About precious metals
Editorial · sourcedWhat are precious metals?
"Precious metals" are the eight chemically inert metals — gold, silver and the six Platinum-Group Metals (PGMs): platinum, palladium, rhodium, ruthenium, iridium, osmium. They share three properties: high resistance to corrosion and oxidation, low natural abundance in the Earth's crust, and historical use as monetary or store-of-value assets. Gold and silver have been used as money for over 5,000 years; PGMs were only isolated as distinct elements between 1748 (platinum) and 1844 (ruthenium). The group is defined by the London Bullion Market Association (LBMA) for Au/Ag and the London Platinum and Palladium Market (LPPM) for the PGMs.
How precious metals are priced
Gold and silver have an LBMA daily auction reference price (the "LBMA Gold Price" AM/PM and "LBMA Silver Price"), administered by ICE Benchmark Administration. Platinum and palladium have parallel LBMA Platinum/Palladium auction prices administered by ICE. Futures trade on CME COMEX/NYMEX (GC gold, SI silver, PL platinum, PA palladium) and on SHFE / Shanghai Gold Exchange (SGE). Rhodium, ruthenium, iridium and osmium have no regulated futures market — reference prices are published daily by three private refiners: Johnson Matthey, Heraeus and Anglo American Platinum.
Where precious metals come from
Gold mine output is geographically diversified — China, Australia, Russia and Canada lead, per USGS MCS 2026 Gold. Silver is mostly a by-product of lead-zinc and copper mining (Mexico, China, Peru lead). The PGM complex is the most concentrated of any metal class on Earth: USGS MCS 2026 PGM shows South Africa supplies ~70% of world platinum and Russia ~40% of world palladium; together South Africa and Russia produce over 80% of all six PGMs combined.
Who produces precious metals
Gold producers are highly fragmented: Newmont, Barrick Gold, Agnico Eagle, AngloGold Ashanti. PGM mining is dominated by four producers: Anglo American Platinum, Impala Platinum and Sibanye-Stillwater in South Africa, and Norilsk Nickel in Russia (palladium as Ni by-product). Recycling and refining: Johnson Matthey, Heraeus, Umicore.
What precious metals are used for
- Gold — central-bank reserves, investment bars/coins, jewellery, electronics (bonding wire).
- Silver — jewellery, electronics (highest electrical conductivity of any metal), solar PV cells, photographic film (legacy).
- Platinum — auto catalytic converters (diesel), jewellery, fuel-cell electrodes, glass-fibre bushings.
- Palladium — auto catalytic converters (gasoline) — >80% of demand.
- Rhodium — auto three-way catalysts (NOx reduction); the world's most expensive traded metal.
- Ruthenium — hard-drive perpendicular-recording media, chlorine-production electrodes, solar-cell sensitisers.
- Iridium — spark plugs, electrochromic glass, electrochemical anodes for PEM electrolysers.
- Osmium — fountain-pen tips, electrical contacts; production <1 t/year (smallest of all elements).
Key facts about precious metals supply
- All eight precious metals are on the USGS 2025 Critical Minerals list except gold and silver (which are not classified as "critical" because of established alternative-supply options).
- Recycling share of supply is the highest of any metal class: gold ~30% recycled, silver ~20%, platinum ~25%, palladium ~28%, rhodium ~30% (auto-catalyst recovery).
- Total annual mine production by mass — gold ~3,300 t, silver ~26,000 t, all six PGMs combined ~400 t. By value, the precious-metals market is the largest single non-ferrous metal segment globally.