Platinum is a rare chemical element found in the Earth’s crust. The greyish-white metal is one of the most intriguing commodities because its user base defies simple categorization. Business sectors such as the automotive industry demand platinum for use in catalytic converters, while traders covet the metal as a financial asset and store of value.
Jewelry buyers seek platinum for its beautiful shiny appearance and resistance to tarnishing. Ready to start trading platinum? Read our guide. How Rare Is Platinum? The list of uses for platinum makes its comparison to gold seem obvious. However, by some measurements, platinum is even rarer than gold.
Miners extract only about 130 million tons of platinum from the ground annually compared to more than 1,700 tons of gold. Platinum mining is also far less efficient than gold mining. The process of extracting the metal from ores can take five to seven months and may require ten tons of ore to yield one ounce of platinum. The cost of mining an ounce of platinum is nearly twice that of mining an ounce of gold.