We can see more to precious metals such as Gold, Silver and Platinum when we look at them from a chemical perspective. These metals are practical. These metals are resistant to corrosion and can be grouped with noble or rare metals.
Each of the listed metals is attractive because of their properties, industrial uses and costs to acquire them.
The Most Expensive Metals In the World
Platinum was once the most valuable metal, but you might be surprised to learn that Rhodium is the most expensive metal currently.
The platinum group metals (PMG) are made up of the metals Rhodium and Iridium, Palladium Palladium, Platinum Ruthenium, Ruthenium and Ruthenium. These metals, which are often extracted from the same mineral deposit, are some of the most precious metals on Earth. The most expensive metals worldwide
Due to their usage as coins, gold and silver are often called coinage metals. They are also used extensively for art and jewelry.
Below, we dive into the most costly metals and their price per troy-ounce. You might be interested in high-priced items. Check out the top-rated wines.
8. Silver
Silver (Ag), one of the most popular precious metals, has many useful uses and has a long history of being the most valuable substance in society. It can be used in jewelry, water filters, solar panels, and it is made into bullion coins. It is more common than expensive precious metals but can be an attractive investment option.
It is white and has a shiny appearance. It has the highest electrical and thermal conductivity of all metals. Additionally, it is resistant to room temperature oxygenation. These properties make silver a good choice for electrical circuits and conductors. It can also be used to produce industrial chemicals by converting ethylene oxide to ethylene.
Price per Troy Ounce: $23.79 – This is lower than the Most Expensive Spice in the World. Macro-silver ore is extracted from a silver mine
7. Osmium
Osmium (Os), the world’s most dense metal, is also known as Osmium. It is also one of the most rare metals. Osmium isn’t as hard as a diamond but is more stiff than it. When used in jewelry, it is hardy and brittle.
It reduces friction in areas such as the tip of ballpoint pen, vinyl player needles and electrical contacts. It is reflective and used in spacecraft mirrors.
It has many common uses but is not practical for manufacturing due to its toxic nature and high melting point. Its rarity and high price have restricted its use.
Osmium, one of the most expensive materials on Earth, has been selling for the same price for over two decades.
Price: $44 per troy ounce Osmium metal pieces. Osmium is the heaviest metal.
6. Ruthenium
Ruthenium (Ru), a rare metal, is used to alloy other metals such as platinum and palladium. Although it has the appearance and properties of platinum, it is more rare, harder, and less brittle.
Globally, ruthenium consumption is approximately 20 tons. This is due to an increase in electronics manufacturing. Microelectronics, dye-sensitized sun cells and microelectronics are just a few of the other uses for ruthenium. It is useful for hard drives and sensors because of its ferromagnetic property at room temperature.
Price: $700 Per Troy Ounce Half of a high-purity (99.99%), electron-beam-remelted ruthenium bar
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5. Platinum
Platinum (Pt), is one of the most reactive metals. It is reflective and can be found in platinum ores like sperrylite and copperite, as well as as by-products from copper and nickel ore. These ores can be found in the Vredefort Dome, South Africa, Sudbury, Canada, and Oktyabrskoye, a Russian copper-nickel deposit.
Platinum is primarily used in catalytic convertors for diesel cars. After the Volkswagen emissions scandal in 2015, Platinum prices have fallen.
South Africa is the largest contributor of newly mined platinum. In 2020, it was placed under lockdown. The result was that platinum prices rose due to a decrease in short-term supply.
Price: $958 Per Troy Ounce A platinum nugget
4. Gold
The yellow color of gold (Au), is attractive in its brightness and has a lustrous appearance. In 1970, South Africa was the largest gold producer. It uncovered 32 million ounces in its peak year. It is now not among the top ten gold producers, with Australia, China and Russia producing more.
You can find yourself in South Africa’s City of Gold and learn all about the history of the discovery of gold in Johannesburg by taking a heritage tour.
The karat system is used to classify the purity of gold. It measures the ratio of gold and other alloys. The purest form of gold is the highly malleable, pure version.
Because gold is considered a safe investment option, the price of gold remains stable. The opposite is true. Gold prices tend to rise when there’s a recession.
Price per Troy Ounce: $1789 A mine produces pure gold ore.
3. Palladium
Palladium (Pd), the second most precious precious metal, is used to make white gold alloys. It is also used in electronics, dentistry and exhaust systems for petrol cars. In the past ten year, the amount of Palladium that is produced annually has been less than the demand.
The majority of Palladium is produced in Russia, South Africa and Canada. 40% of world’s annual Palladium production comes from South Africa. In recent years, however, South Africa’s contribution to the world’s annual Palladium production has been declining.
Price: $2195 Per Troy Ounce
Palladium, a rare chemical element that is also one of the most valuable metals, is very expensive.
2. Iridium
Iridium (Ir), one of the most rare elements, is also the second-most dense element on Earth. Irrigium, which is a product of nickel mining and the most resistant to corrosion, is the metal that we are most proud of.
In its pure form, this rare metal is silver-white. Iridium can be found in greater quantities in meteorites that in the Earth’s crust.
The Bushveld igneous formation near South Africa’s Vredefort Crater is home to the largest deposits of iridium. Since March 2021, there has been an increase in demand for iridium. It is used in electrolysis to produce hydrogen green power.
Price: $550 per troy ounce Iridium elements
1. Rhodium
Rhodium (Rh), which is non-radioactive, is the most valuable metal in the world. It is a rare member the platinum group, with a global demand for 32 tonnes.
South Africa is the largest producer of Rhodium, with 21 tonnes per year. North America is second. Rhodium is also produced in Canada and South America as a byproduct of nickel and copper refining.
It is a noble metal and resists chemical reactions. This metal is used often in platinum alloys to protect metals against oxidation at high temperatures. Due to increased demand, it is a hot commodity. The availability of the commodity and its price are also affected by international trade.
It has been in high demand for its use in the automotive industry. It is used to electroplate gold using an alloy metal like palladium or nickel. It is also used to coat spark plug electrodes and electrical contacts.
Price: $15450 Per Troy Ounce
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