Precious metals are rare metallic chemical elements which have a high value. The demand for precious metals is driven by their practical usage as well as their role as an investment and store of value. It is not surprisingly therefore, that precious metals have, over the years, commanded much higher prices than common industrial metals. Most people will be familiar with gold and silver as it is common in jewellery, but did you know that there are other metals even more precious than gold? Here’s a list of the top 5 most precious metals in the world today….and silver’s not in there!
1. Rhodium
Rhodium is an extremely rare and valuable silver coloured metal which is regularly used for its reflective properties. It has a high-temperature melting point and an extraordinary ability to withstand corrosion. The largest producers of rhodium are South Africa, Russia and Canada. It is commonly used for its reflective properties in items like searchlights, mirrors and for jewellery-finishing. Rhodium is also valuable within the automotive industry and is used in several other types of industrial fields.
Platinum is a popular precious metal which has acquired a reputation for its resilience, density and non-corrosive properties. It is similar to palladium in its ability to withstand huge quantities of hydrogen. The largest producers of platinum are, as with rhodium, South Africa, Russia and Canada. Most people will be familiar with its use in jewellery, due to its dazzling looks and remarkable resistance and it is also used in dentistry, aeronautics and weaponry.
3. Gold
Gold is familiar for perhaps being the most well-known commercially of the precious metals. Its desirability and durability also makes it one of the most popular metals and investment options. The largest producers of gold are China, South Africa, the United States and Australia. Gold’s main uses are in jewellery and various industrial applications. Its conductivity makes it a superb component of electronics and its reflective surface is useful for creating improved radiation shields and office windows.
Ruthenium is a member of the platinum family of metals and thus features many of the group’s characteristics, including toughness, rarity and the ability to withstand outside elements. The largest producers of ruthenium are Russia, North & South America and Canada. Ruthenium can be added as an alloy to platinum and palladium in order to increase hardness and offer a better resistance. It has become popular in the electronics field as a way in which electric contacts can be plated effectively.
5. Iridium
Iridium is the most extreme member of the platinum group. A whitish metal that has a super-high temperature melting point, it is one of the densest elements available as well as being the best corrosion resistant metal out there. Iridium is processed from platinum ore and as a by-product of nickel mining. South Africa is the largest producer of this precious metal which ranks as the number five most precious of metals in our list. Iridium is known for its contribution to advancements in medicine, electronics and the automobile sector and is also used in products such as pens and watches.
