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Precious Metal

pre·​cious met·​al | ˈpre-shəs me-tᵊl

noun

A general term for metals valued for their color, malleability, and rarity

A precious metal is a naturally occurring metal that can be mined from the earth that is highly valued because of its malleability, color and rarity. The three common precious metals are gold, silver, and platinum. These precious metals have a number of roles, including adornment (in the form of jewelry, gilding, and other accessories), practical applications, and their role as a financial instrument. Gold and silver, in particular, were used as a financial tool for centuries in many nations, before fiat currency took hold in the 19th and 20th centuries. These metals are still mined from the earth and are sought after for both practical and other reasons.