Gold and silver are rare metallic chemical factors that fetch high and sturdy economic value. They're less reactive than most elements and are made distinct by their luster and their high melting points. The very best known metals are silver and gold 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, which was basically a waste product, has become becoming probably the most widely traded precious metals and can include ruthenium, rhodium, palladium, osmium, and iridium. The character of precious metals might be derived from the fact that they're very scarce and different among other commodities that also account for their quality to become judged to become of great monetary value, thus, a measure of wealth. It is also important to take into account that not every precious metals stay precious forever. This depends on their availability and new methods for refining or even creating such. Take aluminum, for example, once hard to outside of 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 a simple aluminum extraction method is discovered in the late 1800's.
Fluctuations as to the rarity of metals rely on demand. Silver, for just one is in a supply deficit, using more silver than mined, and is then projected to cost more than gold soon.
Apart from rarity, other common characteristics of metals for example uses, easy storage, similar origin and historical value are considered as criteria to be distinguished as precious metals. It is also difficult to deny the economic uses of precious metals which will make them much more appealing. Finding new uses for them increases their market price in the trade and commodity market.