Both gold and platinum are precious metals that are considered valuable, but platinum is generally more valuable than gold. Here are some reasons why platinum is more valuable:
Rarity - Platinum is rarer than gold. It is estimated that there is about 5 times more gold in the Earth's crust than platinum. The rarity of platinum contributes to its higher value.
Industrial uses - Platinum has some industrial uses that gold does not have. For example, platinum is used in catalytic converters in cars and in certain chemical production processes as a catalyst. This makes it more useful from an industrial perspective.
Investment demand - Platinum, like gold, is seen as a store of value and safe haven investment. But platinum tends to have higher investment demand growth compared to gold in recent years. This higher investment demand places upward pressure on platinum's price and value.
Higher purity - Platinum jewellery is usually 95-99% pure compared to 18-22 carat gold in jewellery. The higher purity of platinum commands a higher price per gram compared to gold.
Density - Platinum is denser than gold. One cubic centimeter of platinum weighs 21.45 grams, while the same volume of gold weighs only 19.3 grams. The higher density means more value concentrated per unit volume with platinum.
So in summary, platinum's rarity, industrial utility, investment demand growth, higher purity, and density make it generally more valuable than gold in most market conditions. However, gold is still highly valued due to its history, aesthetics, and investment demand. But platinum edges it out as the more valuable metal overall.
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