Metals are of great use in our daily lives. They are a type of solid substance that are usually hard and shiny. They also conduct heat and electricity. Price of metal depends on many factors such as their extraction, abundance, uses, etc. While talking about the cost of the metal, we cannot forget how billions of dollars are wasted worldwide due to corrosion of these metal. These substances are greatly used in making precious jewelry and have been used as a form of currency in history. They are important because of their versatile nature and aesthetic properties. For instance, the light weight of aluminum makes it suitable for making parts of aircrafts. Ornaments are made of gold due to its non-reactive nature and outstanding luster. The readers might be surprised to read how their favorite metals do not top the list of most valuable metals. Here, are the ten most expensive metals:
1.Rhodium
To our readers astonishment Rhodium tops the list! Cost of the metal is $2,930 per ounce making it the most expensive and the rearrest metal ever. The reason for such high value is the wide-ranging applications and scarcity of the metal. It has reflective properties due to its silvery appearance, which is widely utilized by the industrial sector including automobile one (almost 80% of the demand comes from automobile industry). It shares its ores with nickel, platinum and other members of the platinum group. Canada, Africa and Russia contribute to the largest share of Rhodium in the world. It is glass strengthening alloy, used in manufacturing catalytic converters in cars. It is very special metal in terms of its performance in converting NOx into harmless gases.
2.Iridium
Iridium is the second most expensive metal ($1,460 per ounce) and one of the rarest in earth’s crust with annual production of three tonnes. White color metal with yellowish hue is corrosion resistant, resistant to air, water, salts and acids. Density of Iridium is similar to osmium. The hardness of the metal makes it very difficult to fabricate into usuable parts. The same characteristics make it difficult to work with, is used as a valuable additive for strengthening alloys. Mined as a by-product of nickel, and other PGMs, Iridium has high melting point. Biggest producers include South Africa and Russia. The outlook for the tight supply of the metal has also helped to drive up the prices of other platinum-group metals. Iridiums primary use is to harden platinum by making a platinum alloy. Used in optical lens to reduce glare, a compound of osmium and iridium called osmiridium, is used in fountain pen tips and compass bearings. Super strong jewelry is also made of an iridium and platinum alloy.
3.Palladium
In the time period of 2001 ad 2018 palladium had a lower value as compared to gold. In February 2019, Forbes reported that palladium is now worth more than gold, 30 times as rare as the latter. Since then, the value of the metal increased by 50%. With one ounce metal worth $1,400. Largest shares are accounted by Russia, Canada, the United States and South Africa. It is soft-shiny metal used as a critical component in catalytic converters- a part of car exhaust system that controls emissions- found mainly in petrol and hybrid vehicles. More than 80% of palladium is used to convert toxic gases such as carbon monoxide, nitrogen dioxide, into less harmful nitrogen, carbon dioxide and water vapour. It a key component of fuel cells, which react with hydrogen with oxygen to produce electricity, heat and water. Also used in electronics, dentistry, medicine, hydrogen purification, chemical applications, groundwater treatment and jewelry. The numerous applications are limited supply sources result in considerable investment interest.
4.Rhenium
One ounce of the metal costs $1,290 which allots it the 4th position in the chronology of the most expensive metals. Rhenium is one of the densest metals with third highest melting- point which is why it is added to nickel-based superalloys as a means of improving the alloy’s temperature strength. It is used in filaments, high-temperature turbines engines, and electrical contact material. The silvery-white metal is used as an additive to tungsten and molybdenum-based alloys to give useful properties. These alloys are used in X-ray machines. Rhenium is also used as an electrical contact material as it resists wear and withstands arc corrosion. The catalysts of the metal are extremely resistant to poisoning (deactivation) and are used for the hydrogenation of fine chemicals. Largest producers are Chile, Poland, United States and Uzbekistan. It is usually available in powdered form, but it can be consolidated by pressing and sintering in the presences of vacuum or hydrogen.
5.Gold
With worth of $1,285 per ounce, gold is one of the most valuable metals. South Africa, China, the United States, Australia and Russia are its largest producers. Shiny yellow appearance of gold makes it apt for making ornaments. One of the densest of all metals, it is a good conductor of heat and electricity. Gold is soft, malleable and ductile. It can be beaten out of 187 square feet in extremely thin sheets called gold leaf. Its visually pleasing appearance and corrosion resistance caught human attention ages back. It is often used as a material which is universally used as an exchange commodity for goods and services. Gold began to serve to serve as backing for paper-currency systems when they became widespread in the 19th century, and from the 170s until World War I the gold standard was the basis for the world’s currencies. Gold is also used in electronics (particularly in cables, connectors and cell phones), space exploration (used in shields, visors, lubricants, to reflect infrared radiations), medicine and dentistry.
6.Platinum
Platinum is used for a variety of purposes for instance in jewelry, aeronautics, and dentistry. Worth $894 per ounce platinum has high malleability. It is one the heaviest metal, majorly produced by South Africa, Canada and Russia. Previously the metal had been more valuable than gold. This silvery white metal is highly resistant to corrosion. Extensively used in making jewelry. About 80% of is use is accounted by catalytic converters. It is also used as a catalyst for the production of nitric acid, silicone and benzene. It also used to improve efficiency of fuel cells. The computer industry uses it for hard disks and thermocouples. Platinum is also a component of Optical fibres, LCDs, turbines blades, spark plugs, pacemakers and dental fillings.
7.Ruthenium
Member of the palatinum metal group is silvery-white appearance, costing $263 per ounce. It is majorly mined by Canada, Russia, North America and South America. It’s properties like hardness and ability to withstand outside elements are widely utilized. Ruthenium is added to platinum to increase its hardiness and resistance. Most common use of ruthenium is in the electronics industry for chip resistors and electrical contacts. Its oxides are often used in the chemical industry to coat the anodes of electrochemical cells for chlorine production. The metal is also used as a catalyst for ammonia and acetic acid production. Compounds can be used in solar cells, which turn light energy into electricity. Ruthenium is one of the rarest metals on Earth. It is found uncombined in nature; however, it is more commonly found associated with other platinum metals in the minerals pentlandite and pyroxenite. It is obtained commercially from the waste of nickel refining. Ruthenium oxide is highly toxic in nature.
8.Osmium
It is a very hard metal which is extremely difficult to manipulate with worth of $200 per ounce. It is commonly used for hardening alloys, electrical contacts and filaments. Three top producers of Osmium are North America and Russia. It is a silvery white metal that resists corrosion. It is twice as dense as lead. Its oxide is volatile and very toxic, causing lung, skin and eye damage. Most osmium is produced from the waste of nickel refining.
9.Silver
Silver is worth $15 per ounce. Largest producers of the metal include China, Mexico, and Chile. Silver has best thermal and electrical conductivity along with the lowest contact resistance. Silver is used to make jewelry, photography, dentistry, batteries, coinage and circuitry. Other technical applications include door control and preventing the spread of bacteria.
10.Indium
Indium costs $11 per ounce. A coating of the metal is used on engines of aircrafts. Fun fact about indium is that makes crying noise when it is bent and manipulated. Other uses include corrosion-resistant mirrors and semiconductors. Largest producers are South Korea, Japan and China. The metal is a significant part of electronic industry due to its excellent conductivity.
