Precious metals are rare metallic chemical elements that fetch high and sturdy economic value. They're less reactive than most elements and therefore are made distinct by their luster as well as their high melting points. The very best known metals are gold and silver whose uses range widely from jewelry to coinage to art, as well as in the past years, have been recognized for their industrial significance as well. Platinum, that was basically a waste product, has become becoming one of the most widely traded precious metals and can include ruthenium, rhodium, palladium, osmium, and iridium. The character of gold and silver might be produced from the fact that they are very scarce and different among other commodities which also account for their quality to be judged to become of great monetary value, thus, a stride of wealth. It is also vital that you take into account that not every precious metals stay precious forever. This depends on their own availability and new methods for refining or perhaps creating such. Take aluminum, for instance, once hard to outside of ore, it was once the most challenging metal to get despite being one of the most common. Its status, which once put it above gold, dropped significantly when an easy aluminum extraction method was discovered within the late 1800's.
Fluctuations regarding the rarity of metals rely on demand. Silver, for just one is in a supply deficit, using more silver than it is mined, and is then projected to cost more than gold in the near future.
Aside from rarity, other common characteristics of metals for example uses, easy storage, similar origin and historical value are thought as criteria to be distinguished as gold and silver. It is also hard to deny the industrial purposes of precious metals which will make them even more appealing. Finding new uses for them increases their market price within the trade and commodity market.