What are the Most Expensive Metals on Earth?
Despite being among the most costly metals in the world, gold and silver are not the only ones to have a high value.
Continue reading to find out more. Of course, this article also makes mention of gold and silver.
As of February 2023, these are the six most expensive metals:
- Rhodium (Rh) – $12,000/troy ounce.
- Iridium (Ir) – $4,600/troy ounce.
- Gold (Au) – $1,929/troy ounce.
- Palladium (Pd) – $1626/troy ounce.
- Platinum (Pt) – $1009/troy ounce.
- Ruthenium (Ru) – $465/troy ounce.
This metal is silver-colored, rare, and expensive. Radium is the most expensive metal in the world. We must point you that just 0.001 grams of radium are found in each tonne of the earth’s crust to offer you a clearer image. High melting points and excellent corrosion resistance are two characteristics of radium. Due to its reflected qualities, this metal is often used in items like mirrors, spotlights, and jewelry. It is also valuable in the automotive industry and some industrial fields. South Africa, Russia, and Canada are the top radium producers.
In the platinum group, iridium is the strongest and dense metal. It is the most corrosion-resistant and has one of the highest melting points. The metal is obtained from platinum ore as a byproduct of nickel mining. The majority of iridium is made in South Africa. It is used to manufacture pen tips, watches, jewelry, compasses, electrical equipment, pharmaceuticals, and the automotive industry.
Due to its distinct hue, gold is the most easily recognizable precious metal. Due to its color, flexibility, and conductivity, this tough substance is one of the most popular metals and investment choices. It is the world’s most well-known metal for thermal insulation, electronics, radiation protection, and jewelry. The major countries where gold is mined are South Africa, the US, China, Australia, and Russia.
Palladium, the smaller sibling of rhodium, also profited from the Dieselgate controversy. Platinum, primarily used in diesel car catalytic converters, fell as after-sales of diesel vehicles fell, and petrol alternatives re-entered the market. At the same time, palladium, which is more compatible with gasoline, surged.
As the most expensive precious metal, palladium is more expensive than gold, silver, and platinum. It is utilized in more significant amounts for catalytic converters and is rarer than platinum. Because of rising vehicle sales in Asia, the demand for the metals used in catalytic converters is anticipated to remain stable in the foreseeable future. However, the growing popularity of battery-electric cars, which don’t have catalytic converters, might hurt demand for palladium.
The leading producer of palladium worldwide is the Russian mining firm Nornickel, which extracted 86 metric tonnes of the metal in 2019.
The word “Platino,” which means “low silver” in Spanish, is where the name of this metal originates. It is a very passive, malleable, thick, and non-corrosive metal. Due to its brilliant look and outstanding resilience, platinum is often used in jewelry. Additionally, dentistry, weapons, and aircraft use this substance. Several of the world’s major producers of this valuable metal include South Africa, Russia, Canada, and other nations that process minerals.
One of the metals of the platinum group is ruthenium. As a result of their shared characteristics and frequent occurrence in nature, all the metals in this family are regarded as valuable metal elements. Its traits include hardness, scarcity, and resistance to environmental factors. Ruthenium is widely used in electronics as a reliable way to create electrical connections. Russia, North America, and South America are the top producers.