Precious metals, such as gold and silver, have always been valuable, according to Investopedia.
1. Resistant to Rust and Corrosion. From jewelries to coatings to gold dust, gold has been used for a variety of applications since time immemorial. The primary reason for this might have to do with its unique durability. After all, gold doesn’t succumb to rust. Neither does it give in to corrosion. It’s why gold is often the preferred band of choice for wedding rings. Nothing says ‘cheers to infinity and beyond’ more than a strip of precious metal that never rusts or corrodes.
2. Malleability. And because gold is malleable, it’s often been used as a coating for gold plated armors, or used as a piece of jewelry. The incredible malleability of gold, along with its ability to conduct heat as well as electricity and its resistance to rust and corrosion make it a highly sought-after material across many industries. A number of industrial applications include gold coated crowns or dental items in dentistry. However, gold is dominantly regarded and used as jewelry and currency.
3. Value. The value of gold depends heavily on market forces. Gold trades are often driven more by sentiment than supply and demand. Look at it this way, when gold hoarders sell off their gold, the price of it drops. But when they buy gold, the new supply quickly finds itself absorbed, which drives gold prices even higher.
Silver is a solid performer in the industrial metal industry. Compared to gold, price fluctuations observed in the silver market come off as much more volatile. That’s more or less because there’s a serious supply/demand equation for metals and this affects the price of silver. However, every new innovation that comes along often changes this equation:
1. Photography Industry – Silver-based photography film was supplanted by digital photography.
2. Emerging market economies – The current demand for electrical appliances, as well as medical products and even industrial items have renewed demand for silver inputs.
3. Batteries and others – Silver is still heavily used for batteries as well as superconductor applications. It’s also a staple in microcircuit markets.
Other types of precious metals are also available in the market and are ideal for a variety of industry applications. If you need precious metals, there are a lot of companies that offer metal solutions to suit your project or product needs. Find out more about precious metals and their applications when you visit ACI Alloys.