When assessing precious metals like Gold, Silver, and Platinum from a chemical standpoint, we can see that there’s more to them than meets the eye. These metals have a practical value. These metals are resistant to corrosion, and they are classified with noble metals.
Each metal listed below has a value that is influenced by its properties, industrial use, scarcity, cost of acquisition, and scarcity.
The most expensive metals in the world
While Platinum sold for the highest prices in the past, you’ll be interested to know that Rhodium is currently the most expensive metal in the world.
The metals Rhodium and Iridium are the main components of the alloy. platinum group metals (PMG). These metals, which are extracted from the very same deposits of minerals, are among the most valuable metals on the planet.
Due to their usage as coins, gold and silver are called coinage metals. They’re also widely used for art and jewelry.
Now let’s dive into each of the most expensive metals and their price per troy ounce.
11. Silver
Silver (Ag) is one of society’s most valuable metals. It has many practical applications and is one of its most famous precious metals. Silver is used to make jewelry, water filters, solar panels, and bullion coins. It is more common than some expensive precious metals but can diversify your investment options.
It has a white, lustrous look. Silver is the metal with the highest thermal conductivity and electrical conductivity. It’s also resistant to oxidation. This makes it a popular choice for electrical conductors and circuits. The catalyst is used to convert ethylene to ethylene dioxide to create industrial chemicals.
Price: $22.47 for a troy ounce – lower than the most expensive spice in the world.
10. Rhenium
Rhenium Re (Re) is a rare metal that was discovered only recently (1925), but its applications have increased significantly since then. This rare metail has the ability to resist oxidation even at very high temperatures (upwards of 2500 °F).
In aerospace engineering, rhenium is used in many applications where high temperature resistance is required. Examples include rocket nozzles and turbine blades. It also has excellent electrical conductivity, so it’s often found in electrical components such as switches and relays.
Rhenium can be used in refinement of petroleum as a catalyst.
Price: $1,417 per kilogram
9. Osmium
Osmium (Os) is the world’s densest metal. It’s also one of the rarest metals. Osmium, while not as hard as diamonds, is more stiff. When used in jewelry, it is hard and brittle with a bluish grey appearance.
It can be used to reduce friction on surfaces such as the ballpoint pen tip, vinyl player needles and electrical contacts. It is used to make mirrors for spacecraft with its reflective surface.
Although it has many common uses, its toxicity and melting point make it a difficult metal to produce. Its rarity and cost have restricted its use.
Osmium has been selling at the same high price since more than 20 years.
Price: $400 for a troy ounce
8. Ruthenium
Ruthenium, or Ru, is a metal alloy that hardens other metals like platinum and palladium. It looks like platinum, but it is harder, rarer and more brittle.
The use of ruthenium in electronics is growing and the global usage is now close to 20 tons. Ruthenium is also used in microelectronics as well as dye-sensitized photovoltaic cells. Its ferromagnetic property at room temperatures makes it useful in sensors, hard drives and other electronic devices.
Price: $465 for a troy ounce
7. Platinum
Platinum (Pt), is one of metals that are least reactive. Platinum (Pt) is a metal with reflective properties. It can be found as platinum ores, such as sperrylite or copperite. These ores are found in South Africa’s Vredefort dome, Canada’s Sudbury district, and Russia’s Oktyabrskoye Copper-Nickel Deposit.
Platinum is used primarily in catalytic conversions for diesel vehicles. The price of platinum has dropped since the Volkswagen scandal in 2015.
South Africa is the largest contributor of newly mined ore. Platinum prices have increased recently due to a decrease in the short-term supply.
Price: $852 per troy Ounce
6. Gold
Gold (Au), a yellow metal, has a bright and shiny appearance. South Africa, historically, was the largest gold producer. In 1970, it produced 32,000,000 ounces. China, Australia, Russia and South Africa are now the top three gold producers.
If you happen to find yourself in South Africa’s City of Gold, you can learn about the discovery of gold in the area of Johannesburg during a gold reef heritage tour.
The purity of gold is categorized using the karat system – measuring the ratio of gold to other alloys. Gold is found in its most pure and malleable form.
As gold is seen as an investment safe haven, its price remains fairly stable. Gold prices are usually higher when the economy is experiencing a recession.
Price: $1.937 per troy Ounce
5. Palladium
Palladium, another precious metal, is used as an alloy in white gold jewelry. Palladium is also used in many industrial applications such as electronics, dentistry, exhaust systems, and petrol vehicles. In the last ten years, the amount of Palladium that is produced each year has been less than the demand.
Palladium is mostly produced by Russia, South Africa (including Zimbabwe), Canada, the United States and Zimbabwe. South African contributes 40% of the world’s annual Palladium production. In recent years, however, the contribution of South Africa has declined.
Price: $2.697 per troy Ounce
4. Lutetium
Lutetium, a white-silver element, is one of the rarest and most expensive metals. It was discovered in Paris in 1907 and gets its name from Lutetia, the Roman name of Paris.
It is a precious metal that has unique properties. This is especially true in the area of memory devices. Its ability enhance information storage makes this metal a valuable component of advanced electronics. While it may come with a high cost, lutetium’s importance in cutting-edge technology makes it a worthwhile investment.
Price: $10,000 per 100 grams
3. Iridium
Iridium (Ir), the most corrosion-resistant metal, is a rare element. It is also the second densest metal on Earth. Nickel mining produces irridium, the most corrosion resistant metal.
The pure form of this rare metal is silver-white. Iridium is found in higher quantities in meteorites than in the Earth’s crust.
In South Africa, the largest deposits of Iridium can be found in the Bushveld complex, near the Vredefort Crater. A rise in iridium prices has been caused by the increase in demand since March 2021. It is used to catalyze electrolysis for the production of green energy using hydrogen.
Price: $5.00 per troy ounce
2. Rhodium
The most expensive metal in the entire world is Rhodium. It is not radioactive. It is an extremely rare platinum member with a demand for 32 tonnes per year worldwide.
The largest producers are South Africa, which produces most of the world’s 21 tonnes of Rhodium a year, and North America. South America and Canada also produce Rhodium, as a byproduct of copper and Nickel refining.
It is a noble metal that resists chemical reactions. It is used to protect metals against oxidation in high temperature alloys. Rhodium is a very hot commodity, and prices are rising due to increased demand. International trade is also an influence on the commodity’s availability and, therefore on rhodium cost.
Rhodium is in high demand for the automotive industry. In jewelry, it is used to electroplate gold using an alloy metal like nickel or palladium. Electroplating electrical contacts or electrodes of spark plugs are other uses.
Price: $20.250 per troy-ounce
1. Californium
The University of California at Berkeley was the first to synthesize Californium in 1950. Californianium, due to its rarity and cost of production, is valued at $27 million per kilogram.
Californianium’s production costs are exorbitant, as it is produced by irradiating curium in a reactor and then undergoing complex chemical separations. Only a handful of Californium has ever been produced. This metal is highly desired in many industries, such as the nuclear and medical fields.
Price estimate: $27 million per gram
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