Platinum is also a precious metal. It is available in coins, bars, and ingots. Platinum finds use in jewelry, usually as a 90-95% alloy, due to its inertness and shine. In watchmaking, many companies use platinum for producing their limited edition watch series. Watchmakers highly appreciate the unique properties of platinum as it neither tarnishes nor wears out. The price of platinum, like other industrial commodities, is more volatile than that of gold. In recent year the price of platinum ranged from $774 to $2,252 per oz.
During periods of sustained economic stability and growth, the price of platinum tends to be as much as twice the price of gold, whereas during periods of economic uncertainty, the price of platinum tends to decrease due to reduced industrial demand, falling below the price of gold. Gold prices are more stable in slow economic times, as gold is considered a safe haven and gold demand is not driven by industrial uses. In the 18th century, platinum’s rarity made King Louis XV of France declare it the only metal fit for a king.