Precious metals are precious because they are rare. There is a limited amount of these minerals produced each year, and scarcity is the reason for their value. The three major precious metals that trade on futures exchanges around the world are gold, silver, and platinum. Gold is the most popular precious metal in the world as individuals and governments, over thousands of years, ascribe tremendous value to the metal that reflects light like no other. Gold has a dual role — it has industrial uses as well as financial applications. Like any natural resource, mining will slow until eventually our precious metal reserves are depleted. They will not last forever. Not only does this make precious metals scarce, but the demand for them will also increase since we have started using them in everyday applications. From computers to medical supplies, precious metals, like silver, are vital for these industries.
