Platinum is more precious than gold, also more rare, more resilient, purer and more expensive. One can count on the fingers, the number of times in the last 50 years, when platinum prices have traded below gold. It is usually in times of economic turmoil, when gold becomes the traditional and preferred investment hedge, and demand for the yellow metal pushes prices skywards, overtaking platinum prices. %% Recently, the lowered industrial demand for platinum has pushed down prices that experts’ say has opened out a rare window of opportunity for investment in platinum, the rich man’s gold. Vaishali Banerjee, Country Manager, India, Platinum Guild International, says, “In the last few years, global uncertainty has been a part of the reason for an increasing gold price. In the last few months, this has taken gold prices above platinum, where currently over supply and reduced industrial demand have suppressed prices. This is not seen as a long-term scenario, but offers platinum a value opportunity that is historically rare.”%% Only twice in history, have platinum prices fallen below gold. In the early 1990s, due to the dread of deflation and in 2008, when recession had a run, platinum prices had plunged below gold. And this time it was the European economic crisis that led to the dip in platinum prices.%% {{Spot Prices}} $$ Currently, while the spot price for gold is about US $1763 per troy ounce, platinum hovers at around US $1677, per troy ounce. In India, platinum is imported or brought from alloy suppliers who import the metal. As a precious metal, platinum is traded in the metal exchange that determines its price. Over the years, platinum prices have appreciated. Although, raw platinum prices in India are closely correlated with the international market prices, the price benefits are yet to percolate down to the consumers.%% In India, as per the National Spot Exchange figures, while the spot prices of gold are around Rs 3,216 per gramme of 995 purity, platinum is at around Rs. 3,230 per gramme of 999.5 purity, excluding VAT and CST.%% But ask Indian jewellers, and many of them remain unaware of the price movement. %%

Mushtaq from Prince Jewellers, a Chennai-based retailer of platinum jewellery, says, “In India, platinum costs more than gold. Today, we are selling gold at Rs 2,939 per gramme while platinum is being sold for Rs. 3,315. Platinum is priced higher than gold. Even the making charges are higher, although these are not specified separately because platinum jewellery is sold on a per-piece basis.”%% Unlike gold, most jewellers do not sell platinum jewellery on a per gramme basis. Balwinder Suri, of Orra, Gurgaon, says, “We sell platinum jewellery at the per-piece rate. Although the weight of the platinum and the diamond is specified in the finished product, each item is sold as per the maximum retail price.”%% {{Higher Add Ons}} $$ The manufacturing of platinum jewellery is not easy and involves high costs. The production of platinum and manufacture of platinum jewellery is more complicated than gold. To produce one ounce of platinum, about 10 tonnes of ore is mined from a mile underground, at high temperatures of more than 120 degrees Fahrenheit or nearly 50 degrees Celsius. Although platinum is 95 per cent pure, it has a high melting point and high density.%% Angshuman Purohit of the National Spot Exchange, a group company of MCX, says, “Due to its high melting point, a specialised furnace is required to heat the metal, unlike gold that can be melted without any special technology, in the unorganised sector as well. Platinum jewellery manufacturers need to bear the expense to create this capacity.”%% Agrees Banerjee, “When platinum is crafted into jewellery there are a lot of additional costs over and above the metal content, which alone is usually 25 per cent higher in a piece of jewellery because of 95 per cent purity than 18k gold jewellery, which is 75 per cent purity. These additional costs include labour, wastage, import duties, taxes and retailer margins and also diamond costs depending on the quality and size. The making charges of platinum are also higher than gold as platinum being a denser metal needs certain advanced machinery and technique to craft it into jewellery and there are only a few manufacturers in India, who have the equipment and capability of manufacturing platinum jewellery. All these factors make platinum a more expensive metal.” %%

{{Inefficient Market}} $$ Another reason why the drop in international platinum prices is not reflected in the Indian market is due to an inefficient trading system. Angshuman Purohit says, “Unlike gold, the market for platinum is rudimentary and suffers from basic inefficiencies in the supply chain. Unlike gold and silver, platinum is a thinly traded precious metal and intra day variation or the noise in platinum trade is low. There are fewer players in the supply chain and there are no risk hedging mechanisms available to the importer of platinum. Besides, exchange rate fluctuations also impact the transaction and the importer has to provide an adequate cushion or a safety net for his exposure, in the form of trade margins. Therefore, the volatility in platinum prices does not get translated into the Indian market.”%% {{Indian Psyche}} $$ Other reasons for the price shift not showing up in India is the nature of platinum and its non-availability and the Indian psyche. %% Commenting on the same, Purohit says, “Platinum is not popular in India. The demand for platinum is lower, about 10 per cent than that of gold. The metal looks like silver and is perceived as an industry metal, being largely used in the auto industry. It is also not considered a ‘safe’ investment and Indians traditionally prefer gold. Moreover, even if it were to become popular, there is just not enough platinum that can be mined to fulfil any increased demand, which is an inherent defect.”%% Platinum is mined only in South Africa and Russia (CSR). Annually, only about 130 tonnes of platinum is mined as against 1800 tonnes of gold. More than 50 per cent of the annual production of platinum is used in the auto industry. %% {{Making Platinum Popular}} $$ However, over the last two years, the Platinum Guild of India (PGI) has been working to make platinum popular. The unique properties of platinum jewellery, its strength, durability, unchanging colour and resistance to tarnish, are marketed symbolically as the emotional connect between couples besides providing an ideal and secure setting for diamonds and other gemstones. The strategy seems to be working, as now there are more retailers of platinum jewellery. %% There are also more customers of platinum jewellery. A large part of the retailers business comes from new customers. As Mushtaq says, “Our platinum love bands are very popular.” Even platinum chains and bracelets are becoming popular.%%

{{Platinum as Investment}} $$ With increasing popularity, the PGI wants lower platinum prices to offer enhanced value to the consumer but this has not happened. “As long as jewellers can get a higher price for platinum jewellery, why should they lower prices?” asks Purohit. %% Buying platinum for investment purpose is also a far call. Mushtaq points out, “Diamonds are a better investment and have a 100 per cent resale. For example, one carat of diamond cost Rs. 45,000 a year ago. Today it is nearly Rs. 79,000, which is almost double its value. On exchange, the customer loses out on the making charges which are considerably higher than gold, for platinum jewellery.”%% Even the RBI has gold reserves of 1,850 tonnes but not even a kilogramme of platinum,” says Purohit.%% Concurring with this point, Banerjee says, “The number of investors in platinum has increased, but they represent only a small percentage when compared to gold. In uncertain times with low interest rates and poor returns elsewhere, gold acts as a proxy for money and is seen as an attractive investment. Platinum is still perceived as an industrial and jewellery metal and its rarity makes it ‘less liquid’ than gold. However, like gold, over the long term it has shown itself to be a strong store of value.”%% The outlook is bright and the PGI is positive. “There is key growth coming from the developing markets of India and China where the economic outlook and the growth of potential acquirers is positive and platinum is becoming established as representative of the emotional relationship of the couple. Over the time, the demand for platinum is likely to increase ahead of supply, leading to higher prices,” opines Banerjee.%% {{Purity}}$$ Platinum is a purer and stronger metal than gold. It is also denser, about 60 per cent heavier and weighs more than gold. While platinum is 95 per cent pure in its natural state, 18 carat gold is only 75 per cent pure (18 of 24). For instance, if a similarly sized ring weighs 10 gramme in gold, it would weigh 16 grammes in platinum, thus making the platinum ring more expensive.%% {{Rarity}} $$ Platinum is 30 times more rare than gold and more expensive to produce. Platinum deposits are found only in South Africa and Russia or CIS. More gold than platinum is mined annually besides which there are enormous quantities of hoarded gold above the ground.%% {{Production}} $$ Platinum is more expensive to produce. It has an extremely high melting point and is more difficult to work with than gold, whereby manufacturing and labour costs are higher than gold. %% {{Uses}} $$ Platinum is mainly an industrial metal and more than 50 per cent of the mined platinum is used primarily in catalytic converters or car exhaust filters and trucks to lower emission and pollution. It is also used in jewellery, crude oil refining and computers. As catalytic converters get recycled, there is lower demand for platinum in the auto industry. Gold on the other hand is largely used in jewellery, besides having medicinal and cosmetic applications. Men may take it discreetly to restore vitality or smile and flaunt it openly as a dental filling. It is also proven a better investment.%% {{Volatility}} $$ Platinum prices are more volatile than gold and closely connected with the fortunes of the auto industry, being determined in large part by auto sales and production and also linked to its actual demand and supply, while gold trades on the basis of sentiment, more influenced by inflation, economic and political uncertainties. %% {{Exclusivity}} $$ Its rarity, purity, strength, durability and cost have made platinum a more precious metal than gold. Platinum jewellery would cost about four times more than gold. However, the current low prices of platinum would make it a bargain.%%

Platinum is more precious than gold, also more rare, more resilient, purer and more expensive. One can count on the fingers, the number of times in the last 50 years, when platinum prices have traded below gold. It is usually in times of economic turmoil, when gold becomes the traditional and preferred investment hedge, and demand for the yellow metal pushes prices skywards, overtaking platinum prices. %% Recently, the lowered industrial demand for platinum has pushed down prices that experts’ say has opened out a rare window of opportunity for investment in platinum, the rich man’s gold. Vaishali Banerjee, Country Manager, India, Platinum Guild International, says, “In the last few years, global uncertainty has been a part of the reason for an increasing gold price. In the last few months, this has taken gold prices above platinum, where currently over supply and reduced industrial demand have suppressed prices. This is not seen as a long-term scenario, but offers platinum a value opportunity that is historically rare.”%% Only twice in history, have platinum prices fallen below gold. In the early 1990s, due to the dread of deflation and in 2008, when recession had a run, platinum prices had plunged below gold. And this time it was the European economic crisis that led to the dip in platinum prices.%% {{Spot Prices}} $$ Currently, while the spot price for gold is about US $1763 per troy ounce, platinum hovers at around US $1677, per troy ounce. In India, platinum is imported or brought from alloy suppliers who import the metal. As a precious metal, platinum is traded in the metal exchange that determines its price. Over the years, platinum prices have appreciated. Although, raw platinum prices in India are closely correlated with the international market prices, the price benefits are yet to percolate down to the consumers.%% In India, as per the National Spot Exchange figures, while the spot prices of gold are around Rs 3,216 per gramme of 995 purity, platinum is at around Rs. 3,230 per gramme of 999.5 purity, excluding VAT and CST.%% But ask Indian jewellers, and many of them remain unaware of the price movement. %%

Mushtaq from Prince Jewellers, a Chennai-based retailer of platinum jewellery, says, “In India, platinum costs more than gold. Today, we are selling gold at Rs 2,939 per gramme while platinum is being sold for Rs. 3,315. Platinum is priced higher than gold. Even the making charges are higher, although these are not specified separately because platinum jewellery is sold on a per-piece basis.”%% Unlike gold, most jewellers do not sell platinum jewellery on a per gramme basis. Balwinder Suri, of Orra, Gurgaon, says, “We sell platinum jewellery at the per-piece rate. Although the weight of the platinum and the diamond is specified in the finished product, each item is sold as per the maximum retail price.”%% {{Higher Add Ons}} $$ The manufacturing of platinum jewellery is not easy and involves high costs. The production of platinum and manufacture of platinum jewellery is more complicated than gold. To produce one ounce of platinum, about 10 tonnes of ore is mined from a mile underground, at high temperatures of more than 120 degrees Fahrenheit or nearly 50 degrees Celsius. Although platinum is 95 per cent pure, it has a high melting point and high density.%% Angshuman Purohit of the National Spot Exchange, a group company of MCX, says, “Due to its high melting point, a specialised furnace is required to heat the metal, unlike gold that can be melted without any special technology, in the unorganised sector as well. Platinum jewellery manufacturers need to bear the expense to create this capacity.”%% Agrees Banerjee, “When platinum is crafted into jewellery there are a lot of additional costs over and above the metal content, which alone is usually 25 per cent higher in a piece of jewellery because of 95 per cent purity than 18k gold jewellery, which is 75 per cent purity. These additional costs include labour, wastage, import duties, taxes and retailer margins and also diamond costs depending on the quality and size. The making charges of platinum are also higher than gold as platinum being a denser metal needs certain advanced machinery and technique to craft it into jewellery and there are only a few manufacturers in India, who have the equipment and capability of manufacturing platinum jewellery. All these factors make platinum a more expensive metal.” %%

{{Inefficient Market}} $$ Another reason why the drop in international platinum prices is not reflected in the Indian market is due to an inefficient trading system. Angshuman Purohit says, “Unlike gold, the market for platinum is rudimentary and suffers from basic inefficiencies in the supply chain. Unlike gold and silver, platinum is a thinly traded precious metal and intra day variation or the noise in platinum trade is low. There are fewer players in the supply chain and there are no risk hedging mechanisms available to the importer of platinum. Besides, exchange rate fluctuations also impact the transaction and the importer has to provide an adequate cushion or a safety net for his exposure, in the form of trade margins. Therefore, the volatility in platinum prices does not get translated into the Indian market.”%% {{Indian Psyche}} $$ Other reasons for the price shift not showing up in India is the nature of platinum and its non-availability and the Indian psyche. %% Commenting on the same, Purohit says, “Platinum is not popular in India. The demand for platinum is lower, about 10 per cent than that of gold. The metal looks like silver and is perceived as an industry metal, being largely used in the auto industry. It is also not considered a ‘safe’ investment and Indians traditionally prefer gold. Moreover, even if it were to become popular, there is just not enough platinum that can be mined to fulfil any increased demand, which is an inherent defect.”%% Platinum is mined only in South Africa and Russia (CSR). Annually, only about 130 tonnes of platinum is mined as against 1800 tonnes of gold. More than 50 per cent of the annual production of platinum is used in the auto industry. %% {{Making Platinum Popular}} $$ However, over the last two years, the Platinum Guild of India (PGI) has been working to make platinum popular. The unique properties of platinum jewellery, its strength, durability, unchanging colour and resistance to tarnish, are marketed symbolically as the emotional connect between couples besides providing an ideal and secure setting for diamonds and other gemstones. The strategy seems to be working, as now there are more retailers of platinum jewellery. %% There are also more customers of platinum jewellery. A large part of the retailers business comes from new customers. As Mushtaq says, “Our platinum love bands are very popular.” Even platinum chains and bracelets are becoming popular.%%

{{Platinum as Investment}} $$ With increasing popularity, the PGI wants lower platinum prices to offer enhanced value to the consumer but this has not happened. “As long as jewellers can get a higher price for platinum jewellery, why should they lower prices?” asks Purohit. %% Buying platinum for investment purpose is also a far call. Mushtaq points out, “Diamonds are a better investment and have a 100 per cent resale. For example, one carat of diamond cost Rs. 45,000 a year ago. Today it is nearly Rs. 79,000, which is almost double its value. On exchange, the customer loses out on the making charges which are considerably higher than gold, for platinum jewellery.”%% Even the RBI has gold reserves of 1,850 tonnes but not even a kilogramme of platinum,” says Purohit.%% Concurring with this point, Banerjee says, “The number of investors in platinum has increased, but they represent only a small percentage when compared to gold. In uncertain times with low interest rates and poor returns elsewhere, gold acts as a proxy for money and is seen as an attractive investment. Platinum is still perceived as an industrial and jewellery metal and its rarity makes it ‘less liquid’ than gold. However, like gold, over the long term it has shown itself to be a strong store of value.”%% The outlook is bright and the PGI is positive. “There is key growth coming from the developing markets of India and China where the economic outlook and the growth of potential acquirers is positive and platinum is becoming established as representative of the emotional relationship of the couple. Over the time, the demand for platinum is likely to increase ahead of supply, leading to higher prices,” opines Banerjee.%% {{Purity}}$$ Platinum is a purer and stronger metal than gold. It is also denser, about 60 per cent heavier and weighs more than gold. While platinum is 95 per cent pure in its natural state, 18 carat gold is only 75 per cent pure (18 of 24). For instance, if a similarly sized ring weighs 10 gramme in gold, it would weigh 16 grammes in platinum, thus making the platinum ring more expensive.%% {{Rarity}} $$ Platinum is 30 times more rare than gold and more expensive to produce. Platinum deposits are found only in South Africa and Russia or CIS. More gold than platinum is mined annually besides which there are enormous quantities of hoarded gold above the ground.%% {{Production}} $$ Platinum is more expensive to produce. It has an extremely high melting point and is more difficult to work with than gold, whereby manufacturing and labour costs are higher than gold. %% {{Uses}} $$ Platinum is mainly an industrial metal and more than 50 per cent of the mined platinum is used primarily in catalytic converters or car exhaust filters and trucks to lower emission and pollution. It is also used in jewellery, crude oil refining and computers. As catalytic converters get recycled, there is lower demand for platinum in the auto industry. Gold on the other hand is largely used in jewellery, besides having medicinal and cosmetic applications. Men may take it discreetly to restore vitality or smile and flaunt it openly as a dental filling. It is also proven a better investment.%% {{Volatility}} $$ Platinum prices are more volatile than gold and closely connected with the fortunes of the auto industry, being determined in large part by auto sales and production and also linked to its actual demand and supply, while gold trades on the basis of sentiment, more influenced by inflation, economic and political uncertainties. %% {{Exclusivity}} $$ Its rarity, purity, strength, durability and cost have made platinum a more precious metal than gold. Platinum jewellery would cost about four times more than gold. However, the current low prices of platinum would make it a bargain.%%

Platinum is more precious than gold, also more rare, more resilient, purer and more expensive. One can count on the fingers, the number of times in the last 50 years, when platinum prices have traded below gold. It is usually in times of economic turmoil, when gold becomes the traditional and preferred investment hedge, and demand for the yellow metal pushes prices skywards, overtaking platinum prices. %% Recently, the lowered industrial demand for platinum has pushed down prices that experts’ say has opened out a rare window of opportunity for investment in platinum, the rich man’s gold. Vaishali Banerjee, Country Manager, India, Platinum Guild International, says, “In the last few years, global uncertainty has been a part of the reason for an increasing gold price. In the last few months, this has taken gold prices above platinum, where currently over supply and reduced industrial demand have suppressed prices. This is not seen as a long-term scenario, but offers platinum a value opportunity that is historically rare.”%% Only twice in history, have platinum prices fallen below gold. In the early 1990s, due to the dread of deflation and in 2008, when recession had a run, platinum prices had plunged below gold. And this time it was the European economic crisis that led to the dip in platinum prices.%% {{Spot Prices}} $$ Currently, while the spot price for gold is about US $1763 per troy ounce, platinum hovers at around US $1677, per troy ounce. In India, platinum is imported or brought from alloy suppliers who import the metal. As a precious metal, platinum is traded in the metal exchange that determines its price. Over the years, platinum prices have appreciated. Although, raw platinum prices in India are closely correlated with the international market prices, the price benefits are yet to percolate down to the consumers.%% In India, as per the National Spot Exchange figures, while the spot prices of gold are around Rs 3,216 per gramme of 995 purity, platinum is at around Rs. 3,230 per gramme of 999.5 purity, excluding VAT and CST.%% But ask Indian jewellers, and many of them remain unaware of the price movement. %%

Mushtaq from Prince Jewellers, a Chennai-based retailer of platinum jewellery, says, “In India, platinum costs more than gold. Today, we are selling gold at Rs 2,939 per gramme while platinum is being sold for Rs. 3,315. Platinum is priced higher than gold. Even the making charges are higher, although these are not specified separately because platinum jewellery is sold on a per-piece basis.”%% Unlike gold, most jewellers do not sell platinum jewellery on a per gramme basis. Balwinder Suri, of Orra, Gurgaon, says, “We sell platinum jewellery at the per-piece rate. Although the weight of the platinum and the diamond is specified in the finished product, each item is sold as per the maximum retail price.”%% {{Higher Add Ons}} $$ The manufacturing of platinum jewellery is not easy and involves high costs. The production of platinum and manufacture of platinum jewellery is more complicated than gold. To produce one ounce of platinum, about 10 tonnes of ore is mined from a mile underground, at high temperatures of more than 120 degrees Fahrenheit or nearly 50 degrees Celsius. Although platinum is 95 per cent pure, it has a high melting point and high density.%% Angshuman Purohit of the National Spot Exchange, a group company of MCX, says, “Due to its high melting point, a specialised furnace is required to heat the metal, unlike gold that can be melted without any special technology, in the unorganised sector as well. Platinum jewellery manufacturers need to bear the expense to create this capacity.”%% Agrees Banerjee, “When platinum is crafted into jewellery there are a lot of additional costs over and above the metal content, which alone is usually 25 per cent higher in a piece of jewellery because of 95 per cent purity than 18k gold jewellery, which is 75 per cent purity. These additional costs include labour, wastage, import duties, taxes and retailer margins and also diamond costs depending on the quality and size. The making charges of platinum are also higher than gold as platinum being a denser metal needs certain advanced machinery and technique to craft it into jewellery and there are only a few manufacturers in India, who have the equipment and capability of manufacturing platinum jewellery. All these factors make platinum a more expensive metal.” %%

{{Inefficient Market}} $$ Another reason why the drop in international platinum prices is not reflected in the Indian market is due to an inefficient trading system. Angshuman Purohit says, “Unlike gold, the market for platinum is rudimentary and suffers from basic inefficiencies in the supply chain. Unlike gold and silver, platinum is a thinly traded precious metal and intra day variation or the noise in platinum trade is low. There are fewer players in the supply chain and there are no risk hedging mechanisms available to the importer of platinum. Besides, exchange rate fluctuations also impact the transaction and the importer has to provide an adequate cushion or a safety net for his exposure, in the form of trade margins. Therefore, the volatility in platinum prices does not get translated into the Indian market.”%% {{Indian Psyche}} $$ Other reasons for the price shift not showing up in India is the nature of platinum and its non-availability and the Indian psyche. %% Commenting on the same, Purohit says, “Platinum is not popular in India. The demand for platinum is lower, about 10 per cent than that of gold. The metal looks like silver and is perceived as an industry metal, being largely used in the auto industry. It is also not considered a ‘safe’ investment and Indians traditionally prefer gold. Moreover, even if it were to become popular, there is just not enough platinum that can be mined to fulfil any increased demand, which is an inherent defect.”%% Platinum is mined only in South Africa and Russia (CSR). Annually, only about 130 tonnes of platinum is mined as against 1800 tonnes of gold. More than 50 per cent of the annual production of platinum is used in the auto industry. %% {{Making Platinum Popular}} $$ However, over the last two years, the Platinum Guild of India (PGI) has been working to make platinum popular. The unique properties of platinum jewellery, its strength, durability, unchanging colour and resistance to tarnish, are marketed symbolically as the emotional connect between couples besides providing an ideal and secure setting for diamonds and other gemstones. The strategy seems to be working, as now there are more retailers of platinum jewellery. %% There are also more customers of platinum jewellery. A large part of the retailers business comes from new customers. As Mushtaq says, “Our platinum love bands are very popular.” Even platinum chains and bracelets are becoming popular.%%

{{Platinum as Investment}} $$ With increasing popularity, the PGI wants lower platinum prices to offer enhanced value to the consumer but this has not happened. “As long as jewellers can get a higher price for platinum jewellery, why should they lower prices?” asks Purohit. %% Buying platinum for investment purpose is also a far call. Mushtaq points out, “Diamonds are a better investment and have a 100 per cent resale. For example, one carat of diamond cost Rs. 45,000 a year ago. Today it is nearly Rs. 79,000, which is almost double its value. On exchange, the customer loses out on the making charges which are considerably higher than gold, for platinum jewellery.”%% Even the RBI has gold reserves of 1,850 tonnes but not even a kilogramme of platinum,” says Purohit.%% Concurring with this point, Banerjee says, “The number of investors in platinum has increased, but they represent only a small percentage when compared to gold. In uncertain times with low interest rates and poor returns elsewhere, gold acts as a proxy for money and is seen as an attractive investment. Platinum is still perceived as an industrial and jewellery metal and its rarity makes it ‘less liquid’ than gold. However, like gold, over the long term it has shown itself to be a strong store of value.”%% The outlook is bright and the PGI is positive. “There is key growth coming from the developing markets of India and China where the economic outlook and the growth of potential acquirers is positive and platinum is becoming established as representative of the emotional relationship of the couple. Over the time, the demand for platinum is likely to increase ahead of supply, leading to higher prices,” opines Banerjee.%% {{Purity}}$$ Platinum is a purer and stronger metal than gold. It is also denser, about 60 per cent heavier and weighs more than gold. While platinum is 95 per cent pure in its natural state, 18 carat gold is only 75 per cent pure (18 of 24). For instance, if a similarly sized ring weighs 10 gramme in gold, it would weigh 16 grammes in platinum, thus making the platinum ring more expensive.%% {{Rarity}} $$ Platinum is 30 times more rare than gold and more expensive to produce. Platinum deposits are found only in South Africa and Russia or CIS. More gold than platinum is mined annually besides which there are enormous quantities of hoarded gold above the ground.%% {{Production}} $$ Platinum is more expensive to produce. It has an extremely high melting point and is more difficult to work with than gold, whereby manufacturing and labour costs are higher than gold. %% {{Uses}} $$ Platinum is mainly an industrial metal and more than 50 per cent of the mined platinum is used primarily in catalytic converters or car exhaust filters and trucks to lower emission and pollution. It is also used in jewellery, crude oil refining and computers. As catalytic converters get recycled, there is lower demand for platinum in the auto industry. Gold on the other hand is largely used in jewellery, besides having medicinal and cosmetic applications. Men may take it discreetly to restore vitality or smile and flaunt it openly as a dental filling. It is also proven a better investment.%% {{Volatility}} $$ Platinum prices are more volatile than gold and closely connected with the fortunes of the auto industry, being determined in large part by auto sales and production and also linked to its actual demand and supply, while gold trades on the basis of sentiment, more influenced by inflation, economic and political uncertainties. %% {{Exclusivity}} $$ Its rarity, purity, strength, durability and cost have made platinum a more precious metal than gold. Platinum jewellery would cost about four times more than gold. However, the current low prices of platinum would make it a bargain.%%