Platinum nugget. Platinum (Pt) is a transition metal element. It is malleable and ductile, and highly unreactive. Natural occurrences of pure elemental (native) platinum are extremely rare. When this occurs, is is usually found as grains or nuggets mixed with other metals like iron, copper, gold, silver and palladium. Platinum, which is more expensive than gold, is used as a catalyst in chemical processes, and is also used in jewellery, and medical, laboratory and industrial applications, such as implants and electrodes.