When people are asked which metal tops the price charts, many instantly name gold. The metal commands a staggering price, around 1,800 euros per ounce today. Yet gold does not hold the top spot for expense among metals in the world; it remains among the leaders, but not the most expensive. The throne goes to rhodium, a much less familiar element that currently holds the place as the priciest precious metal and one of the rarest. At the moment of writing, rhodium traded for about 4,100 dollars per ounce, and there were flashes of much higher levels, including a peak near 14,000 dollars per ounce in December 2022. Even with its dramatic spikes, rhodium’s value often surpasses gold.
Why is rhodium so valuable? It has a remarkable resistance to corrosion and oxidation, and it does not react readily with oxygen. This makes rhodium a noble metal with exceptional stability and strong catalytic properties. Its durability is underscored by a high melting point near 1,964 degrees Celsius. This places it among the platinum group metals, alongside platinum, palladium, osmium, iridium, and ruthenium, and highlights its distinct status in modern applications.
Rhodium’s standout characteristic is its ability to endure water and air temperatures up to 600 degrees and to remain largely insoluble in most acids. Its versatility extends across automotive components, aerospace applications, electrical contacts, and high-temperature thermocouples and cables. This practical resilience is noted by science outlets such as IFLS Science portal, which emphasizes rhodium’s role in diverse technologies.
Despite its scarcity and striking appearance, data from 2019 show that nearly 90 percent of rhodium demand comes from the jewelry sector. A more utilitarian use remains in the manufacture of catalytic converters for automobiles, where rhodium helps promote cleaner exhaust along with other platinum group metals. The metal’s rarity and distinct properties contribute to its high value in both decorative and functional contexts.
A very rare metal in the world
Rhodium exists in the Earth’s crust at extremely low concentrations, estimated around 0.000037 parts per million. By comparison, gold occurs at about 0.0013 parts per million, according to the Royal Society of Chemistry. This scarcity helps explain why rhodium commands such extraordinary prices and why it remains a coveted material for high-end applications.
Where are the main deposits? The metal is primarily mined in South Africa and Russia. It also appears as a byproduct of refining copper and nickel ores, often in trace amounts up to 0.1 percent. Global annual production runs at roughly 16 tons, while the planet holds an estimated reserve of about 3,000 tons.
The discovery of rhodium traces back to the early 19th century when the British chemist William Hyde Wollaston identified the element in a sample from platinum found in South America. Wollaston had already been involved in uncovering palladium. Rhodium was isolated after removing platinum and palladium from the sample, resulting in a dark red powder that was subsequently treated with hydrogen gas to release the pure rhodium.
Even though rhodium presents as a bright, reflective silvery-white metal, its name originates from the Greek word rhodon, meaning rose, a nod to the pinkish-red hues of rhodium salts.
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Contact information for an environmental department is no longer included in this text. For further details, readers may consult credible science publications and industry reports to understand rhodium’s role in modern chemistry and industry and how market dynamics influence its price fluctuations over time.