Precious metals are rare metallic chemical elements that fetch high and durable economic value. They are less reactive than most elements and 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 the past years, have been recognized for their industrial significance as well. Platinum, which was basically a waste product, is now becoming one of the most widely traded precious metals and include ruthenium, rhodium, palladium, osmium, and iridium. The nature of precious metals may be derived from the fact that they are very scarce and unique among other commodities which also account for their quality to be judged to be of great monetary value, thus, a measure of wealth. It is also important to consider that not all precious metals stay precious forever. This depends on their availability and new ways of refining or even creating such. Take aluminum, for instance, once difficult to separate from ore, it used to be the most difficult metal to get despite being one of the most common. Its status, which once put it above gold, dropped significantly when an easy aluminum extraction method was discovered in the late 1800's.

Fluctuations as to the rarity of metals depend on demand. Silver, for one is in a supply deficit, using more silver than it is mined, and is then projected to cost even more than gold in the near future.

Aside from rarity, other common characteristics of metals such as uses, easy storage, similar origin and historical value are considered as criteria for being distinguished as precious metals. It is also hard to deny the industrial uses of precious metals which make them even more appealing. Finding new uses for them increases their market value in the trade and commodity market.

At present, the Soviet Union and South Africa produce more than half of the world's precious metals; both countries are now considered to be the leaders in the precious metals industry in terms of production. Everyday, new uses and ensued and discovered, most recently, their potential in the field of medicine have been pursued.