6/22/24 9:45 PM
Gold: $2,321.78
Silver: $29.53
Platinum: $989.77
Palladium: $939.53
G/S: 78.61
Pt/G: 0.43
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Precious Metals Industrial Uses

Many investors are curious as to how precious metals are used industrially, and how that may influence their prices on the market. It is well known that precious metals are used for coins, bars and jewelry, but there are many varied and important uses for precious metals in both the industrial and everyday products. The following is a small overview of these uses.

GOLD: Gold is often used in electronics such as computers, smartphones and other electronics since it is a highly effective electrical conductor, and can transmit digital information better than any other precious metal. It is also used by NASA in building spacecraft for the same reasons, and to help protect against ultraviolet radiation due to gold’s ability to reflect sunlight. Gold is also used decoratively to add color to glassware, picture frames, vases, etc.

SILVER: Silver is used in multiple ways due to its ability to conduct both heat and electricity, and reflect light. Silver is also highly antimicrobial, so it is often used in the medical world. Silver is present in such diverse products as home electronics, batteries, solar panels, and is even used in water purification.

PLATINUM: Platinum is a rare precious metal in high demand for industrial uses. Platinum is most well-known for its use in catalytic converters in the American automotive industry. It is widely used in making laboratory and dental equipment. Platinum is also used as a catalyst to make detergents, fertilizers, plastics, and multiple types of acid. Medically, platinum is used in sensors, some implants including stents, catheters, and neuromodulation devices. It also helps fight cancer in drugs such as cisplatin and carboplatin.

PALLADIUM: Palladium is similar to platinum, not only in appearance but also in its industrial usage. Palladium is often used overseas in catalytic converters for automobiles. It can also be used for groundwater treatment and dental alloys. Palladium alloys are also used in the mechanisms of watches for bearings, strings, and balance wheels. It is used as a catalyst in manufacturing sulfuric acid, and can be found in electrical transmitters.

Industrial demand plays a part in the movement of precious metal spot prices, just as much as jewelry production and investment needs. As technology advances and changes, so surely will industrial demand for precious metals. Recycling of metals, or in the case of small electronics the lack thereof, can affect the market as well. Scotsman’s customers can keep up with the changing markets by following the spot Prices chart on our home page, and by reading our Trading Sheet.