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#2 Platinum

Type of Metal:

Platinum is a soft, ductile metal that is can thwart off corrosion. Platinum is used principally as catalysts for the control of automobile emissions, in pharmaceutical lab equipment, as well as high-end jewelry. Platinum has been used to coat missile nose cones, jet engine fuel nozzles and other devices that must operate reliably and at extremely high temperatures.

Where it comes from:

Platinum’s value went unrecognized for centuries. While panning for gold in 16th-century, Spanish Conquistadors discovered white metal attached to gold nuggets, and named the metal platina, or “little silver”.  By 1930’s, platinum was the only choice for fine jewelry. Platinum is mined in a similar way to gold and is found in only a few places worldwide, including South Africa, Russia, and Canada. Currently, South Africa produces the largest amount at 80%.

Platinum is so rare it takes 10 tons of ore to produce one ounce of platinum. In fact, all the platinum in the world would just fit into a neighborhood swimming pool. A metal that rare means that Platinum is one of the most sought after precious metals in the world.

So how much is it worth?

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As of this post Platinum is holding out at about $1,405.00 an ounce. In the chart above however, you can see a slight decrease in value over the past 4 years, but a volatile fluctuation in during its course. 

Is it recyclable?

Absolutely it is! Platinum scrap usually consists of platinum alloy or remelted platinum scrap. Scrap metal prices change weekly (if not more often) based on market conditions.

To find out what metals you can recycle at our Garner/Raleigh location, visit TT&E’s site for Scrap Metals We Buy >>