Gold and silver are rare metallic chemical elements 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 best known metals are gold and silver whose uses range widely from jewelry to coinage to art, and in the past years, happen to be recognized for their industrial significance too. Platinum, which was basically a waste product, is now becoming one of the most widely traded precious metals and can include ruthenium, rhodium, palladium, osmium, and iridium. The nature of gold and silver may be produced from the truth that they are very scarce and different among other commodities which also account for their quality to be judged to become of great monetary value, thus, a stride of wealth. It is also vital that you take into account that not every gold and silver stay precious forever. This relies on their own availability and new ways of refining or even creating such. Take aluminum, for instance, once hard to outside of ore, it used to be the most challenging metal to obtain despite being one of the most common. Its status, which once put it above gold, dropped significantly when an easy aluminum extraction method was discovered within the late 1800's.
Fluctuations as to the rarity of metals rely on demand. Silver, for just one is within a supply deficit, using more silver than 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 thought as criteria for being distinguished as precious metals. It is also hard to deny the industrial purposes of precious metals which make them even more appealing. Finding new ways to use them increases their market price in the trade and commodity market.