Precious metals are rare metallic chemical factors that fetch high and sturdy economic value. They're less reactive than most elements and therefore are made distinct by their luster and 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 yesteryear years, have been recognized for their industrial significance as well. Platinum, which was basically a waste product, is now becoming probably the most widely traded precious metals and can include ruthenium, rhodium, palladium, osmium, and iridium. The character of precious metals may be derived from the fact that they're very scarce and different among other commodities which also take into account their quality to become judged to be of great value, thus, a stride of wealth. It's also important to consider 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 difficult to separate from ore, it used to be the most difficult metal to obtain despite being probably the most common. Its status, which once place it above gold, dropped significantly when a simple aluminum extraction method is discovered in the late 1800's.
Fluctuations regarding the rarity of metals depend on demand. Silver, for just one is within a supply deficit, using more silver than it is mined, and it is then projected to cost even 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 gold and silver. It's also difficult to deny the economic purposes of gold and silver which make them even more appealing. Finding new uses for them increases their market price within the trade and commodity market.