Gold vs Platinum

I've had a cold this week, so I've been lounging around a bit. As ever though, I always find that during these bouts of snotty lounging I tend to find new avenues of interest. This time it was platinum that got me thinking. So I've been listening to talks about platinum and PGMs (platinum group metals).

Twenty odd years ago platinum was twice as valuable as gold - largely in thanks to its use in catalytic converters. Today, (with the hype for electric cars in full swing), gold is three times as expensive as platinum. So it's been quite a flip around.

It was always one of those odd little bits of trivia back in childhood. You'd make some reference to gold being the most valuable metal, then some other kid would chime in, "No, it's platinum. Platinum is more expensive than gold. My dad said!" Intuitively it always felt wrong, you'd even naively argue back against it. How can the most precious metal not be gold? It's gold. We all know that gold is the best. That's what gold means. It's golden coloured. How can something be more gold-like than gold itself? This feeling would then be heightened when you actually saw a piece of platinum jewellery and it looked ..silver.

Now gold is king again order is seemingly restored. So kids growing up today won't have the same sense of dissonance.

Anyway, it was jewellery that got me thinking. With the gold price so high, (will it keep going higher?), jewellery is getting more expensive for the average person buying a wedding ring or anniversary gift. The natural alternative is silver. However, for some occasions silver just won't do, as it comes with connotations of 'second best'. A lot of women aren't going to be too happy with second best. It likewise comes with a sense of cheapness. This is especially the case today with the price difference between gold and silver so large. Once gold was ten or fifteen times more expensive than silver. Now it's one hundred times more expensive.

So I was thinking, as gold climbs ever higher, will platinum jewellery increasingly fill the void. It is indeed more rare than gold, so doesn't come with the same connotations of second best. And it's still expensive, in spite of its current price relationship to gold, so comes with the reputation of expensive exclusivity. Platinum jewellery is also very beautiful. Having a sheen and brightness that silver can't quite match.

This might be amplified by the fact that gold is so heavily associated with finance and materialism these days. Men want it more than women do. So platinum could regain a sense of romance. That it's now less associated in the public mind with car parts may help this natural rebranding.