Generally, when talking about metal or precious metals perhaps what comes to your mind is the most generally assumed one which is gold and silver, well, due to their increase in use in the production of jewelry and some other adornments, people tend to think they are the most precious of the various metal in the world, but in reality, the reverse is the case and we will be showing in the article the top 7 most expensive precious metals in the world.
Rhodium – $12,400 per ounce
Rhodium just like Osmium is also quite expensive with a current market price of $12,400 per troy ounce, well one of the major reasons for this precious metal to be this expensive is scarcity. It is a very rare, silvery-white, hard noble metal, which was discovered in 1803 by William Hyde Wollaston, meanwhile, it was also the most expensive of all precious metals before Osmium which now occupies that space. Meanwhile, just like Osmium, it is also considered the rarest metal due to its use.
Iridium – $6,100 per ounce
Iridium is also one of the most expensive precious metals which can cost you as much as $6,100 per ounce, so think before you actually invest or thought buying this valuable metal. Aside from being expensive metal, it is also one of the hardest metals having a similar color to silver, and also one the rarest as well as densest natural metals. Well, this explains why it is more expensive and comes before gold on this list. Iridium is also used to make pen points, surgical pins and pivots, electrical contacts, sparking points, and in the making of satellite communication.
Platinum – $1,020 per ounce
Platinum is being sold at $1,020 per ounce, it is one of the rarest elements in earth’s crust. Meanwhile, because of its scarcity only a few tons are produced annually, it is a precious metal as well as a noble metal, and most of it about 80% of it can be found in South Africa, while the other 20% are in America and Europe. Platinum is used for making jewelry, but its main use, however, is in catalytic converters for cars, trucks, and buses.
Palladium – $1,612 per ounce
Palladium is one of the precious metals that can be found in the earth’s crust and it is mostly found in Europe and South Africa. It can be found in earth deposits but also it is readily available in waste, and rare minerals cooperite. Palladium is also used in jewelry and some dental fillings and crowns, and ceramic capacitors, are found in laptop computers and mobile phones.
Scandium – $3,117 per ounce
Scandium is one of the most expensive precious metals in the world, well unlike the listed metals above, it is somewhat more in abundance compared to the other ones. Apart, from its availability to some extent, Scandium is much found in Scandinavia where its name came from. It is used in underground pipes to detect leaks, high-end bicycle frames, and baseball bats, Russian MIG fighter planes.
Gold – $1,934 per ounce
Osmium – $62,094 per ounce
Osmium is currently the most expensive precious metal and least abundant stable element in Earth’s crust. It is blue in nature and it is one of the rarest elements in the earth’s crust. Osmium is estimated to be about 0.6 parts per billion in the universe and is therefore the rarest precious metal and that defines why it is so much expensive. Though Osmium is a rear precious metal, it is however used in the production of very hard alloys for fountain pen tips, instrument pivots, needles, and electrical contacts.