Common Myths and Misconceptions about Platinum, Gold, and Silver
If you read this blog regularly – and we believe you should – you probably think you know everything about precious metals.
Well maybe you do . . . and maybe you don’t! In our post today, we are going to delve into some of the most common misconceptions about your favorite precious metals – platinum, gold, and silver.
We hope you enjoy today’s post and learn a few things you didn’t know before.
Common Misconceptions about Platinum Group Metals and Platinum Scrap
Platinum group metals (PGMs) are a family of six metallic elements that share similar physical and chemical properties. They include ruthenium (Ru), rhodium (Rh), palladium (Pd), osmium (Os), iridium (Ir), and platinum itself (Pt).
Here are some common misconceptions about PGMs:
Platinum is the rarest metal in the world - While platinum is rare, it’s not the rarest metal. In fact, rhenium and osmium are rarer than platinum.
Platinum is indestructible - While platinum is highly durable and resistant to corrosion, it’s not indestructible. It can be scratched, abraded, bent, and dented, just like most other metals.
All PGMs are equally valuable - While all PGMs are precious and have unique properties, they don’t have the same value. Palladium is currently worth much more than platinum . . . and ruthenium is worth the most of all.
Remember, while PGMs are fascinating and valuable metals, it’s important to separate fact from fiction to appreciate their true worth and to make investments wisely.
Common Misconceptions about Gold
Gold is the most legendary and mystical of all the precious metals. It has been used to make many of the most legendary items in history – from King Tut’s burial mask to the Cartier Love Bracelet that was made famous by Elizabeth Taylor. Gold is the subject of legends, so it seems only natural that myths and misconceptions have arisen about it, including these:
Gold is the rarest precious metal - While gold is a precious metal, it’s not as rare as many other metals. In fact, platinum and palladium are rarer than gold. Silver is nowhere near as rare as those other metals, which explains why it is trading at lower prices.
Gold is indestructible - While gold is highly durable and resistant to corrosion, it’s not indestructible. Like platinum, it can be scratched, dented, pounded into gold leaf, and damaged.
All gold is basically the same - While gold is a chemical element with the atomic number 79, it can come in different colors and purities. For example, rose gold contains copper, while white gold contains nickel or palladium. And remember, the purity of gold is measured in karats, with 24 karat gold being the purest form.
Gold always increases in value - While gold can be a valuable asset, it’s not always a good investment. Its value can fluctuate based on market conditions. So the myth that gold has never, ever decreased in value is pure bunk.
Remember, while gold is a fascinating and valuable metal, it’s important to separate fact from fiction to appreciate its true worth.
Common Misconceptions about Silver
Although silver is the most common precious metal – and therefore the least valuable – it too has been the subject of many myths and mistaken ideas. Some of the most common are:
Silver is a poor conductor of electricity - This is a common misconception. In fact, silver is one of the best conductors of electricity among all elements.
Silver is always shiny - While silver is known for its lustrous appearance, it can tarnish over time due to exposure to air and moisture. However, tarnish can be removed with silver polish and rubbing, making it bright and white and shiny again.
Silver is extremely rare - While silver is a precious metal, it’s not as rare as some other metals. For example, gold, platinum, and palladium are much rarer than silver.
Silver is only used for jewelry - While silver is commonly used in jewelry, it has many other applications. For example, it’s used in electrical contacts, mirrors, solar panels, industrial processes, photo-processing, and many other applications.
Remember, while silver is a fascinating and valuable metal, it’s important to separate fact from fiction to appreciate its true worth.
Don’t Suffer from Myths about What Your Precious Metal Scrap Is Worth!
Do you have platinum, gold, or silver scrap? If you would like to know what it is worth, we invite you to call our precious metal refiners at 800-426-2344 or email us at sales@specialtymetals.com.