Four Common Uses For Precious Metals

For much of human history, precious metals have been regarded as substances of significant worth. While they’re often thought of for their beauty and monetary value, metals like gold, silver, platinum, and palladium can be useful for a variety of purposes. Let’s take a look at four of the most common uses for precious metals in today’s world.

Technology and Machinery

silver-solar-panels

As innovation persists and production needs shift across various mechanical and technological industries, precious metals remain a consistent resource that businesses heavily rely on. Platinum and palladium, for example, are two metals that have become invaluable in the development of new auto manufacturing solutions, and silver is on the rise as a powerful component in clean energy initiatives.

Medical Purposes

Yttrium-90 Radioembolization Procedure, David Grant U.S. Air Force Medical Center

Throughout history, precious metals have been successfully used in a variety of medical procedures and treatments. Gold, for instance, is a material that was once extremely common in dental work, the treatment of rheumatoid arthritis, and as a remedy for conditions like lagophthalmos, a disorder that prevents individuals from being able to fully close their eyes. In recent years, metals like palladium have been used by oncologists in the treatment of breast cancer as a method of providing concentrated radiation to tumor removal sites.

Jewelry

jewelry

Gold, silver, and platinum have all served as the foundation for high-quality necklaces, earrings, bracelets, and rings sold by jewelers across the globe. In addition to the allure of their luster, the durability of precious metals makes it so the jewelry they’re made into can provide a source of beauty and joy to wearers for decades, perhaps (if wearers take particularly good care of their pieces) even centuries to come.

Portfolio Assets

gold-bar

In times of economic turbulence, many individuals look to diversify their asset portfolios as a means to help safeguard their wealth. Precious metal firms like Rosland Capital sell gold, silver, platinum, and palladium in a number of physical forms—product offerings like bullion, bars, and specialty coins—to consumers looking to help protect their savings from the potential volatility of the market.

 

Precious metals have been and continue to be an important part of our lives. No matter where advancements in science and adjacent fields take us in the future, it is likely that precious metals will play a role in their development.

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