When we think of riches, we first think about the world's most expensive metals - gold, platinum, rhodium, palladium, silver , and so on. But there are a variety of expensive metals out there.
Let’s unveil the list of such top 10 most expensive metals in the world. This sequential list of metals consists of their information, interesting facts, and the current value in the market.
Metals are indeed a part and parcel of our lives. From our daily use of smartphones to transport vehicles, metals play a vital role in ensuring mankind's existence. This list of metals is determined by three factors: Scarcity, Applications, and Market Demand.
Let’s check out what is the most expensive metal, beginning with how its value is decided.
When assessing the value of metals, purity, weight, and origin are crucial factors, yet at the same time, the following criterias play a key impact.
Scarcity is a constant and inevitable result of the excessive use of nonrenewable resources on Earth.
With changing advancements and technologies, metals' applications vary, and they may increase or decrease. Applications are directly proportional to market demand.
In simple terms, a decrease in the supply increases the demand. Also, demand is interrelated with scarcity and applications.
| Element/Metal | Value (as of August 8, 2024) |
|---|---|
| Californium | $27 Million per Gram |
| Iridium | $5,000 per Ounce |
| Rhodium | $4,500 - $4,950 per Ounce |
| Gold | $2,394.20 per Ounce |
| Palladium | $874 - $930 per Ounce |
| Platinum | $922 - $932 per Ounce |
| Ruthenium | $457 per Ounce (Approx.) |
| Osmium | $400 per Ounce |
| Rhenium | $67.5 per Ounce |
| Silver | $27.01 per Ounce |
Californium is the most expensive metal in the world, with a price tag of $27 million per gram. This man-made metal is expensive because of its rarity and production cost. Russia and the USA are the highest-producing countries for Californium.
The metal is named after the University of California Radiation Laboratory after being discovered in 1950. This metal has intricate applications in the medical industry but is highly radioactive and dangerous!
Rhodium is more scarcer and applicable than gold and palladium combined. Currently, Rhodium is the third most expensive metal after enjoying the podium for a long time.
Apart from its extensive industrial applications, rhodium is used to plat gold and silver jewelry. Rhodium production is about 25-30 tonnes each year, divided into these three main countries as of 2021:
| Country | Production Volume (Metric Tons) |
|---|---|
| South Africa | 21 |
| Russia | 1.7 |
| Zimbabwe | 1.3 |
Iridium currently stands as the second most expensive metal in the world, at $5,000 per ounce. Iridium is among the rarest naturally occurring elements, with the highest melting point of around 2,446 degrees Celcius. The highest producers of Iridium as of 2020 are:
| Country | Production Volume (kg) |
|---|---|
| South Africa | 6,786 |
| Zimbabwe | 836 |
| Canada | 300 |
| Russia | 250 |
Due to technological advancements, its application has extended to the electronics industry, such as spark plug manufacturing.
Palladium is rarer than platinum. However, its application as a catalyst in car converters has fluctuated its prices in comparison with platinum. This demand fluctuation from companies and increasing scarcity lead to palladium losing value in the contemporary market.
| Country | Production Volume (kg) |
|---|---|
| Russia | 88,000 |
| South Africa | 80,000 |
| Canada | 15,000 |
| United States | 11,000 |
| Zimbabwe | 12,000 |
Even though its demand has not completely outlasted, the production is conducted in such large numbers. The above production volume is as of 2022 global production.
Gold is a precious and noble metal, and it is also unarguably the most recognized and applicable metal in the world. Although it may not be as rare as Iridium, it has a huge range of applications across all industries.
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| Country | Production Volume (kg) |
|---|---|
| China | 370,000 |
| Australia | 250,000 |
| United States | 230,000 |
| Russia | 205,000 |
| South Africa | 170,000 |
| Peru | 165,000 |
| Indonesia | 95,000 |
| Canada | 102,000 |
| Ghana | 89,000 |
Gold's high conductivity, hypoallergenic properties, high melting point, and non-reactivity all contribute to its being an ideal financial investment and applicable metal.
Like Gold, Platinum has also been utilized since ancient times, often misunderstood as silver until 1557. This metal is highly produced by these countries (as of 2022):
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| Country | Production Volume (kg) |
|---|---|
| South Africa | 130,000 |
| Russia | 19,000 |
| Zimbabwe | 15,000 |
| United States | 11,000 |
| Canada | 6,000 |
Platinum also has a wide range of applications in the medical industry, electronics, glass, and jewelry.
Ruthenium is a hard, silver-colored metal that is one of the densest and rarest elements in the Earth’s Crust. It belongs to the platinum family and is used as a catalyst in the production of ammonia and hydrogenation. It is produced annually at about 30 tonnes, diversified in:
| Region | Production Volume (kg) |
|---|---|
| South Africa | 91% |
| Zimbabwe | 5% |
| Russia | 4% |
| North America | 1% |
Osmium has the densest chemical composition as a naturally occurring element, which makes it ideal for industrial applications involving durability and resistance. This metal is widely utilized in the musical industry to make record players. It is produced majorly in these countries (as of 2021):
| Country | Production Volume (Tonnes) |
|---|---|
| Turkey | 127,000 |
| Bulgaria | 2,500 |
Rhenium is yet another highly applicable metal, utilized to make superalloys facilitating the production of jet engines and industrial turbines. Its melting point is 3,182 degrees Celcius, the third highest in the list. It's widely produced globally in these regions, as of 2021 stats:
| Country | Production Volume (kg) |
|---|---|
| Chile | 29,000 |
| United States | 9,100 |
| Russia | 4,900 |
| China | 2,500 |
| Armenia | 260 |
Silver is the last and most affordable precious metal on the list, as well as the most useful metal. Silver is highly produced in these regions (as of 2022):
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| Country | Production Volume (tonnes) |
|---|---|
| Mexico | 6,300 |
| China | 3,600 |
| Peru | 3,100 |
| Chile | 1,600 |
| Australia | 1,400 |
| United States | 1,100 |
Compared to other precious metals, silver is more accessible and has been widely used in manufacturing and jewelry for ages. Silver as a commodity is an investment safe haven with products that can diversify your portfolio!
There it is! Here are the 10 most expensive metals on the planet, along with some background on each. These metals are truly the wonders of nature, with their rarity and applications. Metals, indeed, are the engine of this vehicle that carries mankind. These assets are vital to our constantly evolving planet, and their demand will rise as we explore and innovate.
The big four precious metals—gold, silver, platinum, and palladium—are widely used in bullion and jewelry. As a trusted and reliable precious metals dealer for more than nine years, we at BOLD offer the best bullion products and jewelry meticulously made from these metals!
There are different opinions on what is the most expensive metal. However, Rhodium is considered to be the most expensive naturally occurring metal in the world. Its price, as mentioned, can be around $4,500- $4,950 per Ounce.
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