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Snippet from Wikipedia: Precious metal

Precious metals are rare, naturally occurring metallic chemical element of high economic value. Chemically, the precious metals tend to be less reactive than most elements (see noble metal). They are usually ductile and have a high lustre. Historically, precious metals were important as currency but are now regarded mainly as investment and industrial commodities. Gold, silver, platinum, and palladium each have an ISO 4217 currency code.

The best known precious metals are the coinage metals, which are gold and silver. Although both have industrial uses, they are better known for their uses in art, jewelry, and coinage. Other precious metals include the platinum group metals: ruthenium, rhodium, palladium, osmium, iridium, and platinum, of which platinum is the most widely traded. The demand for precious metals is driven not only by their practical use but also by their role as investments and a store of value. Historically, precious metals have commanded much higher prices than common industrial metals.

]] A precious metal is a rare, naturally occurring metallic chemical element of high economic value. Chemically, the precious metals are less reactive than most elements. They are usually ductile and have a high lustre. Historically, precious metals were important as currency but are now regarded mainly as investment and industrial commodities. Gold, silver, platinum, and palladium each have an ISO 4217 currency code.

The best-known precious metals are the coinage metals, gold and silver. While both have industrial uses, they are better known for their uses in art, jewellery and coinage. Other precious metals include the platinum group metals: ruthenium, rhodium, palladium, osmium, iridium, and platinum, of which platinum is the most widely traded.<ref>Platinum Guild: Applications Beyond Expectation</ref>

The demand for precious metals is driven not only by their practical use but also by their role as investments and a store of value. Historically, precious metals have commanded much higher prices than common industrial metals.

Bullion

A metal is deemed to be precious if it is rare. The discovery of new sources of ore or improvements in mining or refining processes may cause the value of a precious metal to diminish. The status of a “precious” metal can also be determined by high demand or market value. Precious metals in bulk form are known as bullion and are traded on commodity markets. Bullion metals may be cast into ingots or minted into coins. The defining attribute of bullion is that it is valued by its mass and purity rather than by a face value as money.

Purity and mass

]] The level of purity varies from issue to issue. “Three nines” (99.9%) purity is common. The purest mass-produced bullion coins are in the Canadian Gold Maple Leaf series, which go up to 99.999% purity. A 100% pure bullion is impossible: as the % of impurities reduces, it becomes progressively more difficult to purify the metal further. Historically, coins had a certain amount of weight of alloy, with the purity a local standard. The Krugerrand is the first modern example of measuring in “pure gold”: it should contain at least 12/11 ounces of at least 11/12 pure gold. Other bullion coins (for example the British Sovereign) show neither the purity nor the fine-gold weight on the coin but are recognized and consistent in their composition.

Many coins historically showed a denomination in currency (example: American Double Eagle: $20).

Coinage

Many nations mint bullion coins. Although nominally issued as legal tender, these coins' face value as currency is far below that of their value as bullion. For instance, Canada mints a gold bullion coin (the Gold Maple Leaf) at a face value of $50 containing one troy ounce (31.1035 g) of gold—as of May 2011, this coin is worth about $1,500 CAD as bullion.<ref>Gold prices ran around $940 USD in July 2009 according to Kitco Historical Gold Charts and Data. The USD to CAD exchange rate averaged 1.129 in July 2009 according to OANDA Historical Exchange Rates. Although the exact moment that the $1075 figure was determined is unknown, it may be considered a reasonable value for the time.</ref> Bullion coins' minting by national governments gives them some numismatic value in addition to their bullion value, as well as certifying their purity.

bullion coin]] One of the largest bullion coins in the world is the 10,000 dollar Australian Gold Nugget coin minted in Australia which consists of a full kilogram of 99.9% pure gold. There have been a small number of larger bullion coins, but they are impractical to handle and not produced in mass quantities. China has produced coins in very limited quantities (less than 20 pieces minted) that exceed 260 troy ounces (8&nbsp;kg) of gold.

Austria has minted a coin containing 31&nbsp;kg of gold (the Vienna Philharmonic Coin minted in 2004 with a face value of 100,000 euro). As a stunt to publicise the 99.999% pure one-ounce Canadian Gold Maple Leaf series, in 2007 the Royal Canadian Mint made a 100&nbsp;kg 99.999% gold coin, with a face value of $1 million, and now manufactures them to order, but at a substantial premium over the market value of the gold.<ref>http://www.e-allmoney.com/article/big_gold_coin.html</ref>

Economic use

Gold and silver, and sometimes other precious metals, are often seen as hedges against both inflation and economic downturn. Silver coins have become popular with collectors due to their relative affordability, and, unlike most gold and platinum issues which are valued based upon the markets, silver issues are more often valued as collectables, far higher than their actual bullion value.

Aluminium

An initially precious metal that became common is aluminium (or aluminum). While aluminium is the third most abundant element and most abundant metal in the Earth's crust, it was at first found to be exceedingly difficult to extract the metal from its various non-metallic ores. The great expense of refining the metal made the small available quantity of pure aluminium more valuable than gold.<ref name=“chem”/> Bars of aluminium were exhibited at the Exposition Universelle of 1855,<ref>

</ref> and Napoleon III's most important guests were given aluminium cutlery, while those less worthy dined with mere silver.<ref name=“chem”>Aluminum: Common Metal, Uncommon Past, Chemical Heritage NewsMagazine, Winter 2007/8, Vol.27, No.4</ref> In 1884, the pyramidal capstone of the Washington Monument was cast of 100 ounces of pure aluminium. By that time, aluminium was as expensive as silver.<ref>

</ref> Over time, however, the price of the metal has dropped. The dawn of commercial electric generation in 1882 and the invention of the Hall–Héroult process in 1886 caused the price of aluminium to drop substantially over a short period of time.

Bismuth and tellurium

Bismuth and tellurium are the only two metals which have abundances less than 10 parts per billion by mass in the Earth's crust, but which are currently not of high economic value.

Rough world market Price ($/kg)

Valuable metal Price ($/kg) with precious metal names in bold
metal mass abundance<br>parts per billion<ref>The abundance of the element, a measure for its rarity, is given in mass fraction as kg in the earth's crust (CRC Handbook).

</ref>

10 April 2009<ref>Mostly taken from London Metal Exchange. </ref> 22 July 2009<ref>From the http://www.thebulliondesk.com/</ref> 7 January 2010

Platinum 5 42681 37650 87741
Rhodium 1 39680 46200 88415
Gold 4 31100 30590 24317
Iridium 1 14100 12960 13117
Osmium 1.5 13400 12200 12217
Palladium 15 8430 8140 13632
Rhenium 0.7 7400 7000 6250
Ruthenium 1 2290 2730 5562
Germanium 1500 1050<ref name=minormetals>The metal Price ($/kg)s of gallium, germanium, and indium are taken from MinorMetals.com as examples of modern precious metals used for investment / speculation.</ref> 1038
Beryllium 2800 850

Silver 75 437 439 588
Gallium 19000 425<ref name=minormetals/> 413
Indium 50<ref>Tolcin A. (2012) U.S. Geological Survey Mineral Commodity Summaries 2012.</ref> 325<ref name=minormetals/> 520
Tellurium 1 158.70
Mercury 85 18.90 15.95
Bismuth 8.5 15.40 18.19

See also

References

Precious metals

"Precious Metal"

A precious metal is a rare, naturally occurring metallic chemical element of high economic value. Chemically, the precious metals are less reactive than most elements. They are usually ductile and have a high lustre. Historically, precious metals were important as currency but are now regarded mainly as investment and industrial commodities. Gold, silver, platinum, and palladium each have an ISO 4217 currency code.

The best-known precious metals are the coinage metals gold and silver. While both have industrial uses, they are better known for their uses in art, jewellery and coinage. Other precious metals include the platinum group metals: ruthenium, rhodium, palladium, osmium, iridium, and platinum, of which platinum is the most widely traded.[1]

Assortment of precious metals

The demand for precious metals is driven not only by their practical use but also by their role as investments and a store of value. Historically, precious metals have commanded much higher prices than common industrial metals.

Contents

1 Bullion

1.1 Purity and mass

1.2 Coinage

1.3 Economic use

2 Aluminium

3 Bismuth and tellurium

4 Rough world market Price ($/kg)

5 See also

6 References

Bullion

Main article: Bullion

Silver 1000oz bar

A metal is deemed to be precious if it is rare. The discovery of new sources of ore or improvements in mining or refining processes may cause the value of a precious metal to diminish. The status of a “precious” metal can also be determined by high demand or market value. Precious metals in bulk form are known as bullion and are traded on commodity markets. Bullion metals may be cast into ingots or minted into coins. The defining attribute of bullion is that it is valued by its mass and purity rather than by a face value as money.[2]

Purity and mass

A 500 gram silver bullion bar produced by Johnson Matthey

The level of purity varies from issue to issue. “Three nines” (99.9%) purity is common. The purest mass-produced bullion coins are in the Canadian Gold Maple Leaf series, which go up to 99.999% purity. Note that a 100% pure bullion is impossible, as absolute purity in extracted and refined metals is asymptotically approached.[citation needed] Historically, coins had a certain amount of weight of alloy, with the purity a local standard. The Krugerrand is the first modern example of measuring in “pure gold”; it should contain at least 12/11 ounces of at least 11/12 pure gold. Still more bullion coins (for example: British Sovereign) state neither the purity nor the fine-gold weight on the coin but are recognized and consistent in their composition,[citation needed] and many historically stated a denomination in currency (example: American Double Eagle).

Coinage

Vienna Philharmonic 1oz coin

Many nations mint bullion coins. Although nominally issued as legal tender, these coins' face value as currency is far below that of their value as bullion. For instance, Canada mints a gold bullion coin (the Gold Maple Leaf) at a face value of $50 containing one troy ounce (31.1035 g) of gold—as of May 2011, this coin is worth about $1,500 CAD as bullion.[3] Bullion coins' minting by national governments gives them some numismatic value in addition to their bullion value, as well as certifying their purity.

American Platinum Eagle bullion coin

One of the largest bullion coins in the world is the 10,000 dollar Australian Gold Nugget coin minted in Australia which consists of a full kilogram of 99.9% pure gold. There have been a small number of larger bullion coins, but they are impractical to handle and not produced in mass quantities. China has produced coins in very limited quantities (less than 20 pieces minted) that exceed 260 troy ounces (8 kg) of gold.[citation needed] Austria has minted a coin containing 31 kg of gold (the Vienna Philharmonic Coin minted in 2004 with a face value of 100,000 euro). As a stunt to publicise the 99.999% pure one-ounce Canadian Gold Maple Leaf series, in 2007 the Royal Canadian Mint made a 100 kg 99.999% gold coin, with a face value of $1 million, and now manufactures them to order, but at a substantial premium over the market value of the gold. [4]

Economic use

1kg gold bar (ingot)

Gold and silver, and sometimes other precious metals, are often seen as hedge against inflation and hedge against economic downturn. Silver coins have become popular with collectors due to their relative affordability, and, unlike most gold and platinum issues which are valued based upon the markets, silver issues are more often valued as collectables, far higher than their actual bullion value.

Aluminium

A precious metal that became common was aluminium. Although aluminium is one of the most commonly occurring elements in the Earth's crust, it was at one time found to be exceedingly difficult to extract from its various ores. This made the little available pure aluminium, which had been refined at great expense, more valuable than gold.[5] Bars of aluminium were exhibited alongside the French crown jewels at the Exposition Universelle of 1855,[citation needed] and Napoleon III's most important guests were given aluminium cutlery, while those less worthy dined with mere silver.[5] Additionally, the pyramidal top to the Washington Monument is made of 100 ounces of pure aluminium. At the time of the monument's construction, aluminium was as expensive as silver.[6] Over time, however, the price of the metal has dropped; the invention of the Hall-Héroult process in 1886 caused the high price of aluminium to collapse permanently.[citation needed] [edit]Bismuth and tellurium

Bismuth and tellurium are the only two metals which have abundances less than 10-8 by mass part (g/g) in the Earth's crust, but which are currently not of high economic value.[citation needed]

Rough world market Price ($/kg)

Valuable metal Price ($/kg) containing all precious metals names in bold metal mass abundance[7] Price ($/kg) 2009-04-10[8] Price ($/kg) 2009-07-22[9] Price ($/kg) 2010-01-07[citation needed] Platinum 5 ppb 42681 37650 87741 Rhodium 1 ppb 39680 46200 88415 Gold 4 ppb 31100 30590 24317 Iridium 1 ppb 14100 12960 13117 Osmium 1.5 ppb 13400 12200 12217 Palladium 15 ppb 8430 8140 13632 Rhenium 0.7 ppb 7400 7000 6250 Ruthenium 1 ppb 2290 2730 5562 Germanium 1500 ppb 1050[10] 1038 Beryllium 2800 ppb 850[citation needed] Silver 75 ppb 437 439 588 Gallium 19000 ppb 425[10] 413 Indium 50 ppb [11] 325[10] 520 Tellurium 1 ppb 158.70 Mercury 85 ppb 18.90 15.95 Bismuth 8.5 ppb 15.40 18.19 [edit]See also

Palladium as an investment, Platinum as an investment, Gold as an investment, Silver as an investment, Noble metal, Gemstone, Hallmark, Metallurgical assay, Taxation of precious metals, Troy weight, Metal as money, Republic Metals Corporation, Synthesis of precious metals (Precious metal transformation), Alchemy

References
Specific References
General References

Based on research from diverse Fair Use Disclaimer Sources:

Snippet from Wikipedia: Precious metal

Precious metals are rare, naturally occurring metallic chemical element of high economic value. Chemically, the precious metals tend to be less reactive than most elements (see noble metal). They are usually ductile and have a high lustre. Historically, precious metals were important as currency but are now regarded mainly as investment and industrial commodities. Gold, silver, platinum, and palladium each have an ISO 4217 currency code.

The best known precious metals are the coinage metals, which are gold and silver. Although both have industrial uses, they are better known for their uses in art, jewelry, and coinage. Other precious metals include the platinum group metals: ruthenium, rhodium, palladium, osmium, iridium, and platinum, of which platinum is the most widely traded. The demand for precious metals is driven not only by their practical use but also by their role as investments and a store of value. Historically, precious metals have commanded much higher prices than common industrial metals.

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Precious metal

precious_metal.txt · Last modified: 2020/03/12 18:37 (external edit)