A precious metal is one which is rare and naturally occurring which has a great economic value. It has great luster and historically, precious metals have been in use as currency but now they are being used as an investment. The most important precious metals are gold, silver, platinum and palladium.
Sometimes the discovery of greater sources of the ore containing the precious metal may result in reducing the value. Its demand and market value also determines the status of a precious metal. In bulk form, precious metals are also known as bullion and can be traded in the share market. The value of precious metals lies in their purity.
The precious metal silver has the chemical symbol Ag for Argentum which means grey and shining. It is soft and lustrous and has a great electrical and thermal conductivity. In its natural form, it occurs as an alloy of gold and other metals and can also be found in argentite and chlorargyrite. The precious metal Silver has traditionally been used for making ornaments, utensils, superior tableware, and jewelry and also as currency coins. Nowadays, silver is also used in conductors, mirrors and as a catalyst. The compounds of the precious metal silver are used for photographic film and also disinfectants.
The precious metal palladium has the chemical symbol Pd and it is also silvery white in color and lustrous. Palladium actually belongs to the platinum group of metals. It has some unique properties such as a very low melting point and low density. Due to these properties it is used for manufacturing many products. It is used in catalytic converters which convert the harmful gases coming out of the exhaust in vehicles into harmless ones. The precious metal palladium is also used in mobile phones, computers, ceramic capacitors and electrical contacts. Other places where this precious metal is used are in dentistry and medicine.
It is very rare to find the ores of palladium and greatest deposits have been discovered in Transvaal in South Africa and in Montana, United States as well as Ontario in Canada and in Russia. Apart from mining here, the precious metal palladium can also be recovered by recycling from the scrap of catalytic converters. It is limited in supply and has a wide variety of applications and hence is drawing a lot of investment interest.
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