What is platinum used for platinum density?

Platinum is a dense, white and hard byproduct of copper and nickel mines, and almost 70% of it is produced through South African mines. Due to its high melting value, it is used to make little silver and platinum coins.

It is considered an investment metal, and the growth in buying can push the market into a deficiency in the year for the first time since 2016, even when the supplies increase in the next year - as per the WPIC.

Many investors believe the price can grow from the ten-year low as the total estimated trade in the year is 1.2 million ounces.

There has been a decrease in the use of metal in jewellery and the auto industry in the current year. It has been predicted that the investor’s purchase will decline to 525,000 ounces in the next year, and this may further lead to a drop in auto and jewellery consumption that can lead to a surplus of 670,000 ounces.

Palladium vs platinum

Almost 40% of the metal is used in vehicle exhaust for diesel engines to reduce carbon emissions, and it is estimated that there will be a decline in the sale of diesel vehicles due to the Volkswagen scandal.

Experts believe the gains in the platinum value can be modest in the next year; instead, the price of palladium can increase drastically.

This year palladium gained 56% y-to-d, and the platinum value was 18% y-to-d. The CPM group estimates the average price can be $915 an ounce in the next year, where it can trade from $875 to $1000.

Commerzbank claims it does not look for a sharp rise in the price until there is more substitution with other metals as autocatalysts.

Platinum uses

It is a tarnished resistance element well situated for making jewellery and tools and used in making surgical tools, electrical resistance wires, utensils, and electrical contact points. It can be used as a catalyst in the aircraft industry.

The glass industry uses it to make optical fibres and liquid crystal display screens like laptops. Cooper listed a modest surplus in the metal in the next year, while the expected deficit in the current year was 226,000 ounces.

The petrochemical industry uses it in powdered form in chemical reactions as a catalyst where the electrodes of the element can be used in electrochemistry, and sometimes, it is coated with a platinum black layer where the platinized form is considered pure and is used in many chemical reactions.

It is mixed with cobalt to make a permanent magnet and can also make low-voltage electrical contacts and resistance wires. It is also used in resistance temperature detectors to measure industrial temperature.

Turbine engines of aeroplanes can be used for such applications, and it is used in self-lifting gas lamps, stove burners, and ovens.
It can be used as a catalyst that helps manufacture nitric acid, fertilizer, and military explosives.