When you think of precious metals, does only gold come to mind? If so, you should know that there is much more to that than the king of wedding rings.
If you would like to find out what the five top precious metals are, read on.
Platinum is one of the most precious metals in the world. Believe it or not, it’s even more precious and valuable than gold. Platinum is mined in South Africa, and you might have seen it used for engagement and wedding rings.
But did you know that, actually, the main use of platinum was to produce catalytic converters for diesel vehicles? And despite the recent Volkswagen emissions scandal, which caused the price of platinum to drop, the metal remains very popular and still more valued than gold.
We couldn’t write a list of precious metals without mentioning gold. This is, in fact, the most well-known and used precious metal in the world. Gold mines are located in several parts of the globe, including South Africa, China, Russia, and Australia.
Gold is used for a variety of purposes, but in particular for jewelry. Electronics, and aerospace, though, are two other industries that use gold in large measure. If you would like to learn more about gold, you should take a look at American Precious Metals.
Another one of the top precious metals is rhodium. This is not as popular as gold or platinum, but it’s still incredibly valuable. Like platinum, rhodium is widely used for catalytic converters, but it is gaining momentum in the jewelry industry, too.
Out of a total of around 3,000 tonnes of precious metals mined every year worldwide, only 30 tonnes is rhodium. This makes it clear how rare this metal is, and why its price remains very high.
Did you think that 30 out of 3,000 tonnes was a tiny amount? Well, then you should know that miners worldwide dig up a mere THREE tonnes of iridium each year. Yes, this is another phenomenally rare metal, traded at very high prices.
Mostly mined in Russia and South Africa, iridium is used for catalytic converters as well as an alloy of other metals.
Another hero of catalytic converters is palladium. Just like we’ve seen with most other precious metals, Palladium mines are located in Russia and South Africa, with some in Canada and the United States.
Like platinum and gold, palladium is also very popular in the jewelry sector. Jewelers worldwide use this metal to create the so-called “white gold”, a much-loved metal for brides-to-be, who are increasingly choosing it over yellow gold for their engagement and wedding rings.
Precious Metals: A Wonderful World to Explore
When it comes to precious metals, there is much more to discover than gold. Platinum, rhodium, iridium, and ruthenium, for example, are just some of the most valuable metals in the world.
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