The most rare and expensive metal on earth is rhodium. This precious metal is extremely rare and can be best described as a silver-white, hard, corrosion-resistant inert transition metal. It belongs to the platinum group metals (PGMs) and has the chemical symbol Rh and the atomic number 45.
Rhodium is mainly used in catalytic converters, which are devices that reduce harmful emissions from vehicle exhausts. It is also used in some jewelry, electrical contacts, and industrial equipment. Rhodium is highly valued for its high melting point, durability, and resistance to oxidation and corrosion.
Rhodium is very scarce and difficult to extract. It is usually obtained as a by-product of mining and refining platinum or palladium. The price of rhodium fluctuates depending on the supply and demand factors. In 2020, rhodium reached a record high of over $13,000 per troy ounce, making it more than 10 times more expensive than gold. But rhodium prices can also drop sharply due to economic downturns or technological changes.
Rhodium is mostly mined in South Africa, which accounts for about 80% of the global supply. Other major producers are Russia, Canada, and Zimbabwe. Rhodium is traded on the London Platinum and Palladium Market (LPPM) and the New York Mercantile Exchange (NYMEX).
