Gold and silver are rare metallic chemical factors that fetch high and durable economic value. They're less reactive than most elements and therefore are made distinct by their luster and their high melting points. The best known metals are silver and gold whose uses range widely from jewelry to coinage to art, and in yesteryear years, happen to be recognized for their industrial significance too. Platinum, that was basically a waste product, has become becoming probably the most widely traded precious metals and can include ruthenium, rhodium, palladium, osmium, and iridium. The nature of gold and silver might be derived from the fact that they're very scarce and unique among other commodities that also take into account their quality to be judged to become of great monetary value, thus, a stride of wealth. It is also vital that you take into account that not every gold and silver stay precious forever. This depends on their availability and new methods for refining or even creating such. Take aluminum, for example, once difficult to outside of ore, it was once the most challenging metal to obtain despite being probably the most common. Its status, which once place it above gold, dropped significantly when a simple aluminum extraction method is discovered within the late 1800's.
Fluctuations regarding the rarity of metals rely on demand. Silver, for one is in a supply deficit, using more silver than mined, and is then projected to cost even more than gold soon.
Apart from rarity, other common characteristics of metals for example uses, easy storage, similar origin and historical value are considered as criteria to be distinguished as precious metals. It is also hard to deny the industrial purposes of gold and silver which make them much more appealing. Finding new ways to use them increases their market value within the trade and commodity market.