Most Expensive

Top 10 Most Expensive Precious Metals in the World

Gold and silver are the popular names among precious metals, we will be showing in the article the top 10 most expensive precious metals in the world.

Published

2 years ago

January 31, 2023

Oluwafemi Afolayan

Most Expensive Precious Metals in the World - RNN

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 10 most expensive precious metals in the world.

Additionally, because of the wide range and availability of silver and gold (most especially silver) in the use of production of so many materials like jewelry and silver tableware, mirrors, dental alloys, solder and brazing alloys, electrical contacts, and batteries. While gold is also used for some of the things that silver is used for, gold seems to be more valuable than silver, because it is much rarer, and the imbalance in supply and demand between the two metals makes up the majority of the difference in their prices.

Furthermore, in this article, you will learn a few things about these precious metals in case you wish to trade or invest in them, you will also learn how much they cost and which of these is the most expensive, the scarcest, and rarest. Likewise, you’ll find that most or some of the precious metals that will be listed in this article are found in almost everyday life.

1. Osmium – $62,094 per ounce

Most Expensive Precious Metals in the World

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.

2. 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.

Additionally, 90% of Rhodium is used by the automaking industry in the making of headlight reflectors and catalytic converters for cars, which reduces nitrogen oxides in exhaust gases. Among other things Rhodium is used for is also, for coating of optic fibres and optical mirrors, and for crucibles, thermocouple elements (more like an electric thermometer)

3. Iridium – $6,100 per ounce

Most expensive metal per gram

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.

4. 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.

5. Gold – $1,934 per ounce

Most expensive metal for jewelry

Gold is the most malleable of all metals, and one of the most precious in terms of use and application. Well, gold is found in rock ores and it is also used in place of money to make the transaction while it is yellow in color it can also be used in the production of many consumables, and as an effective medicine for controlling some types of arthritis and related diseases.

Additionally, it helps relieve joint pain and stiffness reduces swelling and bone damage, and reduces the chance of joint deformity and disability. Gold is also used to make our most prized objects: wedding rings, Olympic medals, money, jewelry, Oscars, Grammys, crucifixes, art, and many more, apart from finding it in rock ores, it can also be found in water; rivers, streams, ocean, and sea.

6. 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.

7. Platinum – $1,020 per ounce

Which is more expensive gold or platinum

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 (making car emissions less harmful).

8. Ruthenium – $463 per ounce

Ruthenium is similar to Silver and Osmium, well, it is quite cheaper than the above-mentioned metals in this list. It is commonly found in platinum ore and it was first discovered by a Russian scientist. Additionally, Ruthenium compounds can be used in solar cells, which turn light energy into electrical energy, likewise, it is also used as an alloy for most jewelry.

9. Rhenium – $47 per ounce

Rhenium is one of the rarest elements and metals in the earth’s crust, though it is currently being sold at $47 per troy ounce, it has however had an all-time high price of about $10,600 when it was because of its relatively high demand at the time. It was first discovered in Europe in the river Rhine from which it was named. Rhenium is used as an additive to tungsten- and molybdenum-based alloys to give useful properties. These alloys are used for oven filaments and x-ray machines. It is also used as an electrical contact material as it resists wear and withstands arc corrosion.

10. Silver – $23 per ounce

Most expensive precious metals

Silver is one of the most precious metals as well as one of the most traded commodities in the trading market. It is shining white in color, although silver can be found naturally uncombined with other metals in ores such as argentite and chlorargyrite, meanwhile, most silver is found as a byproduct of copper, gold, lead, and zinc during the refining process.

Additionally, silver is one of the rarest naturally existing precious metals though it is currently undervalued it is however one of the seven metals of antiquity, which contributed greatly to the development and had an enduring role in human culture. Silver is used as currency just as gold too and as a medium of investment, it is also used in the manufacturing of solar panels, jewelry, ornaments, high-value tableware, and utensils as well as a coating agent, catalyst, and medicine among many others.