PLATPlatinum is among the scarcest and most useful metals on earth. Here is what it is, where it comes from, what it is used for, and how it is traded.
Platinum is a silver-white metal that does not tarnish or corrode, even at high temperature. It belongs to the platinum group metals, a family that also includes palladium, rhodium, iridium, ruthenium and osmium. It is far rarer than gold in the earth's crust and is mined from a small number of large ore bodies.
Platinum's stability and its ability to speed up chemical reactions make it hard to replace in many applications.
The largest single use. Catalytic converters use platinum to turn harmful exhaust gases into less harmful ones, mainly in diesel vehicles.
Catalysts for chemicals, fertilisers and fuels. Alloys for glass fibre production, electronics and laboratory equipment.
Prized for durability, purity and its natural white colour, which does not fade or need plating.
Used in some cancer treatments and in implantable devices such as pacemaker electrodes.
The main catalyst in fuel cells and in the electrolysers that make hydrogen from water, an area of growing interest.
Held as bars and coins by individuals and institutions as a store of value and a way to diversify.
Most platinum comes from a handful of mining regions, which means events there can affect supply for the whole market. Recycled metal adds a meaningful further share.
Ore is extracted, mostly in South Africa, Russia and Zimbabwe.
Concentrate is refined to high purity, typically 99.95%.
Made into catalysts, jewelry, components, bars and coins.
In vehicles, factories, hospitals and energy systems.
Recovered from used catalysts and jewelry, then refined again.
Platinum trades around the clock between banks, refiners, fabricators and investors.
A benchmark price is set in London each trading day, and futures contracts trade on commodity exchanges.
Quoted in US dollars per troy ounce, in bars of recognised purity and weight held in approved vaults.
Industrial demand, mine and recycling supply, currencies and investor interest all move the price, sometimes sharply.
PLAT is a digital token on the Ethereum network designed to represent platinum by weight, at one token per gram. Transfers are subject to review and approval, and access is limited to approved participants.