Gold, silver and platinum are the best-known precious metals of all time. However, there is another one that is the most valuable in the world and it is known as Rhodium.
You may not have heard of it, because it is mainly used in gasoline catalysts in cars to reduce toxic emissions and in the space industry.
This precious metal, very scarce in the world, has several commercial uses because it is an excellent conductor of electricity. Its price has experienced a spectacular growth of 265% in the last two years, and market analysts say it could continue to rise.
What is Rhodium
This precious metal has various commercial uses, and due to this, it is highly valued. It increases the hardness of other elements, and that is why it is used in alloys with platinum or palladium to achieve high resistance to corrosion.
It has a demand in the electronics industry, and since it is a reflective metal, it is also used in some optical equipment and certain types of mirrors.
In jewelry, it is used in minute quantities to increase the strength of gold and give it a brighter appearance.
Rhodium Usage in Jewelry
Why Rhodium is the Most Expensive Metal in the World
This year alone, the price of rhodium rose 37.7%, possibly due to concern in the automotive industry about the future in the metals market of the platinum group (to which rhodium belongs), due to a cut in the mining production.
A decade ago, the price reached a maximum of US $ 10,000 an ounce (28 grams), dropped to almost US $ 1,000 in one year, reached a minimum of US $ 639 in August 2016 and today stands at US $ 2,350.
As there are no rhodium mines, there is no futures market and there is a limited amount of pure rhodium bars, there are very few investors involved in the business.
And since China has increased its appetite for metal, in the midst of its campaign to reduce polluting emissions, the price is likely to increase.