The Spanish word “Platina” literally means “little silver”. In the 16th century, gold prospectors in Colombia mistook the grayish-white grains from the gravel of the Rio Pinto for silver. Only in the middle of the 17th century, it was recognized that it is an independent element. A century later, the Swedish explorer Theophil Scheffer assigned platinum to the precious metals because it dissolves only in aqua regia, a mixture of concentrated nitric and hydrochloric acid. Platinum is a malleable and soft metal that is used in many fields due to its corrosion resistance and catalytic properties. It is used for the production of jewelry, medical equipment and in the electrical industry. The shimmering silver metal is also very important as a catalyst in the purification of car exhaust gases.
Trade data on Platinum
Product symbol: PL
Trade: CME GROUP (CME Globex, CME ClearPort, Open Outcry / New York)
Contract size: 50 troy ounces
Trade price: USD and cents per troy ounce
Minimum trade movement: 0.10 USD per troy ounce
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