A precious metal is a rare metallic chemical element of high economic value.
Chemically, the precious metals are less reactive than most elements, have high luster, and have higher melting points than other metals. Historically, precious metals were important as currency, but are now regarded mainly as investment and industrial commodities. Gold, silver, platinum and palladium each have an ISO 4217 currency code.
The best-known precious metals are gold and silver. While both have industrial uses, they are better known for their uses in art, jewelry, and coinage. Other precious metals include the Platinum group metals: ruthenium, rhodium, palladium, osmium, iridium, and platinum, of which platinum is the most widely traded. Plutonium and uranium could also be considered precious metals.
The demand for precious metals is driven not only by their practical use, but also by their role as investments and a store of value. Palladium is, as of July 27 2006, valued ($312.501 USD per ounce) at a little under half the price of gold ($636.084 USD/ounce), and platinum ($1,229.00 USD/ounce) at around twice that of gold. Silver is substantially less expensive ($11.47 USD/ounce) than these metals, presently at 1/49 the price of gold, but is often traditionally considered a precious metal for its role in coinage and jewelry.
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Fine precious metal jewelry
Diamonds, gold, silver, platinum, and semi-precious gemstones...