The primary precious metals are gold, silver, platinum, and palladium. They are used for a variety of industrial purposes, for investment and for jewelry making. When used in jewelry, precious metals are usually mixed with other metals to create alloys that are stronger and more durable. The term ‘fitness’ is used to refer to the proportion of pure precious metal in an alloy. Other important terms to know when talking about precious metals include ‘troy ounce’, which is used to determine the weight of the precious metal, and ‘karat’, which is used for gold to determine its purity.
