Metal is elemental to our daily lives, from the practical fork to the intricate and rare precious metals used in high-end cars. So, when does metal reach luxury status?
If you’re curious about expensive precious metals, you’ve come to the right place. We’ll let you in on the most expensive precious metal today – and it won’t be what you think.
How Are Metals Priced?
Like most products, metals aren’t priced by only one factor. There’s a lot that goes into pricing metals, especially since they’re finite resources.
Metals are priced mainly by supply and demand like everything else in our economy. However, the supply part can be tricky to determine with metals, so the price often fluctuates.
If a metal is only available in a few select areas, then the price is going to be higher. If it’s more difficult to obtain, that’s another financial barrier.
So, what are precious metals?
Precious metals are the rarest natural metals on the market, more valuable than your everyday alloy. Precious metals list at higher prices because of their rarity and value in high-quality products.
Click here to learn about investing in these precious metals.
Hiding among these expensive precious metals, we can finally unveil the most expensive metal in the world.
The Most Expensive Precious Metal: Rhodium
The most expensive precious metal is currently the elusive Rhodium. If you haven’t heard of it, you’re not alone. Unless you spend your time studying the periodic table or rare precious metals, Rhodium isn’t a common topic of conversation for most people.
What Is Rhodium?
Since Rhodium has slipped under the popular media radar surprisingly well, let’s go over some basic facts about this rare metal.
Rhodium (Rh) is a rare, non-radioactive metal from the platinum group. In its purest form, it looks light silver and feels hard, but you’re more likely to see it mixed with other metals.
It’s a noble metal resistant to chemical reactions. This makes it useful as a platinum alloy to protect against oxidation in high heat.
What Are the Uses for Rhodium?
Scientists are still exploring the many uses of Rhodium, but society has incorporated the metal into some important industries already.
Here are the most common commercial uses for Rhodium:
- Catalytic converters in car exhaust systems
- Electroplated gold in jewelry
- Electrical coating
- Electrodes for spark plugs
As you can see, Rhodium is a very sturdy and reliable metal, which makes it a hot commodity in today’s competitive markets.
What Is the Price of the World’s Most Expensive Metal?
This is the question we’re all dying to know. How much are people willing to pay for this pricey precious metal?
Rhodium is priced at a whopping $18,600.00 per ounce.
With a price like that, it’s hard to believe that Rhodium is worth the investment. But, there are a few benefits to shelling out so much cash.
For jewelers, Rhodium is a great metal to increase jewelry’s longevity. It’s also an opportunity to up the price for such good quality, and many jewelry fanatics already have the money to spare.
In cars, the benefits of Rhodium reach a wider scope. The metal gives us an opportunity for clean vehicle emissions, which is an urgent issue in the race against global warming.
Benefits like these make Rhodium a hard metal to pass up, and many big businesses deem it a worthy investment.
How to Dive Deeper Into Luxury
Rhodium is currently the most expensive precious metal in the world – but there’s so much more to discover. Many luxury items reach millions of dollars, yet only a select few know the ins and outs of these rare finds.
For information on luxury items and more, see the other posts on our blog today!