Types of Precious Metals
The most popular precious metals among investors and collectors alike are gold, silver, platinum, palladium, and copper. The price of these metals is determined by supply and demand. The spot price, which is the current market price, is determined 24 hours pretty much every day of the week.
How much you will pay for one of these precious metals is based on the sum of the spot price and added premium. The premium is the sum over and above the spot price that allows the dealer to earn a profit on the sale.
The word €fineness€ when used to describe a coin or bar is referring to the quality of the metal that the coin or bar contains. The fineness represents the purity of the precious metal in an alloy, as determined by assaying the bar, expressed in parts per-thousand. The market sets minimum purity standards for each precious metal.
Gold: Gold is the most popular precious metal amongst investors and collectors. Gold is a soft yellow metal that contains a corrosion- resistant element and is considered the most malleable and ductile metal. Gold is used as an international monetary standard.
Silver: Silver is the metal that has the largest supply and maintains a steady demand due to its affordability factor. It has the highest level of thermal and electrical conductivity of any of the metals. Silver is a metallic color and often times are an alloy with other metals and minerals.
Platinum: Spanish Conquistadors helped move platinum into the European market. Platinum was not used very often because it is not a very malleable metal however; in the 19th century new technological devices made it possible to for this metal to be used more easily. It is a silver-white metallic element that is resistant to corroding.
Palladium: This metal was first discovered in 1802 and is considered a part of the platinum group of metals. It is silvery-white in color, is a soft, ductile, and of all the metals in its group palladium has the lowest boiling point. This metal was given its name by the man who discovered it, Mr. William Hyde. Palladium was named after the asteroid Pallas.
Copper: Copper falls into the same metal group as gold and silver. Copper is a reddish-brown metal that is very soft and malleable. The price of copper tends to be unstable. Copper has been being used for 10,000 years now. Copper is an excellent conductor of heat and electricity.
How much you will pay for one of these precious metals is based on the sum of the spot price and added premium. The premium is the sum over and above the spot price that allows the dealer to earn a profit on the sale.
The word €fineness€ when used to describe a coin or bar is referring to the quality of the metal that the coin or bar contains. The fineness represents the purity of the precious metal in an alloy, as determined by assaying the bar, expressed in parts per-thousand. The market sets minimum purity standards for each precious metal.
Gold: Gold is the most popular precious metal amongst investors and collectors. Gold is a soft yellow metal that contains a corrosion- resistant element and is considered the most malleable and ductile metal. Gold is used as an international monetary standard.
Silver: Silver is the metal that has the largest supply and maintains a steady demand due to its affordability factor. It has the highest level of thermal and electrical conductivity of any of the metals. Silver is a metallic color and often times are an alloy with other metals and minerals.
Platinum: Spanish Conquistadors helped move platinum into the European market. Platinum was not used very often because it is not a very malleable metal however; in the 19th century new technological devices made it possible to for this metal to be used more easily. It is a silver-white metallic element that is resistant to corroding.
Palladium: This metal was first discovered in 1802 and is considered a part of the platinum group of metals. It is silvery-white in color, is a soft, ductile, and of all the metals in its group palladium has the lowest boiling point. This metal was given its name by the man who discovered it, Mr. William Hyde. Palladium was named after the asteroid Pallas.
Copper: Copper falls into the same metal group as gold and silver. Copper is a reddish-brown metal that is very soft and malleable. The price of copper tends to be unstable. Copper has been being used for 10,000 years now. Copper is an excellent conductor of heat and electricity.
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