the most-prized precious metals in the world. This metal is rarer and more valuable than gold. Platinum also has a higher value because it is purer and denser. When making jewelry, more platinum is required than gold, making pieces more expensive.
- The moon and meteorites contain more platinum than the Earth.
- The melting point of Platinum is 3,215 degrees Fahrenheit, and its boiling point is 6,917 degrees.
- Platinum is one of the purest metals on the planet, at around 95% pure.
- This precious metal is the least reactive metal in the world.
- During World War II, the use of platinum for non-military purposes was banned because this metal was considered highly strategic.
- A single gram of platinum can create a wire that is over one mile long.
- Platinum is the only metal used in the creation of pacemakers. Around 600,000 of them are created each year.
- Platinum can be pounded as thin as 100 atoms.
- Platinum is one of the heaviest metals on Earth. A six-inch cube of Platinum can weigh as much as a human being.
- Platinum was once known as “white gold”.
How Much Is a Pound of Platinum Worth?
Now that you know more about platinum, it is time to answer the question of this article. How much is a pound of platinum worth? Before answering this question, it is important to note that precious metals are weighed in troy ounces and pounds.
One troy pound of Platinum is worth $12,132, €11,342, and £9,635. These are the prices at the time of this writing. Because all precious metal costs fluctuate, the price will surely change over time.
Platinum Is Extremely Dense
Platinum is one of the densest metals on Earth. This metal weighs 21.45 grams per cubic centimeter. This precious metal is 21 times denser than water and six times the density of a diamond. You may be interested to learn that a cylindrical hunk of platinum is used as the international standard for measuring a kilogram.
Platinum Use Percentages
Scientists estimate that around 1/5 of everything we use contains some degree of Platinum. The following offers a breakdown of the percentages of use.
- 50.4% is used in the production of catalytic converters.
- Glass manufacturing 4.6%
- Jewelry manufacturing 24.7%
- Electrical manufacturing 6%
- Chemical manufacturing 4.9%
- Petroleum manufacturing 2.6%
- Other uses 6.8%
Platinum Is Highly Investible
Platinum is highly sought after by investors. Because of its precious underpin, platinum is considered a low-risk investment entry point. This precious metal often performs well during an economic recovery, making it a sound investment option.
Although most people invest in gold and silver, platinum is a vibrant choice for diversifying your portfolio. While some investors shy away from platinum because it cannot be used as currency, it is still considered a viable investment.
Platinum: The Metal Valued Higher Than Gold
Now you know how much a pound of platinum is worth. Because of its rarity, this precious metal is more valuable than most, even gold. Its amazing properties allow platinum to be used in many industries.