As Many of you know gold is an expensive precious metals that find its use in many items yet there are four even more expensive precious metals than gold.
Table of Contents
We’ll tell you what is the most valuable precious metal in the world and the five most valuable precious metals on earth.
1. OSMIUM
The most valuable and rarest precious metal in the world is osmium. it belongs to the platinum group of metals and is the rarest non-radioactive metal on earth toxic in its original form it can be processed into a non-toxic crystalline metal after a complex crystallization process and is used both as an unusual store of value and for jewelry.
Osmium represents another record in terms of its density just under 22.6 grams per cubic centimeter it has the highest density of all elements crystalline osmium also looks good.
Its crystal structure and blue silver shine give the precious metals an unmistakable sparkle incidentally the surface structure of each piece of osmium is so unique that even considering the element’s enormous density it is impossible to fake osmium.
Osmium is extremely rare in nature and is closely associated with the production of platinum as it is mined as a byproduct of platinum ore however 10 thousand tons of platinum contain only 30 grams of osmium making the precious metal 1 thousand 500 times rarer and 30 times more expensive than gold only two cubic meter of osmium can be mined worldwide.
Global production of osmium is very low at about one tone per year. Metallic Osmium has only been on the market since 2014 and can also be sold to individuals increasing investment in the rarest precious metal.
In May 2024 the price of a gram of osmium is about $1398,45
2. RHODIUM
Rhodium ranks second among the most valuable and rarest precious metals the silvery white metal which often has a light pink shimmer when combined with other substances belongs to the platinum group.
Rhodium is a valued raw material in industry. the Greek word erodeos means pink or rose it is resistant to corrosion and oxidation and has higher thermal conductivity electrical conductivity and reflectivity than platinum or palladium.
Rhodium is most commonly used for catalytic converters due to its properties but it is also popular as a refining metal in the jewelry industry or for making cutlery. Especially objects made of white gold or silver can be protected from tarnishing by a coating of rhodium.
In 2022 global production of rhodium was approximately 18 tons per year. Rhodium has developed enormously in value in recent years this can be attributed mainly to industrial demand as only a fraction of the scarce precious metal is traded on the stock exchange.
In mid-May 2024, the price of rhodium was about $165.60 per gram.
3. IRIDIUM
The third place is taken by iridium a hard brittle precious metal that has the highest density of all elements after osmium.
It belongs to the platinum group of metals and is considered the most corrosion-resistant metal in the world even aqua regia which dissolves gold and cannot harm iridium because of its hardness and brittleness.
iridium is difficult to work with but it is often used as a component in alloys to achieve a higher degree of hardness in combination with other elements the otherwise silvery white metal shimmers in a wide variety of colors which also explains its name the Greek word iris means rainbow.
Iridium is a byproduct of the mining of platinum and is used primarily in mechanical engineering the automotive industry or medical technology while it still has exotic status as an investment metal.
The price of Iridium in May 2024 was just under $174 per gram.
4. PALLADIUM
In fourth place is palladium which especially in comparison to gold has a short history although the white metal had been known for several years it did not receive attention until 2010 when researchers were awarded the Nobel Prize for the discovery of its outstanding catalytic properties
The silvery white precious metal resembles platinum in many ways and is the lightest and most reactive element in the platinum group palladium’s uses are extremely intensive ranging from catalytic converters in gasoline engines to electrical contacts or jewelry in addition palladium is also attracting interest as an investment metal from investors looking to diversify their portfolios
In 2023 global production of palladium was around 210 tons per year.
The price of palladium was almost $32.76 per gram in mid-May 2024.
5. GOLD
Mistaken by some to be the rarest and most valuable precious metal gold takes fifth place.
Among all elements however gold has the best malleability. The precious metal can expand so much that it can become thinner than a human hair in addition gold has an enormously high corrosion resistance which means that it never loses its shine the density of the shiny yellow precious metal is also remarkable at 19.32 grams per cubic centimeter gold’s large mass with relatively small volume place it among the heavy metals.
In addition, gold has a wide range of uses both in the industrial sector and for precious jewelry or as a stable value form of investment.
By 2023 about 3 thousand 400 tons of gold were mined each year.
In May 2024 the price of gold is over $78 per gram.
Frequently Asked Questions (F&Qs)
1. What is the rarest metal?
The rarest metal is francium.
2. What are the 3 types of gold?
There are three types of gold yellow gold, red gold, and white gold.
3. Which is more costly than gold?
Rhodium is the most costly metal in the world.
4. What metal is 30 times rarer than gold?
Platinum is 30 times rarer than gold due to its strong properties
5. What is the shiniest metal?
Sliver is the shiniest metal in the world.
