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Platinum is traded in the spot market with the code "XPT". When settled in United States dollars, the code is "XPTUSD". As the cost of platinum per ounce fell, the cost per ounce for other metals in the platinum group - especially palladium - rose strongly. As of November 2022, palladium sits at around US$1900 per ounce, compared to US$980 for ...
Other precious metals include the platinum group metals: ruthenium, rhodium, palladium, osmium, iridium, and platinum, of which platinum is the most widely traded. [1] 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 ...
Naturally occurring platinum and platinum-rich alloys were known by pre-Columbian Americans for many years. [5] However, even though the metal was used by pre-Columbian peoples, the first European reference to platinum appears in 1557 in the writings of the Italian humanist Julius Caesar Scaliger (1484–1558) as a description of a mysterious metal found in Central American mines between ...
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Palladium is also used in jewelry, dentistry, [41] [42] watch making, blood sugar test strips, aircraft spark plugs, surgical instruments, and electrical contacts. [43] Palladium is also used to make some professional transverse (concert or classical) flutes. [44] As a commodity, palladium bullion has ISO currency codes of XPD and 964.
Mines of the Merensky Reef. The Merensky Reef is a layer of igneous rock in the Bushveld Igneous Complex (BIC) in the North West, Limpopo, Gauteng and Mpumalanga provinces of South Africa which together with an underlying layer, the Upper Group 2 Reef (UG2), contains most of the world's known reserves of platinum group metals (PGMs) or platinum group elements (PGEs)—platinum, palladium ...
Platinum is a chemical element; it has symbol Pt and atomic number 78. It is a dense, malleable, ductile, highly unreactive, precious, silverish-white transition metal. Its name originates from Spanish platina, a diminutive of plata "silver". [7] [8] Platinum is a member of the platinum group of elements and group 10 of the periodic table of ...