If a diamond is a girl’s best friend — on the nonmetal side; then precious metals are one of the desires of mankind when it comes to metallic elements. If you are a jewelry enthusiast, then you must have heard about precious metals. Precious metals are the type of metals that are rare and naturally occurring with high economic value. The most precious metal that we are all familiar with is gold, but did you know that there are others more? Let us take a look at the five precious metals and their value.
Rhodium
Rhodium is under the Platinum family and is one of the metals with very high value. In fact, it is increasingly becoming popular for both jewelers and jewel enthusiasts. It typically serves as a catalyst in the chemical industry, such as used in coating optical fibers, optical mirrors, and headlight reflectors.
The most significant amounts of this precious metal are primarily found in South Africa and Russia. Its price largely depends on demand and supply. Today, Rhodium spot price per ounce can be more or less $25,850.00 with $831,096.80 per kilo.
Palladium
Palladium — the most expensive precious metal compared to gold, silver, and platinum — is a whitish-gray metal and is famous for its stability, malleability, and rarity. It is rarer than platinum. Because of its ability to become catalytic inverters, it is widely used by carmakers in reducing emissions in diesel vehicles. However, with the increased supply of battery-electric-operated vehicles, the demand for palladium may take a fall.
Russia was the leading country in Palladium production; then followed by South Africa, Canada, and the US. In 2019, the average closing price of Palladium was $1,518.99, which is higher compared to the average closing price in 2018, which is $1,016.46.
Gold
Probably the only precious metal that needs no introduction, gold is an extraordinary and rare precious metal well-loved for its versatility. It is even held with high regard by people from different sides of the world. It is popularly used as jewelry and dental treatments. Its conductivity makes it valuable in the electronic industry and industrial applications.
The purity of gold is measured in karat, with 24 karats as the purest gold or with a hundred percent purity. The lower the karat, the less pure gold is. The United States has by far the largest foreign gold reserves in the world with 8,133.5 tonnes; then followed by Germany, Italy, France, and Russia. Today, the spot price of gold per ounce is about $1,743.00.
Iridium
Another precious metal that is a member of the Platinum family is Iridium and is one of the rarest metals in the Earth’s crust, with just about 3 tonnes produced annually. This precious metal has a very high melting point and is the most corrosion-resistant. Iridium is very hard, so it is difficult to construct it into different forms. However, its strength makes it a very useful additive in hardening platinum alloys.
South Africa and Russia have the biggest deposits of Iridium. Today, the price of Iridium in the US per ounce has reached up to $6250.00.
Platinum
The most valuable, in terms of price, precious metal was Platinum until it was overtaken by Gold. It is 15 times rarer than Gold! Platinum is known for its density, malleability, and non-corrosive ability. Because of these abilities, Platinum is a very important component in many applications such as catalytic converters, electronic components, and laboratory equipment.
South Africa has the largest platinum reserves in the world and then followed by Russia. Today, the spot price of Platinum per ounce is about $1,130.00 and $36,329.50 per kilo.
Silver
Silver is another precious metal popular to many jewelry enthusiasts. Like gold, silver has been used as a currency and ornaments. Though silver is harder than gold, it is very soft in its natural form. It needs to be mixed with a more rigid metal to fabricate it into objects and jewelry. Mexico, Peru, and China are the leading producers of silver today.