The debate of Gold Vs Platinum is something that has been brewing for decades together.
The timeless beauty of gold and the durability of platinum have made these two precious metals some of the most sought after investments for centuries. But what are their differences? Why is platinum sometimes better than gold, yet considered more cheaper?
This article will explore why platinum is often chosen over gold and examine the properties of each metal to help you make an informed decision when buying or selling either one.
Also check out our article on the amount of gold in India and the factors which make up for calculating the value of a gold ring in India.
Properties: Gold Vs Platinum
Here are some properties which define the two precious metals.
Platinum
- Platinum is one of the rarest elements on earth.
- It is a dense, malleable and ductile metal.
- It has an atomic number of 78 and its melting point is 1772°C (3250°F).
- Platinum is resistant to corrosion and oxidation, making it perfect for platinum jewellery, which won’t tarnish or fade over time.
Gold
- Gold is a soft and malleable metal with an atomic number of 79.
- It has a melting point of 1063°C (1943°F).
- Gold does not corrode and is very resistant to oxidation, making it perfect for jewellery that will last a long time.
Why is Platinum considered more Valuable than Gold Sometimes?
- Platinum is rarer than gold, making it more valuable. The platinum found on Earth is about 30 times rarer than gold and can only be mined from a few countries. This scarcity contributes to platinum’s higher price tag.
- Platinum is more durable than gold, which makes it a better choice for certain applications.
- Platinum is a harder metal than gold. Hence, it doesn’t scratch or dent easily and is more resistant to fading and tarnishing.
- Gold is cheaper than platinum because its price is determined by several factors. They include the availability of mined gold in different countries, changes in supply and demand, government regulations and inflation.
- Despite being more expensive, platinum can be a better choice for certain applications because of its superior strength and durability.
- Platinum is used in many industrial applications such as jewellery, electronics and as a catalytic converter in vehicle engines due to its ability to withstand extreme temperatures without breaking down or corroding.
Tips on Buying or Selling Gold Or Platinum
Transactions with both these valuable metals will involve some element of risk. Hence, it is important to consider the following points while buying or selling platinum or gold.
Research the market
Before buying or selling platinum or gold, it is important to research the current market and understand the global demand for each metal. This will help you determine if platinum or gold is a better investment at this time.
Consider purity
When purchasing platinum or gold, make sure to check the purity of the metal. Purity ratings can range from 10k (41.7%) to 24k (99.9%), with platinum typically being 90-95% pure and gold 75-90%.
Look for certification
It is important to look for a certification stamp on platinum and gold products to ensure the authenticity of the metal.
Compare prices
Compare platinum and gold prices to find the best deal when buying or selling either metal.
Consider taxes
When trading platinum or gold, make sure you know any applicable taxes that may apply in your area so you can factor them into your purchase or sale price.
Conclusion
To conclude the debate of gold vs platinum, both are beautiful metals with distinct qualities. While platinum is rarer than gold and more durable, it can sometimes be cheaper due to different factors in the market.
Whether you’re buying or selling either metal, make sure to research current prices, consider purity ratings and look for certification stamps before making a purchase or sale.
By understanding these differences between gold vs platinum, and taking the necessary steps outlined above when investing in either one of them, you will have all the information needed to make an informed decision that suits your needs best.