Most Expensive Metal in the World
The usage of metals is fundamental in our daily routine, ranging from operating our smartphones to being a focal point in jewelry. However, among the vast selection of metals available, gold, silver, and platinum are the three precious metal assets that are most widely traded. Although often overlooked, other metals, such as osmium, ruthenium, and platinum group metals (PGMs) like iridium, palladium, and rhodium, have significant importance.
Gold, silver, and platinum are the most well-known precious metals and are traded the most frequently. They have been used for centuries as a store of value and as currency. These metals are still popular investments today, as they offer a hedge against inflation and economic uncertainty.
This article aims to explore the top 10 most valuable precious metals and their applications in various industries. Hence we suggest you to go through the article completely for a detailed knowledge of the subject.
Top 10 Expensive Metals in the World
Here is the list of the top 10 expensive metals in the world as of 2023:
S.No. |
Metals |
Price |
|
1 |
Rhodium |
$270 per gram |
|
2 |
Palladium |
$46 per gram |
|
3 |
Gold |
$51 per gram |
|
4 |
Ruthenium |
$260 per ounce |
|
5 |
Iridium |
$520 per ounce |
|
6 |
Osmium |
$400 per troy ounce |
|
7 |
Rhenium |
$1,290 per troy ounce |
|
8 |
Silver |
$0.48 per gram |
|
9 |
Scandium |
$44 per gram |
|
10 |
Indium |
$1 – $5 per gram |
TRENDING
1. Rhodium – $270 per gram
Rhodium, the most expensive precious metal, is highly valued for its use in catalytic converters in vehicle exhaust systems, which help reduce pollutants and toxic gas emissions. In fact, the global automotive industry is responsible for almost 80% of the demand for rhodium and palladium combined. South Africa is a major player in the rhodium market, as it is home to around 80% of the world’s rhodium deposits.
Rhodium’s high value can be attributed to its rarity, with production averaging only around 30 tonnes per year, which is comparable to the amount of gold mined annually. The metal is typically obtained as a by-product from mining platinum and palladium, with major producers located in the USA (Montana), South Africa, and Russia.
The rising price of rhodium has made it an attractive investment option, as well as a popular material for high-end jewelry. Despite its high price, demand for rhodium continues to increase as the global push for more environmentally friendly transportation solutions drives the need for more efficient catalytic converters.
2. Palladium – $46 per gram
Palladium is a versatile metal that finds use in several industries. One of its most common applications is in catalytic converters, which are crucial in reducing the noxious emissions from automobile exhaust gases.
Additionally, it is also used in groundwater treatment, hydrogen purification, dentistry, medical applications, and electronics. Palladium is also used in the production of high-end jewelry due to its luster and resistance to tarnishing.
Russia is the world’s largest producer of palladium, accounting for nearly 40% of global production. The leading Russian mining company, Nornickel, produced up to 86 metric tons of palladium in 2019. Canada and South Africa are other significant palladium producers, with mines scattered across these regions. The metal is typically obtained as a byproduct of mining other metals such as nickel and platinum.
Due to its rarity and high demand, palladium commands a significant price per gram on the global market.
3. Gold – $51 per gram
Ranked at number three, we have the well-known and highly valued precious metal, gold. Gold is often found in its native form, as grains or nuggets, in rocks and alluvial deposits. It has a long history of use in coinage, jewelry, and arts, which contributes to its high price.
Although gold is relatively rare, it is not as rare as some of the other precious metals on this list.
Until the 1970s, South Africa was the world’s largest gold producer, having produced 32 million ounces of gold at its peak, accounting for two-thirds of the world’s supply. However, since then, production has declined. Today, China, Australia, and Russia are the three largest gold-producing countries.
4. Ruthenium – $260 per ounce
Ruthenium, the fourth most expensive precious metal, is commonly found in ores with other platinum group metals in the mountains of North and South America. It has a wide range of applications, with the majority of it being used for chip resistors and electrical contacts in the electronics industry. The chemical industry also utilises ruthenium oxide to coat the anodes of electrochemical cells used in chlorine production.
Despite its applications, ruthenium is still a relatively rare metal, making up only 0.0001 parts per million of the Earth’s crust. Its scarcity, along with its unique properties, contributes to its high price of $260 per ounce.
As a hard, silvery-white transition metal, ruthenium is known for its resistance to corrosion and its ability to withstand extreme temperatures. It is also a valuable catalyst in chemical reactions, particularly in the production of ammonia.
5. Iridium – $520 per ounce
Iridium is one of the rarest metals found in the Earth’s crust, with an annual global production of only three tonnes. It has a remarkable resistance to corrosion, making it one of the most stable and durable metal elements. It can withstand exposure to air, water, salts, and acids without losing its properties, and it is almost as dense as the heaviest metal, osmium.
Because of its hardness, iridium is challenging to work with. However, the same properties that make it difficult to process also make it an excellent addition for strengthening alloys. As with other Platinum Group Metals (PGMs), iridium is generally produced as a byproduct of nickel mining. Russia and South Africa possess the world’s largest deposits of this precious metal.
Given its scarcity, most mining firms typically do not have a large proportion of iridium in their portfolio. However, its use in electronics, especially in the manufacturing of spark plugs, as well as in the aerospace and medical sectors, makes it an increasingly valuable material. Its market value is reflected in its high price of $520 per ounce.
6. Osmium – $400 per troy ounce
Osmium is a hard, bluish-white transition metal that belongs to the platinum group of elements. It is one of the rarest elements on the planet and is typically found as a trace element in alloys and platinum ores.
Despite its rarity, osmium finds application in a wide range of industrial and technological fields. For instance, it is frequently used in electrical contacts and in the tips of fountain pens due to its exceptional density, which makes it ideal for producing small, precise components.
Osmium can be found in iridosule and platinum-bearing river sands in various regions of the world, including the Urals, North America, and South America. It is also found in the nickel-bearing ores of the Sudbury, Ontario region, along with other platinum metals.
Due to its scarcity and unique properties, osmium commands a high price in the market. At present, one troy ounce of osmium is valued at $400. Despite its high price, osmium remains a valuable material for a range of industrial applications, especially in fields that require high-density components, such as aerospace and defense industries.
Osmium is a rare and valuable metal that possesses unique properties that make it ideal for use in a range of industrial and technological applications. Its high density and scarcity make it an attractive material for specialized applications in various industries.
7. Rhenium – $1,290 per troy ounce
Rhenium is a precious and highly valuable metal that is known to be one of the rarest elements found in the Earth’s crust. It is primarily used in the production of Nickel-based superalloys, which are utilized in combustion chambers, turbine blades, and exhaust nozzles of jet engines. Its unique properties, such as its high melting point and excellent resistance to heat and wear, make it a preferred material for high-temperature applications.
Rhenium is primarily obtained from molybdenite, a mineral found in porphyry copper mines. It is then recovered as a by-product of the molybdenum processing. The leading producers of Rhenium are the USA, Chile, Canada, and Russia.
Due to its scarcity and valuable properties, Rhenium commands a high price, with one troy ounce currently priced at $1,290. Its high value and limited availability make it a sought-after material for a range of industrial applications, particularly in the aerospace industry, where its exceptional properties make it an essential material for advanced propulsion systems and other critical components.
In addition to its use in the aerospace industry, Rhenium is also used in the production of X-ray tubes and electrical contacts, among other applications.
Rhenium is a precious and rare metal that possesses exceptional properties, making it a preferred material for various industrial applications. Its limited availability and high value make it a sought-after material for cutting-edge technology and advanced engineering applications.
8. Silver – $0.48 per gram
Silver, a popular and widely recognized metal, is the 8th most abundant element on Earth. Its versatile properties have made it a valuable material in various industries for centuries. It is considered a precious metal, and its popularity stems from its many uses, such as the manufacturing of bullion coins, jewelry, and non-currency related mediums like solar panels and water filtration systems.
One of the key advantages of silver is its excellent thermal and electrical conductivity, making it an essential material for various applications in the electronics industry. Its unique properties also make it an ideal material for the production of mirrors, as it reflects light extremely well.
Mexico is the world’s largest producer of silver, with a production output of 5,600 metric tons in 2021. Other leading producers of silver include Peru, China, and Russia.
Interestingly, despite its popularity and numerous industrial applications, silver is also known for its antimicrobial properties, making it an ideal material for use in medical equipment and applications.
Overall, silver’s versatility and unique properties have made it a highly sought-after material for a range of applications, from the manufacturing of coins and jewelry to its use in cutting-edge technology and medical equipment.
9. Scandium – $44 per gram
Scandium is an intriguing transition element that boasts a soft, silvery appearance and is known to occur in rare minerals found in Scandinavia. Despite its rarity, this unique element can be found in a variety of everyday household items, such as color televisions, fluorescent lamps, energy-saving lamps, and glassware.
One of the reasons behind Scandium’s growing popularity is its ability to produce high-quality catalysts, which are crucial for numerous industrial processes. In particular, Scandium’s exceptional catalytic properties make it a preferred choice for the production of gasoline, as it can significantly enhance the fuel’s efficiency and reduce emissions.
Moreover, Scandium’s unique properties make it an excellent material for polishing glass, such as lenses and mirrors, due to its ability to create a smooth, scratch-free surface. This characteristic has made Scandium a popular choice in the production of high-end optics and camera lenses.
In terms of its rarity, Scandium is one of the rarest elements on Earth, with an average concentration of just 0.02 ppm in the Earth’s crust. This scarcity, combined with its valuable properties, has resulted in a relatively high price point, with Scandium currently priced at around $44 per gram.
Scandium is a fascinating and versatile element that offers a range of unique properties and applications. Its popularity is steadily growing, particularly in the fields of catalysis and glass polishing, and its rarity and high value make it a sought-after material for a range of industrial processes.
10. Indium – $1 – $5 per gram
Indium is a fascinating element with a unique set of characteristics that set it apart from other metals. This post-transition metal is incredibly soft and malleable, taking on a silvery-white appearance that is similar to that of tin. In fact, it is so soft that it can even be cut with a knife!
Despite being relatively rare, Indium is present in small amounts throughout the Earth’s crust, with a concentration of just 0.21 parts per million. This scarcity, combined with its valuable properties, has made it a sought-after material for a range of industrial applications.
One of the most common uses of Indium is in the semiconductor industry, where it is used to create alloys, solders, and soft-metal high vacuum seals. These materials are crucial for the production of microelectronics, such as computer chips and other electronic components.
Interestingly, the production of Indium is concentrated in just a few countries around the world. China is currently the leading producer of Indium from ores and concentrates, while Japan is the leading producer of Indium from recycled material.
Indium is a unique and valuable metal that has a range of industrial applications. Its scarcity, combined with its softness and malleability, make it a sought-after material for a range of purposes, particularly in the semiconductor industry.
What is the Most Expensive Metal in the World?
Rhodium is a rare and valuable precious metal that belongs to the platinum group metals (PGMs). It is the most expensive precious metal and has numerous industrial applications, most notably in catalytic converters for automobiles to reduce harmful emissions. Rhodium is also used in various other industries, including electronics, jewelry, and medical applications.
South Africa is the world’s largest producer of rhodium, accounting for around 80% of the global supply. Other major producers include Russia, Canada, and the United States. Due to its rarity, the price of rhodium has soared in recent years, with prices reaching all-time highs in 2021.
Rhodium is obtained as a by-product from mining other PGMs, such as platinum and palladium. The extraction process for rhodium is complex and requires specialized techniques, which adds to its high cost. Despite its high price, demand for rhodium remains strong, particularly in the automotive industry, where it is a critical component of catalytic converters.
How has the Demand for Precious Metals Changed Over Time?
The demand for precious metals has varied over time, depending on various factors. Historically, precious metals like gold, silver, and platinum have been highly valued for their rarity and perceived intrinsic value, leading to their use as currency, jewelry, and as a store of value.
During times of economic uncertainty or political instability, the demand for precious metals often increases, as investors seek safe haven assets to protect their wealth. For example, during the global financial crisis in 2008, the price of gold increased significantly as investors sought to protect their assets from market volatility.
In addition to their traditional uses, the demand for precious metals has also increased due to their industrial applications. For example, platinum and palladium are used in catalytic converters in automobiles to reduce emissions, while silver is used in electronics and solar panels.
As technology advances and new uses for precious metals are discovered, the demand for these metals may continue to evolve. For example, the growing popularity of electric vehicles may increase demand for metals like lithium, cobalt, and nickel, which are used in their batteries.
Overall, the demand for precious metals has been influenced by a variety of factors throughout history and is likely to continue evolving in the future as new technologies and economic conditions emerge.
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