“All that glitters is not gold.” William Shakespeare wasn’t referring to the precious metal rhodium when he wrote this line in ‘The Merchant of Venice.’ All the same, the expression stands true.
This is because the glittering precious metal Rhodium is the most expensive metal in the world.
Ounce for ounce it’ll set you back more than twice as much as its cheaper golden cousin. And it’s more than a hundred fifty times more expensive than silver.
Some might argue that first prize should go to a man-made element called Californium 252. It’ll set you back a staggering 27 million dollars a gram and is mainly used in the nuclear power industry.
We’re going to stick to a metal which you can touch, feel and dig out from the ground.
Here’s the lowdown on nature’s most pricey precious metal.
Uses for Rhodium
This is a very rare, silvery-colored metal. Rhodium has an extremely high melting point. It’s also very effective at standing up to corrosion.
It’s often used for its reflective properties in mirrors, searchlights, and jewelry. It plays a vital role in the automobile industry.
It’s used in three-way catalytic converters, particularly in diesel engines. These convert harmful gases from car exhausts into less harmful substances. There’s no other metal that can do the same job as well.
In fact, between eighty and ninety percent of annual rhodium supplies go into the production of these type of converters.
Where Can I Get Hold of Rhodium?
Like other precious metals, such as platinum, you can buy rhodium from worldwide suppliers like Colonial Metals.
White gold is often covered with a delicate layer of rhodium to improve its appearance. Silver too is often plated with rhodium for resistance to tarnishing. The main producers of rhodium are South Africa, Russia, and Canada.
How Much Will Rhodium Set Me Back?
Rhodium has been trading at more than 2700$ an ounce. It’s a hundred times more rare than gold.
The market price of rhodium and other precious metals fluctuates all the time. That’s why it’s important to switch to online accounting so you can access this type of data faster.
Rhodium belongs to a set of elements referred to as the platinum group metals. They all have similar physical and chemical characteristics, but rhodium is the most rare.
How Is Rhodium Mined?
There aren’t any mines that only extract rhodium. This metal is produced completely as a byproduct of platinum or nickel mining.
Most rhodium is mined in South Africa. It supplies more than three-quarters of the global demand for this metal.
Power shortages in South Africa have had a severely detrimental effect on mining companies. They’ve had to lower or even halt production. This has increased demand.
The Most Expensive Metal in the World
So there you have it. Rhodium snatches the prize as the world’s most expensive metal, beating gold and silver to the top spot.
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