What are the Costliest Metals (& Where to Find Them)?

“Precious metals” are desirable, rare elements with high value. These metals are typically characterized by their resistance to corrosion, high density, and rarity in the Earth’s crust, which contribute to their significant worth. Beyond their monetary and ornamental value, precious metals often have unique chemical and physical properties that make them indispensable in industrial applications, including electronics, medicine, and clean energy technologies.

Acquisitions allow investors to procure tangible assets to diversify their investment portfolios. The most traded precious metal investments include gold, silver and platinum. Several metals are part of the platinum group members (PGM’s), such as osmium and ruthenium, as well as those of even greater value – iridium, palladium and rhodium. Among these, some stand out as contenders for the title of the most expensive metal in the world.

What is the most expensive metal in the world?

As of March 2023, these are the five most expensive metals in the world:

1. Rhodium (Rh) – $270/gram
2. Ruthenium (Ru) – $260/gram
3. Iridium (Ir) – $520/gram
4. Gold (Au) – $51/gram
5. Palladium (Pd) – $46/gram

Overview of the most expensive metals in the world

Rhodium is a silver/white metal PFM that’s extremely hard, resistant to corrosion and has a melting point of 1,964°C. It’s used in automotive catalytic converters, jewelry and plating. It is highly reflective, which makes it a popular choice for decorative purposes, such as plating on jewelry and mirrors to enhance their shine and durability. Businesses mine approximately 30 metric tons of rhodium in South Africa and Russia every year.

Ruthenium is a silver/white metal and part of the platinum group metals (PGMs). Known for its hardness and ability to resist corrosion, ruthenium is often used to harden platinum and palladium alloys, extending their durability for industrial applications. Ruthenium is also being studied for its potential in renewable energy technologies, such as hydrogen production and storage. This metal has a high melting point of 2,334°C, making it suitable for high-temperature environments. Global mining of ruthenium is limited, with most of the supply coming as a byproduct of platinum and nickel extraction in South Africa and Russia. Only about 20 metric tons are produced annually worldwide.

Iridium is another PGM with a silver/white appearance. It is the second most dense material next to osmium and extremely rare ─ more iridium is found in meteorites than in the earth’s crust. Its exceptional hardness and resistance to corrosion, even at high temperatures and in harsh chemical environments, make it invaluable for a range of industries. We use it in electronics and medical equipment and to produce green hydrogen power, where it serves as a component in electrolyzers that split water into hydrogen and oxygen. Iridium is also used in spark plugs, crucibles, and scientific instruments. The melting point of this metal is 2,226°C. South Africa mines most of the metal; 16,100 pounds were mined in 2019.

Gold is the most popular commodity among precious metal investors, especially when stock markets and currency markets post losses. Most gold is yellow in appearance, but there are variant colours, including black, ruby and purple. It is highly desirable in jewelry and an investment. Gold is soft, malleable and has a lower melting point at 1,064°C. We mine approximately 2,500 tons annually in South Africa, the Western United States, Canada and Russia. Interesting fact – seawater also includes trace elements of gold.

Palladium is another silver/white PGM with the lowest density and melting temperature (1,554.9°C) within the platinum family. It’s ductile, malleable, and used in jewelry, electronics, dentistry – and, like many in the platinum family, auto exhaust. Palladium is also being explored for its potential in hydrogen fuel cell technology. We mine approximately 210,000 kilograms every year in South Africa, Russia, Canada, the United States and Zimbabwe.

Metal cost constantly fluctuating

Like most commodities, supply and demand greatly influence the value of precious metals. However, the unique applications of some of these materials can impact their price. These factors include:

• Inventory
• Production
• Consumption
• World economic growth

Looking towards platinum family metals offers a real-world case study; we typically use these metals for diesel catalytic converters. Following the 2015 recall of over 500,000 vehicles, Volkswagen phased out diesel engines, which negatively impacted the demand for these types of metals.

As the world switches to more electric cars, the demand for some PGMs may decrease, while others may increase as green hydrogen applications hit the mainstream. For instance, iridium and ruthenium are gaining attention due to their roles in electrolyzers and hydrogen fuel cells, which produce and store green energy. The evolution of global industries and environmental priorities will continue to reshape the market for precious metals.