| In dollar terms, PGMs are the smallest of the precious metal markets, and these metals are used differently than gold. For example, gold is a monetary metal and very little of it is used by industry. Most platinum and palladium is consumed by industrial processes, but it is still considered a precious metal.
Both platinum and palladium are used in catalytic converters, which remove carbon dioxide and some of the smog producing gases from internal combustion engines. However, platinum has a higher melting point and can be used in hotter burning engines, like diesel cars. Engines with lower operating temperatures, such as gasoline cars, can use palladium in their converters. Right now, palladium is about half the price of platinum...............................................Full Article: Source
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