Platinum is still considered to be one of the rarest and most valuable of the precious metals. It is 30 times more scarce than gold. It does not tarnish and it's resistant to corrosion, making its platinum shine everlasting. Only 30 tons of platinum is said to be mined worldwide each year compared to about 2,600 tons of gold. Platinum is mostly mined in South Africa, Russia and Canada.
The name platinum, first identified in the 18th century, was derived from the Spanish 'platina' or little silver. In the 16th century Spanish miners dismissed the metal as an early form of gold that needed to mature and believed its only value was to serve as a counterfeit for gold.
Modern uses for platinum did not begin to take shape until the late 1800s when scientists discovered a method of producing a more malleable product in commercial quantities. The versatile metal is most widely used in automobile parts and jewelry but can also be found in anti-cancer drugs, fuel cells, fertilizers and explosives.
Versatility and scarcity are major contributors to platinum's value. Purchasing an uncommon precious metal, such as platinum, is one way you can truly enhance your investment portfolio. US Gold Firm continues to deliver a price guarantee on your precious metal purchase, including platinum. Our expert staff continues to provide great investment guidance to all.