The most precious metals in the world have been the object of humanity’s desires for as long as they have been known to us.
Some may think the most precious metals on earth are gold, silver, and platinum. While they are the most traded precious metals, plenty out there are even more precious and find their uses in other ways.
The most precious metals
How much a precious metal is worth depends mainly on rarity, utilization and demand, the extraction process, and properties. Certain precious metals are extremely valuable because of the industry that needs them or the small amount that can be found.
Rhodium
Rhodium is arguably the most precious metal in the world, going for $4700 an ounce. Rhodium is used in the catalytic converters of cars and other vehicles, as the automotive industry accounts for 80 percent of the metal’s demand. Rhodium is part of the platinum-group metals (PGM), known for their catalytic properties.
While it may be four times as valuable as gold, supply isn’t as scarce. Thirty tonnes of Rhodium are mined annually from South Africa, which accounts for 80 percent of all the rhodium mined, and other countries like Russia, the US, Canada, Zimbabwe, Botswana, Colombia, and Finland.
Iridium
Coming in at a value of $4,650 per ounce, the PGM Iridium is one of the most precious metals the earth has in its crust and also one of the rarest. Three tonnes of Iridium are mined annually from Brazil, the US, Myanmar, South Africa, Russia, and Australia.
Iridium is known for its hardness and is often used to form stronger alloys. The metal can usually be found in airplane engines, deep water pipes, pen tips, and compasses, among many other things.
Gold
Perhaps the most famous precious metal on earth, it is unsurprisingly also one of the most valuable precious metals in the world. At $2,515 an ounce, gold has been among the most valuable metals on earth since ancient times.
Of course, gold is used for jewelry, but it is also used as a conductor for electronics. It can also be found in dental implants and different medicines. Gold is also the most traded metal on earth, considered one of the safest investments on the stock market. Gold is mined worldwide, but especially in China.
Palladium
Palladium, another PGM, is worth $931 an ounce. It is used in catalytic converters, making it one of the most precious metals on earth, similar to rhodium. Palladium reduces carbon emissions from exhaust pipes.
Palladium is also used in other ways, such as making fine jewelry, hydrogen purification, and groundwater treatment.
Platinum
Platinum is valued at $921 an ounce, making it one of the most precious metals on earth. South Africa is responsible for mining 80 percent of the world’s supply of platinum, with over 160 tonnes being mined in total.
Platinum is used in just about everything, but it is mainly used in jewelry and as an investment in the stock market. Unlike gold, platinum is a more volatile investment, soaring to higher prices in good times and falling below the price of gold in the bad.
Ruthenium
This precious earth metal is primarily used in electronics and is valued at $390 an ounce. Ruthenium is used in wires and electrode production.
The price of ruthenium may rise as it has been found to have good light-absorbing properties, making it potentially valuable for solar panels.
Osmium
At approximately $364 an ounce, Osmium is another of the world’s most precious metals. As part of the PGMs, it finds more precise usages than other members in the group. Osmium is used to make the tips of fountain pens and record player needles and can be found in measuring devices.
Scandium
Scandium is a soft metal found in the mines of Scandinavia that is worth about $98 an ounce. Scandium can be found in TVs, lamps, baseball bats, and bicycle frames. Scandium has steadily gained popularity over the years due to increasing utilization. Anywhere from 15-20 tonnes are mined annually.
Rhenium
Rhenium is worth around $77 an ounce, making it a very precious metal. Usually found alongside nickel in nickel mines, rhenium is one of the scarcest metals in the earth’s crust. The metal is mined in the US, Canada, Chile, Poland, and Russia, and about 40 tonnes are mined annually.
Silver
A metal that was once more valuable than platinum, silver is now worth about $28 an ounce. Silver is still one of the most precious metals on earth and is used in many ways.
It is considered a safe investment alongside gold and is used in jewelry just as often as gold is. However, it is much cheaper than gold because 40 tonnes are mined annually, making it far more common.
