These metals are often extracted from the same mineral deposits and are some of the most valuable metals found on Earth. Gold and silver are known as minted metals, due to their use as coins, silver. Palladium is the most expensive of the four major precious metals: gold, silver and platinum are the others. It is rarer than platinum and is used in large quantities for catalytic converters.
In the short term, demand for metals used in catalytic converters is expected to remain stable, driven by rising car sales in Asia. However, the increase in the adoption of battery-powered electric vehicles, which do not use catalytic converters, could cause demand for palladium to suffer. What comes to mind when you hear about the most expensive metals in the world? We bet that a lot of people would think of gold, silver or platinum first. For a quick comparison, gold deposits are four times larger and platinum deposits are five times larger than rhodium deposits.
This metal is commonly used in the lighting industry, the production of mirrors, and even in nuclear reactors. It is also known as a scratch-resistant finish for jewelry, especially for white gold. However, almost 80% of the demand for rhodium comes from the automotive industry. Metal is used in headlight reflectors and catalytic converters, helping to reduce toxic gas emissions and pollutants.
The reason is that the element filters nitrogen oxides better than palladium or platinum and is easier to install. Iridium is the second most valuable metal in the commodity market and, at the same time, one of the rarest metals in the platinum group on Earth. Its price depends not only on a relatively small volume, but also on production difficulties, demand, market speculation, the politics of producer countries and the development of technology. Because of its hardness, iridium is perfect as a hardening agent for alloys, which are used to produce aircraft engine parts and deepwater pipelines.
Iridium is generally used in metallurgy, medicine, automotive, electronics, aviation and other sectors. From this metal, products such as pen tips, bearings and scales for compasses, surgical instruments, computer memory devices, solid-state lasers and low-thrust rocket engines are manufactured. It can even be used in the treatment of cancer. Since iridium is considered a minor element, very few people invest in it.
The best way to enter this market is to trade the shares of production companies or invest in special funds. This element is one of the biggest competitors for rhodium in the automotive industry, as it is also often used in the catalytic converters of diesel vehicles. Both metals convert approximately 90% of the harmful gases in car exhaust gases into less toxic substances. This element is also highly appreciated in the aerospace industry, navigation, aviation, weapons, dentistry, medicine, electronics and nuclear energy.
It is also used for white gold alloys. Like gold, palladium is considered an attractive hedge against inflation and a safe haven. In addition, as with rhodium, it is essential for the automotive industry, which can guarantee a market in continuous growth. Gold ranks fourth as the most valuable precious metal in the commodity market.
But it is the most popular investment instrument, especially because of its long history and stability, especially in times of war or crisis. Throughout the centuries, this metal has been a real currency for many countries. It was a significant sign of wealth and power. Therefore, there has always been a demand and market for gold.
Today, gold is considered the most popular investment option in safe havens and hedges. Interestingly, its price tends to rise when the US dollar weakens. This is because many investors opt for metal during difficult currency times, as it is an excellent hedge against devaluation. Nowadays, the price of gold depends not only on its rarity and practical applications, but also on market conditions and demand, driven mainly by the jewelry, medicine and precision electronics industries.
Nowadays, we know that platinum is one of the most valuable metals in the world. At first, people considered it to be poor quality silver and used it to counterfeit jewelry. Over time, we realized that platinum is much rarer than gold and became a sign of an even higher level of prestige. Series of limited edition and expensive jewelry and watches, highly privileged credit cards, the highest rewards are usually referred to as Platinum.
And although today gold is more expensive and has more areas of application, platinum maintains its status as a sign of wealth. Other industries that use this metal include dentistry, weapons, aeronautics, IT, medicine, glass manufacturing, etc. Things like lab equipment, cancer drugs, hard drives, spark plugs, and turbine engines use platinum. But it is mainly used for jewelry or as an investment instrument.
Platinum has a smaller market than gold, but the number of interested investors continues to grow. It is one of the most volatile precious metals. During periods of economic stability and growth, its price tends to be up to twice the price of gold. But in times of uncertainty, the value of platinum tends to decline, falling below the price of gold.
Ruthenium also belongs to the platinum group and is one of the rarest, making it quite expensive. However, since their use is lower than that of other PG metals, their market is much smaller. Primarily, ruthenium is used in electronics. Since it is cheaper than rhodium and has very similar properties, it is generally used for the production of electrical contacts, cables and electrodes.
It also serves as a catalyst in electrochemistry. Many manufacturers use it as a reinforcing element for platinum or palladium alloys to improve their properties. Some interesting areas of use of ruthenium are radiotherapy in medicine, the exposure of latent fingerprints and the production of fountain pens. Silver has a very similar history to that of gold.
Like its older brother, it is a safe and very popular investment, since it retains its value regardless of any crisis. But silver deposits are relatively larger than gold deposits, making it much cheaper. Silver is normally traded at a fraction of the price of gold. Some even negotiate the spread between the prices of gold and silver.
Unlike gold, silver is more volatile, as it has gained recognition in the industrial world in recent years. It is used in rockets, submarines, nuclear device production, computers, jewelry, circuits, photography, dentistry and medicine, batteries, solar panels, water filtration and much more. Among the useful properties of silver are also the control of odors and the prevention of the spread of bacteria. Precious metals, such as rhodium, gold, platinum and others, are the most valuable elements that are widely used in industrial fields and are actively traded in commodity markets.
But in reality, they are not the most expensive in the world. Metals play a key role in our daily lives. We all know gold and platinum, but do you recognize these other precious metals and can you identify their uses? Rhodium is one of the metals you'll find at the market spot price, along with gold, silver, platinum and palladium. It is a member of the Platinum group and is resistant to corrosion.
This metal is used as a catalyst in the chemical industry and is used to coat optical fibers, optical mirrors and headlight reflectors. This identifiable metal occupied the throne in commodity prices for decades until it was overtaken by gold. This precious metal is used in jewelry and many industrial applications, including fuel cells, dental work, electronic components, medicine, glass and oil. This metal is less well-known and is a member of the platinum family of precious metals.
It is popular for its ability to increase hardness and strength when added as an alloy to palladium and platinum. Ruthenium is also used in the medical and chemical industries. Another member of the platinum family and the most extreme, this metal has a very high melting point and is the metal most resistant to corrosion. Iridium is a by-product of nickel mining and is also processed from platinum ore.
Although it has many uses, it is mainly used as a hardening agent in platinum alloys. . .