What Are Precious Metals?
Discover the secrets of precious metals and why they are valuable. What are precious metals and why is it a good idea to invest in them?
What Are Precious Metals?
Metal is considered precious if it is rare. Precious metals are determined by the market value and by how high the demand for it is. It will have a high economic value and is less reactive than most other elements. It will also have a high lustre, and will be more ductile, meaning softer than other metals. Obtaining metals that are precious is a good investment to make because the value of it usually increases. Gold is one example, silver, platinum and palladium are also considered precious. Platinum is widely traded and is also used in jewelry.
What Is It Used For?
Gold and silver are the most common precious metals and they both are widely used for making jewelery, making money (coins), and also making art pieces. Although the metals can be used for making objects they are also useful to have as an investment because they keep their value.
What Are They Worth?
Gold was worth about $840.00 a troy ounce back in Janurary of 2009 and silver was worth about $11.00 a troy ounce during the same time. These are good investments to make when you compare them to the value of copper and nickel, which were 11 cents and 36 cents per troy ounce.
Bullion
When there is a bulk of precious metal it is called a bullion. Bullion metals are traded and sometimes made into coins. The value of bullion is determined by the mass and purity of the metal instead of by the face value like money is. The level of purity is usually 99.9% because 100% is not possible however, the purest bullion is found in the Canadian Gold Maple Leaf coins.
Related posts
- Why Are Gold, Silver And Platinum Called Precious Metals?
- Why Invest In Precious Metals?
- What Is Silver Bullion?
- What Is The Ranking Order For Precious Metals?
- How Do I Decide Which Precious Metals To Buy?
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