5 most expensive metals

Rhodium

Rhodium is used in catalytic converters, a part of vehicle exhaust systems that reduce toxic gas emissions and pollutants. According to S&P Global Platts, almost 80 per cent of demand for rhodium and palladium comes from the global automotive industry. Fortunately for South Africa at least, around 80% of all rhodium is mined within its borders. Part of the reason for the metal’s price leap is its rarity. Annual rhodium production sits at around 30 tonnes – to place that in context, gold miners annually dig up between 2,500 and 3,000 tonnes of the precious metal.

Palladium

Rhodium’s little brother palladium also did well out of the Dieselgate scandal. After sales of diesel vehicles slumped and petrol alternatives came back into fashion, platinum – used primarily in catalytic converters for diesel vehicles – took a tumble, while petrol-friendly palladium rose.

Palladium is the most expensive of the four major precious metals – gold, silver and platinum being the others. It is rarer than platinum, and is used in larger quantities for catalytic converters. In the near-term, the demand for metals used in catalytic converters is expected to be steady, buoyed by growing automotive sales in Asia. However, the increased uptake of battery-electric vehicles – which do not use catalytic converters – could see palladium demand take a hit.

Gold

Part durability, part tradition, gold is among the most versatile commodities. Primarily used in jewellery, but also having significant applications across electronics and aerospace due to its durability and conductivity, gold is, to put it plainly, everywhere.

Of course, gold’s stereotype as a prestigious, valuable metal didn’t come from nothing. When Spanish explorers first travelled to the “New World” – the Americas – they met a native culture who lived entirely different lives and spoke different languages. But both cultures had one thing in common; both held gold in high regard. Almost every society has used gold as currency and a symbol of wealth, prestige or power, and the modern world is no different.

Iridium

Iridium is one of the rarest metals in the Earth’s crust, with annual production of just three tonnes. Iridium is nearly as dense as the densest metal osmium and is the most corrosion-resistant metal element, resistant to air, water, salts and acids.

Because of its hardness, iridium is difficult to fabricate into usable parts, but the same characteristics that make it difficult to work with also make it a valuable additive for strengthening alloys.

Platinum

Platinum traditionally traded at a higher price than gold and combined with platinum’s rarity compared with gold, “platinum” as an adjective has come to be associated with a higher level of prestige than gold. Despite platinum’s troubles and gold now trading above it, that reputation has stayed.

Platinum deposits are largely concentrated in South Africa, with the country supplying around three-quarters of the world’s demand. Anglo American Platinum, Impala Platinum and Lonmin make up the top global platinum producers.

Editorial Desk