Top 5 Most Expensive Metals In The World

Rhodium recently surpassed $13,000 per troy ounce, marking a new high. But what does rhodium stand to gain in the years to come, and can any other material extracted from the earth match its status as the most expensive metal? Continue reading this article to answer the above question.

Most Expensive Precious Metals In The World 2023

• Rhodium
• Palladium
• Gold
• Iridium
• Platinum

1. Rhodium

Following a price increase of more than 30% this year, rhodium, which is relatively unknown to the general public, is quietly one of the hottest trades at the moment. Rhodium previously reached a high of more than $10,000 per troy ounce (ozt) in 2008, but the metal is currently trading above that high thanks to an increase in automotive demand.

Catalytic converters, which are a component of vehicle exhaust systems that reduce pollutants and toxic gas emissions, contain rhodium. The global automotive industry accounts for nearly 80% of rhodium and palladium demand, according to S&P Global Platts. Fortunately for South Africa, around 80% of the world's rhodium is mined there.

The metal's rising price can be attributed in part to its rarity. Rhodium production averages around 30 tonnes per year, which is comparable to the amount of gold mined annually, which ranges from 2,500 to 3,000 tonnes. Rhodium also benefited from Dieselgate, the emissions scandal that rocked the automotive industry in 2015 and involved Volkswagen. Rhodium miners in the platinum group metals (PGM) sector anticipate bright future prospects for the metal given that major economies such as China and India have tightened emission regulations.

2. Palladium

Palladium, Rhodium's younger brother, also benefited from the Dieselgate scandal. Platinum, which is primarily used in diesel catalytic converters, experienced a decline while petrol-friendly palladium experienced a rise following the slump in diesel vehicle sales.

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Of the four major precious metals, palladium is the most expensive, followed by gold, silver, and platinum. It is used in greater quantities for catalytic converters and is rarer than platinum. Due to rising automotive sales in Asia, it is anticipated that the demand for metals used in catalytic converters will remain steady in the near future. However, palladium demand may suffer as more people opt for battery-electric vehicles without catalytic converters.

In 2019, the Russian mining company Nornickel produced 86 metric tons of palladium, making it the largest producer in the world.

3. Gold

Gold is one of the most adaptable commodities because of its durability and tradition. Gold is, to put it simply, used everywhere, not just in jewelry but also in electronics and the aerospace industry due to its durability and conductivity.

Naturally, the image of gold as a prestigious and valuable metal did not emerge overnight. When Spanish explorers first arrived in the "New World," or the Americas, they encountered a native culture that spoke different languages and led completely different lives. However, there was one thing that both cultures shared: Both had a high regard for gold. Pretty much every general public has involved gold as money and an image of riches, glory or influence, and the cutting edge world is the same. Few things have a greater impact on our lives than gold, whether it's in the form of money, awards, or wedding rings.

South Africa produced the most gold up until the 1970s, but production has decreased since then. South Africa produced 32 million ounces of gold, or two-thirds of the world's supply, at its peak in 1970. Today, China, Australia, and Russia are the three countries that produce the most gold.

4. Iridium

Iridium is one of the rarest metals in the crust of the Earth, producing only three tonnes annually. Iridium is the most corrosion-resistant metal element, resistant to air, water, salts, and acids, and is nearly as dense as the densest metal, osmium.

Iridium is difficult to work with because of its hardness, but the same properties that make it hard to work with also make it a useful additive for strengthening alloys. Iridium is the preferred material for crucibles due to its high melting point and resistance to corrosion, despite the fact that it is also a catalytic metal. Iridium, like other PGMs, is mined as a byproduct of nickel mining, and, like other PGMs, its largest deposits are in Russia and South Africa. Due to its rarity in the earth's crust, it typically makes up a small portion of the portfolio of a PGM miner.

5. Platinum

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Platinum, the name of the platinum-group metals, has suffered greatly as a result of the Volkswagen emissions scandal, making it the metal with the worst market performance. Catalytic converters for diesel vehicles have been the primary application of platinum; in 2014, the automotive industry received 45 percent of platinum sales. In the wake of Dieselgate, platinum lost out to palladium, which performs better in gasoline vehicles, as consumers and manufacturers switched away from diesel.

Because of platinum's rarity in comparison to gold and the fact that it has historically been traded at a higher price than gold, the word "platinum" has come to be associated with a higher level of prestige than gold. That reputation has endured despite platinum's difficulties and gold's current trading position above it.

South Africa has the most platinum deposits, accounting for approximately three-quarters of the world's demand. The top platinum producers worldwide are Anglo American Platinum, Impala Platinum, and Lonmin.