Gold and silver are rare metallic chemical elements that fetch high and durable economic value. They are less reactive than most elements and are made distinct by their luster as well as 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, have been renowned for their industrial significance as well. Platinum, that was basically a waste product, is now becoming one of the most widely traded gold and silver and include ruthenium, rhodium, palladium, osmium, and iridium. The nature of precious metals may be derived from the fact that they are very scarce and different among other commodities which also account for their quality to become judged to be of great monetary value, thus, a measure of wealth. It's also vital that you consider that not all gold and silver stay precious forever. This relies on their availability and new methods for refining or perhaps creating such. Take aluminum, for example, once difficult to separate from ore, it was once the most challenging metal to get 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 depend on demand. Silver, for one is within a supply deficit, using more silver than it is mined, and 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 thought as criteria to be distinguished as gold and silver. It is also hard to deny the industrial uses of gold and silver which will make them even more appealing. Finding new uses for them increases their market price in the trade and commodity market.