Platinum and gold stand as highly valued precious metals. While both are considered rare, their true scarcity differs considerably. The distinction in their natural occurrence and the effort required to bring them to market reveals why one is significantly rarer than the other.
What “Rare” Truly Means for Metals
Rarity in metals involves two main aspects: its crustal abundance and its economic viability for extraction. Crustal abundance refers to the natural presence of an element within the Earth’s crust, often measured in parts per billion (ppb). A metal can be geologically present but highly dispersed, making it difficult to find concentrated deposits.
Economic viability for extraction considers how concentrated the metal is in an ore body, the complexity of the geological formations, and the overall cost and effort involved in mining and refining it. A metal might be relatively abundant in the crust but exist in forms that are too costly or technologically challenging to extract in commercially significant quantities. Both geological scarcity and extraction difficulty contribute to a metal’s perceived and actual rarity in the market.
Platinum’s Exclusive Origins
Platinum is exceptionally scarce in the Earth’s crust, with an average concentration of about 0.005 parts per million (ppm). This makes it one of the rarest elements. It typically occurs as part of the Platinum Group Metals (PGMs), which include palladium, rhodium, ruthenium, iridium, and osmium.
Significant deposits of platinum are concentrated in very few geographical locations globally. The Bushveld Complex in South Africa is the most prominent source, accounting for the majority of the world’s reserves and production. Other deposits are in Russia’s Norilsk-Talnakh region and North America. Platinum is usually found in very low concentrations within these ore bodies, often requiring the processing of vast amounts of rock to yield even small quantities of the metal.
Gold’s Widespread Presence
Gold, while also a precious metal, is notably more abundant in the Earth’s crust than platinum, with an estimated average concentration of around 3 to 4 parts per billion (ppb). Its distribution is more widespread globally. Gold is found in both primary deposits, such as lode deposits within rock veins, and secondary deposits, like alluvial placers in riverbeds.
Historically, alluvial deposits made gold easier to discover and extract, contributing to its widespread use. Numerous countries contribute to global gold production, including major producers like China, Australia, and Russia. This broader geological distribution and varied occurrence types contribute to gold’s greater accessibility compared to platinum.
The Mining Effort and Supply Differences
Platinum mining involves higher costs and complexities than gold. Platinum is typically found deep underground in hard rock formations, necessitating extensive, energy-intensive deep mining. Due to its low concentration in ore, processing vast quantities of rock is required; for example, a ton of ore might yield only a few grams of platinum.
Platinum’s extraction and refining are highly complex and energy-intensive, often involving intricate chemical separation from other PGMs and high temperatures. Gold extraction, while still requiring effort, uses a wider variety of methods, including open-pit, underground, and placer mining. Gold’s extraction and refining processes are generally less demanding and energy-intensive than platinum’s.
Global production figures clearly illustrate the supply disparity: in 2023, global gold production exceeded 3,000 metric tons. In contrast, global platinum production for 2023 was significantly lower, estimated to be around 170 metric tons. This substantial supply difference, driven by platinum’s extreme geological scarcity and costly extraction, makes it considerably rarer.