Why is the element platinum worth 1420 dollars?

Answer 1

This is the value that the market has placed on it. The element itself is less common than gold, and since people are willing to buy this metal in order to use it to make jewelry and computer parts, the market has valued this element as so exhorbitent a price. That and considering that when people get nervious on the market they put their money into things that do not lose their value usually, the price in platinum has risen as had the price of gold and silver.