Platinum

It is simply a matter of relative scarcity. Per the Platinum Guild International, platinum is the "most precious" of the precious metals for the following reasons:

(1) The annual supply of platinum is only about 130 tons - which is equivalent to only 6% (by weight) of the total Western World's annual mine production of gold - and less than one percent of silver's yearly mine production. Another amazing platinum trivia is the fact that more than twice as much steel is poured in the U.S. in only one day than the total world's platinum production in one year - indeed scarce!

(2) Approximately 10 tons of ore must be mined - sometimes almost a mile underground at temperatures greater than 120 degrees Fahrenheit - to produce one pure ounce of the "so-called white gold." Furthermore, the total extraction process takes six long months.

(3) All the platinum ever mined throughout history would fill a basement of less than 25 cubic feet.

(4) Although its relative weight does not contribute to its value, platinum is even heavier than gold - one cubic foot weighs a little more than 1,330 pounds, about 11% denser than gold. THAT'S WELL MORE THAN HALF A TON. Expressing platinum's weight differently, a six-inch cube of the white metal weighs about as much as an average man!

(5) Relative to volume mined, platinum has many more industrial uses than either silver or gold. In fact more than 50% of the yearly production of platinum is consumed (read destroyed) by industrial uses - unlike gold!

(6) Also unlike gold, there are no large inventories of above-ground platinum. Therefore, any breakdown in the two major supply sources would catapult the price of platinum into orbit.