Precious metals are an integral part of the world’s economy, historically and presently. They are used in various industries, from jewelry to electronics, and represent one of the most critical resources for the global market. Precious metals have been around since ancient times and were used for currency, jewelry, decoration, and even medicine. As technology has advanced, so has our use of precious metals; today, they are found in many products, from coins to computers.
Is Ruthenium a Precious Metal?
Yes, Ruthenium is a precious metal used in various industries for centuries. It is an incredibly versatile element, used as a catalyst in some of the world’s most critical industrial processes and found in many everyday items such as coins and jewelry. Ruthenium also has a long history of medicinal applications, which have only become more prevalent in the modern age.
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Ruthenium is part of the transition metals group on the periodic table, making it a rare earth element. This means that it has unique properties not found in other metals, such as its corrosion resistance and ability to conduct electricity. It also has a melting point of nearly 3,000 degrees Celsius, making it well-suited for extreme temperatures or pressure. As such, ruthenium is commonly employed in aerospace engineering and petroleum refining due to its unique characteristics.
How much is ruthenium worth?
Based on the price at the beginning of 2023, Ruthenium is worth $485 per ounce or $17105 per kg. Ruthenium’s price as a commodity is high, and it is used in jewelry, medicine, solar panel development, electrical contacts production, etc.Â
In the form of investment, ruthenium is not traded as same as gold or silver. However, in the market, it has a valuable price.
Although ruthenium isn’t as abundant as other precious metals like gold or silver, it still holds excellent monetary value. Its rarity makes it more expensive than other metals, making it an attractive investment for those interested in collecting rare elements or investing in precious metals. Additionally, because ruthenium is so resistant to tarnishing, it can often be found in more intricate designs that are difficult to manufacture with other types of metal. This further adds to its desirability from both collectors and investors alike.
As mentioned previously, ruthenium has many therapeutic applications due to its unique properties. For example, ruthenium-106 can be used for treating cancer due to its ability to emit radiation without damaging nearby tissue cells; this makes it much safer than traditional radiation therapies previously used before discovering this application of ruthenium’s capabilities. In addition to cancer treatments, ruthenium is being studied for use against herpes viruses and HIV/AIDS due to its antiviral effects; However, there are no medications currently approved by the FDA using this metal yet; research continues into how these effects work and how they could be utilized medically moving forward.
All things considered, while not nearly as well-known or sought after as gold or silver, ruthenium should not be discounted when discussing precious metals – on top of its monetary worth and aesthetic appeal, it also holds immense potential from a medical perspective yet unexplored by scientists around the world; thus far only scratching the surface into what this rare earth element could do for humankind if we unlock all of its secrets!
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