Humanity has coveted the world’s most precious metals for as long as we’ve known of their existence.
While many may think of gold, silver, and platinum as the most valuable metals, these are simply the most commonly traded. In reality, there are other metals that are even more precious, with specialized uses across various industries.
What makes a metal precious?
The value of a precious metal is determined by its rarity, usefulness, demand, extraction difficulty, and unique properties. Certain metals are especially valuable due to their industrial importance or limited supply.
Rhodium
Rhodium, priced at around $4,700 per ounce, is arguably the world’s most valuable metal. It’s primarily used in vehicle catalytic converters, with the automotive industry accounting for 80% of its demand. As part of the platinum group metals (PGM), rhodium is prized for its catalytic qualities.
Though rhodium is four times more expensive than gold, its supply isn’t as limited, with 30 tonnes mined annually. South Africa is the main source, producing 80% of the global supply, with additional contributions from Russia, the U.S., Canada, Zimbabwe, and Finland.
Iridium
Valued at $4,650 per ounce, iridium is another precious PGM. It’s one of the rarest metals, with only three tonnes extracted each year from countries like Brazil, the U.S., Myanmar, South Africa, Russia, and Australia.
Iridium is known for its extreme hardness and is commonly used to create durable alloys. It is found in airplane engines, deep-sea pipes, pen tips, and compasses, among other applications.
Gold
Gold, the most well-known precious metal, remains highly valuable at $2,515 per ounce. It has been regarded as one of the most prized metals since ancient times.
Aside from its use in jewelry, gold is a key material in electronics due to its excellent conductivity. It’s also utilized in dental work and certain medicines. Gold is the most widely traded metal and is considered a safe investment, especially in China, where much of the mining occurs.
Palladium
Palladium, another PGM, is valued at $931 per ounce. Like rhodium, it’s used in catalytic converters to reduce emissions from vehicles. Additionally, palladium has other applications, such as jewelry production, hydrogen purification, and water treatment.
Platinum
Platinum, worth $921 per ounce, is another highly sought-after metal. About 160 tonnes are mined annually, with South Africa responsible for 80% of global production.
While platinum is used in a wide range of industries, it’s most commonly found in jewelry and as an investment. Compared to gold, platinum is a more volatile investment, with its price fluctuating significantly based on market conditions.
Ruthenium
Ruthenium, priced at $390 per ounce, is primarily used in electronics, especially in wire and electrode manufacturing. Its value may rise as its light-absorbing properties could make it useful in solar panel production.
Osmium
Osmium, valued at $364 per ounce, is another member of the platinum group with more niche uses. It is found in items like fountain pen tips, record player needles, and precision measuring tools.
Scandium
Scandium, a soft metal, is worth around $98 per ounce and is mined mainly in Scandinavia. It’s used in a variety of products, including TVs, lamps, bicycles, and baseball bats. Its popularity has grown as its applications have expanded, with 15 to 20 tonnes mined annually.
Rhenium
Rhenium, valued at about $77 per ounce, is among the rarest metals in the earth’s crust. Typically found alongside nickel in mines, around 40 tonnes are extracted annually in countries like the U.S., Canada, Chile, Poland, and Russia.
Silver
Once considered more valuable than platinum, silver now sits at around $28 per ounce. It remains one of the most precious metals and is used extensively in jewelry, as well as in electronics and as a stable investment alongside gold. Silver is relatively abundant, with 40 tonnes mined yearly.
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