Platinum and palladium both are members of the white metal group. They are relatively recent additions to the commercial precious metals industry. Both are popular as an alternative to gold and silver for investment and jewelry making purposes. These metals hold great potential for investors and as a result, or being made into bars, coins, engagement rings and wedding bands.

If you are interested in buying platinum or palladium, then there are a few things you need to know about them.

Platinum

Platinum is a leading metal in terms of beauty and quality. Being such a rare metal makes it a popular material with which to make engagement rings and wedding bands. It’s also frequently used by the automotive industry for vehicle emissions control devices.

Palladium

Palladium belongs to the same family as platinum. Though worth less than platinum, its lower cost makes it an attractive substitute for platinum in industrial applications. It is often mixed with gold to make white gold and used as watch component.

A Comparative Analysis:

Pricing- Platinum is more expensive than palladium. Currently, the price of 1 ounce of platinum is $1,354.44 CAD and $1,034.78 CAD is the price for 1 ounce of palladium. People with budget constraints use palladium in place of platinum due to its low price tag.

Weight- Platinum is the heaviest of all the metals used for jewelry making. It is about 75% heavier than 14K gold. Palladium on the other hand, is noticeably lighter and weighs about the same as 14K gold.

Investment Potential- Both platinum and palladium have great investment potential because of their rarity and industrial uses. However, as the supply is unstable, prices tend to be more volatile and unpredictable. They give the investors less opportunity for speculative profit.

Colour- If you are a first-time buyer, both metals may look identical to you. However, palladium is slightly whiter than platinum.

Durability- Both platinum and palladium are durable metals. They don’t get tarnished with time. They both have the ability to withstand corrosion and oxidation. These rare metals are hypo-allergic and remain white forever.

Alloy- Alloys play an important role in the hardness of any metal. Generally, products such as platinum bars or palladium coins have 5% alloy. Ridium, ruthenium and rhodium are the alloys used with platinum, whereas palladium is alloyed with ruthenium and traces of copper.

Both platinum and palladium are great for investment and look beautiful when used in jewelry. They have their distinct characteristics but share common traits in terms of durability, usage, availability and properties. Before you buy platinum or palladium, think about your purpose for buying, utility and budget; then decide which one to choose.