In what has to be one of nature’s cruelest tricks, a metal which has been put to effective use as a cancer stopping treatment, or at the very least one that is great at slowing the disease down also leads to severe skin allergies and possible respiratory issues, so in a sense, Platinum is very much like binary options – you often have to take the good with the bad, but unlike real world applications trading in platinum binary options won’t leave you with health issues, unless you consider a rash on your mouse clicking finger an “issue”…
There is some evidence that platinum was in use by a few pre-Columbian cultures, it was not referenced by European and the rest of the modern world until the mid-16th century and even then that reference was a written evidence of a new precious metal that had been supposedly discovered between Panama and Mexico, it was not until 200 years later that the first scientific experiments were actually conducted on it.
Mining and production of pure, or near pure platinum would not begin for another 30-40 years, until the very end of the 18th century when refining methods were developed to separate Platinum from other substances it often appeared with.
Platinum is considered to be one of rarest of all elements on earth, and with good reason, while over 2500 tons of gold are produced annually, there are only 220-250 tons of Platinum being produced and sold to various industries.
The primary uses for platinum are rather similar to those of Palladium and Iridium as those metals are considered to be part of the same element “family” and share more than a few traits, making them useful in similar areas.
Platinum is often used as a higher quality form of Palladium, and both elements are used as catalysts, with platinum being used as one form or another of catalyst since the 19th century, it’s current primary use comes as a catalytic converter in cars, where it aids in the conversion of toxic gasses that are the result of the combustion engine into slightly less toxic ones.
Platinum also has other uses as a precious metal used in jewelry as well as laboratory and medical equipment and various uses within the electronics industry.
Platinum’s many uses in industry are also the point that makes it such a valuable binary option commodity.
In times of great volatility platinum tends to react much more violently to the market place. Other precious metals, such as gold, are slower to respond, the reason most likely being is that the uses of Platinum are almost entirely within industry, which upon the start of a financial crisis is almost always the first thing to suffer a decline, in the 2008 global crisis, Platinum prices dropped from well above $2000 an ounce to just under $780 an ounce, a whopping decline of nearly 2/3 of its value, while gold for instance only dropped 1/3 from $1000 or so to about $700 at its lowest.
If precious metals are what you seek, Platinum might very well be a great binary options investment, make sure you keep an eye out for demands from various industries which can cause changes in prices, sift out all the bad assets and you’ll be left with platinum in your hand and profits in your account.