Gold and silver are rare metallic chemical elements 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, as well as in yesteryear years, happen to be recognized for their industrial significance as well. 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 nature of precious metals may be derived from the truth that they are very scarce and different among other commodities that also take into account their quality to become judged to become of effective value, thus, a measure of wealth. It is also vital that you consider that not all gold and silver stay precious forever. This relies on their own availability and new methods for refining or perhaps creating such. Take aluminum, for instance, once hard to outside of ore, it used to be the most difficult metal to get despite being one of the most common. Its status, which once place it above gold, dropped significantly when an easy aluminum extraction method is discovered in 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 mined, and is then projected to cost more than gold soon.
Aside 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 gold and silver. It's also hard to deny the economic uses of gold and silver which make them much more appealing. Finding new ways to use them increases their market value within the trade and commodity market.