Precious metals are rare metallic chemical elements that fetch high and durable economic value. They are less reactive than most elements and therefore are made distinct by their luster and their high melting points. The very best known metals are gold and silver whose uses range widely from jewelry to coinage to art, and in the past years, happen to be renowned for their industrial significance too. Platinum, that was basically a waste product, has become becoming probably the most widely traded precious metals and include ruthenium, rhodium, palladium, osmium, and iridium. The nature of precious metals may be derived from the truth that they are very scarce and different among other commodities which also take into account their quality to be judged to be of effective monetary value, thus, a stride of wealth. It is also vital that you take into account that not every precious metals stay precious forever. This relies on their own availability and new ways of refining or even creating such. Take aluminum, for instance, once hard to separate from ore, it used to be the most challenging metal to obtain despite being one of the most common. Its status, which once put it above gold, dropped significantly when an easy aluminum extraction method was discovered within the late 1800's.
Fluctuations regarding the rarity of metals rely on demand. Silver, for one is in a supply deficit, using more silver than it is mined, and it is then projected to cost more than gold soon.
Apart from rarity, other common characteristics of metals such as uses, easy storage, similar origin and historical value are considered as criteria to be distinguished as precious metals. It is also hard to deny the industrial uses of gold and silver which will make them much more appealing. Finding new ways to use them increases their market value in the trade and commodity market.