WHAT IS THE DIFFERENCE BETWEEN PLATINUM AND GOLD?
Platinum and gold both make great investments for the experienced or novice bullion collector, but what is the difference between the two?
PLATINUM VS GOLD
Platinum is a silver-colored heavy metal used in automotive parts, jewelry, and electronics. Gold is a yellow-colored metal used in jewelry, electronics, and even food. Both platinum and gold are naturally occurring transition metals on the periodic table and are classified as precious metals.
Gold can cost more per ounce than platinum, but it’s lighter, so you get more bang for your buck weight-wise. Gold is also more stably priced than platinum and fluctuates much less.
The current prices of gold, platinum, and silver can always be found at the top of nationwidecoins.com.
Gold is a soft, relatively light metal, making it ideal for jewelry and currency.
One of the most common uses of gold is, unsurprisingly, jewelry. From wedding bands to earrings, gold makes for excellent jewelry because of its softness and shiny color. Gold is also used in the manufacturing of certain electronics.
Gold is a relatively stable investment. It’s the precious metal that is least likely to greatly fluctuate in value, making it a great long-term investment. Even when the stock market plummets and stock values drastically decrease, gold typically stays relatively stable.
Gold can be bought in a variety of formats for a variety of investment sizes—gold bars are excellent for long-term investments like retirement, and gold coins are a great entry point into investing in gold bullion.
Platinum’s price is greatly dependent upon the amount of manufacturing being done. Therefore, in times where cars are being produced less, the price of platinum often plummets because it is a key component in catalytic converters.
Platinum is a heavier precious metal, which is why silver is a more common option for silver-colored jewelry (silver also costs far less per ounce).
Platinum is most commonly used in catalytic converters in automobiles. Secondary uses for platinum include jewelry, chemical and electrical implementations, and even experimental trials in chemotherapy.
Unlike other precious metals, platinum won’t tarnish. It’s used in high-quality jewelry making, such as watches and wedding bands.
As an investment, platinum is much riskier than gold. It can be worth much more per ounce than gold, but its price is less stable. When manufacturing of cars is slowed down and not as many catalytic converters are needed, the price of platinum often nosedives.
Because of its potential to rapidly and greatly change in value, platinum is a better short-term investment.
The difference between platinum vs gold depends on the type of investment you’re wanting to make. If you’re ready to make the leap and begin investing in platinum or silver, you can begin your foray into bullion collecting with Nationwide Coins. Sign up to receive a free welcome kit to get started today!
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