Precious metals have a history of being used as currency and, to this day, they remain a sound investment tool. But the uses of precious metals extends far beyond monetary applications. All precious metals now have a variety of modern uses, from ornamental to industrial. Let’s take a closer look at how these metals are used and why they remain so valuable.
Arguably the most precious of these metals, gold is prized for its malleability, conductivity, aesthetic appeal, and ability to be alloyed with other metals. The most well-known use of gold is in the making of jewelry and certain awards, like Olympic medals. Gold is used in electronics like TVs and computers, as well as inside of spacecraft for protection against heat and radiation. Gold also has medicinal applications, such as orthodontic crowns and radiation treatment.
Like gold, silver has been coveted as currency and for its many other uses. One of its most notable qualities is the fact that silver is antimicrobial and has been used medicinally for generations. In fact, the roots of silverware can be traced back to ancient cultures using silver to eat and store food to kill off bacteria. Silver’s conductivity is harnessed to make electrical switches, batteries, superconductors, solar panels, and more. Additionally, silver crystals are used to develop film images, including X-rays.
The luster and tarnish-resistance of platinum make it an ideal metal for fine jewelry, but it has many more practical uses as well. Platinum is commonly used in computer hard drives to increase storage capacity with magnetic properties. It’s also a key material in the making of automotive catalytic converters. Yet another use for platinum is in the field of oil refining.
Palladium shares many qualities with platinum, but it’s a more affordable metal. This is why it’s used to make jewelry. It’s also used to make automotive catalytic converters, as well as engines. Palladium can be found in ceramic capacitors in chargeable electronics like cell phones and laptops. Palladium also has several orthodontic applications, and it’s currently being researched for treating illnesses.
Copper was originally used to make tools and it now has a variety of uses in the electrical and construction industries. It’s conductivity makes copper useful for wiring various devices and equipment, along with being used in motors, generators, transformers, and household appliances. Car, trains, and ships are all built using copper for various features. Because copper is durable and waterproof, it’s used for plumbing, roofing, and other aspects of construction as well.
It’s clear that precious metals come with an assortment of modern uses that give them value beyond their ancient roots. Though, the monetary value of precious metals remains strong. Check out Provident’s extensive supply of bullion coins, rounds, and bars to begin your investment in precious metals today.