A Truly Precious Commodity
Platinum is a chemical element with the chemical symbol Pt and an atomic number of 78. Its name is derived from the Spanish term “platina”, which is literally translated into “little silver”. It is a dense, malleable, ductile, precious, gray-white transition metal.
Platinum was first used by pre-Columbian South American natives to produce artifacts. It was referenced in European writings as early as 16th century, but it was not until Antonio de Ulloa published a report on a new metal of Colombian origin in 1748 that it became investigated by scientists. Platinum is one of the rarest elements in the Earth’s crust and has an average abundance of approximately 5μg/kg. It is the least reactive metal. It occurs in some nickel and copper ores along with some native deposits, mostly in South Africa, which accounts for 80% of the world production. In 1786, Charles III of Spain provided a laboratory to Pierre-François Chabaneau to aid in his research of platinum. Chabaneau succeeded in removing various impurities from the ore, including gold, mercury, lead, copper, and iron. This led him to believe he was working with a single metal, but the ore still contained the yet undiscovered platinum group metals. After several months, Chabaneau succeeded in producing 23 kilograms of pure, malleable platinum by hammering and compressing the sponge form while white-hot. Chabeneau realized the infusibility of platinum would lend value to objects made of it, and so started a business with Joaquín Cabezas producing platinum ingots and utensils. This started what is known as the “platinum age” in Spain
Today, platinum is a precious metal commodity. Coins, bars, and ingots of platinum are currently traded or collected. Platinum finds use in jewelry, usually as a 90–95% alloy, due to its inertness and shine. Jewelry trade publications advise jewelers to present minute surface scratches (which they term patina) as a desirable feature. Platinum is also consistently used in watchmaking. Watchmakers like Vacheron Constantin, Patek Philippe, Rolex, Breitling, and other companies use platinum for producing their limited edition watch series. Watchmakers appreciate the unique properties of platinum, as it neither tarnishes nor wears out.The most common use of platinum is as a catalyst in chemical reactions, many times as platinum black. It has been employed in this application since the early 19th century when platinum powder was used to catalyze the ignition of hydrogen. Its most important application is in automobiles as a catalytic converter, which allows the complete combustion of low concentrations of unburned hydrocarbons from the exhaust into carbon dioxide and water vapor.
The frame of the Crown of Queen Elizabeth the Queen Mother, manufactured for her coronation as Consort of King George VI, is made of platinum. It was the first British crown to be made of this particular metal.
This rare metal is not only used for expensive jewelry, collection, and trade. Currently, platinum-based antineoplastic agents are used in chemotherapy and show good activity against some tumors.
Establishing Value in Platinum
Whether you believe Chicken Little and think the sky is falling, that the dollar is on the brink of collapse, or you’re just a regular Joe who understands the benefit of investing in commodities, putting at least some of your cash behind platinum is never a bad idea. Platinum is often used as a hedge against economic turmoil and inflation, as its value is generally very stable. Platinum’s value can be determined using very simple tests right here in Pawngo’s lab to determine weight and purity. Age and rarity are also taken into account when deciding on value for platinum.
Best Practices for Pawning Your Platinum
With Pawngo, getting the highest value for your platinum is easier than ever. Platinum, while a generally stable market, can still fluctuate. Pawngo will make sure you get fair market price for your platinum. The entire process is fully insured and with our secure facility, you can be sure that your items are safe and sound for whenever you decide you’d like them returned. Your loan terms are up to you and you can repeat the loan as often as you’d like. Click the button above to Get Started Now!