Everyone knows about gold and silver as far as precious metals that cost a pretty penny to acquire but did you ever want to find out about some other precious metals you can acquire? In fact, some of these metals are even more valuable than the most well-known duo. So if you are in search of some precious metals, pump the breaks on buying up the gold and silver variety, and join us for this list of the 10 most expensive precious metals in the world.
Most Expensive Priceless Metals In The World
This list is a compilation of sources including Gold Investments and 911 Metallurgist.
1. Indium
Identified by the In symbol, Indium is assigned the atomic number 49, a silvery-white soft chemical element. In fact, it is the second softest metal on Earth (known to humans), only second to Alkali, and it accounts for 0.21 parts per million of the earth’s crust. Its melting point is higher than gallium and sodium, but not quite as high as tin and lithium. Titled for the indigo blue line noted in its spectrum, this precious metal was discovered using Spectroscopic methods by Hieronymous Theodor Ritcher and Ferdinand Reich in 1863.
The most common application of indium is in the semiconductor industry, to compose goods like solders, alloys, and soft-metal vacuum seals. While the cost largely depends on the quality and purity of the metal. Indium typically costs between $1 to $5 per gram.
2. Scandium
The world’s most expensive precious metal is scandium, identified on the periodic table as Sc or atomic number 21. Research conducted in 1879 in Scandanevia uncovered the existence of this special chemical element through spectral analysis of gadolinite and euxenite. Swedish scientist Lars Nilsson was credited for the discovery, so he got to make up its name, assigning the moniker of Scandium in honor of his home country.
This silvery-white, rare metal can be found in most the uranium and rare-earth deposits, though only a few mines around the world extract it from its ores. Those looking to purchase just one gram of Sandium will need to put forward $44 for the acquisition.
3. Silver
Silver, with its Ag chemical symbol, is one of the world’s most common precious metals, with an atomic number of 47. Of all of the metals man is aware of, silver is easily the best conductor of heat, electricity, and reflectivity. Being found in precious metals like argentine and chlorargyrite, silver is found in the earth’s crust in its purest form as a gold-paired alloy.
However, the world production of silver is actually the refining of silver, lead, and zinc. Silver has been used for the generation of everything from coins to jewelry and everything in between. It can be used to generate solar panels, jewelry, and water filtration systems. Looking to buy silver by the gram make sure you have $0.48 lying around.
4. Rhenium
Of all the stable elements, rhenium (chemical symbol Re and atomic number 75) has the second-highest boiling point and the third-highest melting point of any metal in the earth’s crust. It is also one of the rarest to be found there. Named after Europe’s Rhine river upon its discovery in 1908, it was the penultimate stable element to be found and added to the periodic table before hafnium. It is used primarily in nickel-based superalloys in nozzle jet engines’ exhaust nozzles, combustion chambers, and turbine blades. The rarity of this metal makes it quite expensive as well, with the asking price of $1,290 per troy ounce.
5. Osmium
Osmium is a platinum group member the traces of which can be found in various alloys and platinum ores. The blue-white transition metal is the densest known metal known to man and is commonly used in the composition of electrical contacts and fountain-pen nib tipping. It has a very high asking price due to being one of the planet’s rarest metals, with one troy ounce costing around $400 at present time. While the asking price can fluctuate somewhat with market effects, the price has kept relatively steady for osmium since the 1990s.
6. Iridium
Earth’s second densest metal is Iridium, a silvery-white transition that also happens to be the most corrosion resistant and abundantly found metal in the planet’s crust. It is also a common finding in the composition of meteorites. Because its salts’ coloring resembles the array of rainbow colors, its founder, Smithon Tennant, named it after Iris, the Greek goddess. Iridium is largely exported from South Africa, and it is used all across the automotive industry, as well as in compasses and watches. Its current price per ounce is $520.
7. Ruthenium
The next metal on our precious metal list is Ruthenium (Ru). It has an atomic number of 44 and belongs to the platinum metal group. Discovered at the Kazan State University by Russian-born scientist Karl Ernst Claus in 1844, the metal was named after Russia, or its Latin name, Ruthenia. Generally, Ruthenium is found in North and South American mountains along with ores of other platinum metals. Its main utilization is in electronic equipment and devices. If you wish to pick up some Ruthenium, get ready to shell out $260 for an ounce of this precious metal.
8. Gold
The third more expensive and arguably the most popular precious metal is gold. It is not only the most popular metal in the world, but it is also the precious metal against which most of the world’s currencies are measured. You may be aware of its treasured renown, but what you may not know is that it is often found in its free elemental form, in the form of alluvial deposits, grains in rocks, nuggets, or veins. Its purest version’s appearance is soft, dense, ductile, malleable, and carrying a very bright yellow tint.
But though gold is popular, one could rightly question how come it costs $53.95 per gram (by current standings). That is because while gold has been used heavily throughout history in jewelry, arts, and currency (in the form of coins), the metal itself is pretty rare. Many find that surprising seeing how prominent it is, but the largest volume of gold comes from China, which estimates roughly 440 tons of annual gold production.
9. Palladium
Palladium (Pd) with the number 46 on the atomic table is the second most expensive precious metal in existence. The origins of its name are rooted in its 1803 discovery by William Hyde Wollaston, an English chemist who named the element after the asteroid Pallas. Palladium shares many chemical properties with Ruthenium, Rhodium, Platinum, Iridium, and Osmium, but of all of those precious metals, it is the least dense and has the lowest melting point.
The most common use for palladium gases is in Catalytic Converters, which are mechanisms responsible for converting as many as 90% of harmful automobile exhaust gases into less noxious substances. But that is not its only purpose. Palladium can be found in various medical devices, dental tools, groundwater treatment mechanisms, electronics, hydrogen purification entities, and a lot of the world’s highest-quality jewelry items. If you want to get your hands on some Palladium deposits, you will need to be loaded. Just one gram of this precious metal will cost you a whopping $72.13.
10. Rhodium
Finally, the most expensive precious metal on Earth is certainly Rhodium. It is an inert transition metal that is silver-white in color, hard, and highly resistant to corrosion. A member of the noble metals, Rhodium was also discovered by William Hyde Woollaston the same year he identified Palladium. Its name is attributed to its chlorine compound triggered rose color. Rhodium is found in nickel and platinum ores, along with other precious metals in the platinum family.
Its application is similar to that of Palladium, as nearly 80% of it is used in three-way catalyst converters in automobiles. As of 2020, the price of Rhodium cost an outrageous $260.42 per gram, leaving no doubt about its status as the world’s most expensive precious metal.
Most Expensive Priceless Metals In The World: Conclusion
As we put this list together, our research taught us about several metals we knew nothing about and some we didn’t realize were even a thing. We hope it was just as educational for you. It was therefore even more surprising to find out that all of these metals were quite heavily used in many of the world’s very common products and things that we use on a daily basis, without ever realizing they are composed, at least in part, of precious metals. So why are people still so hung up on gold and silver.
Well, there is the beauty, the history, and all that, but the cost of something like Rhodium for $260.42 per gram, is enough to send anyone reeling from that price tag.
Now that you know more about the most expensive precious metals in the world, will you go out looking for jewelry and decor with anything other than gold and silver?
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Frequently Asked Questions:
What’s the most expensive metal?
The most expensive metal is currently rhodium, part of the platinum group of metals. As of February 2023, the price of rhodium is around $23,000 per troy ounce. This high value is due to its rarity and various industrial applications, particularly in the automotive industry.
What is the most expensive precious metal?
The most expensive precious metal is platinum, trading at around $1,000 USD per troy ounce as of February 2023. This high value is due to its rarity and numerous industrial applications, particularly in the automobile and jewelry industries. Platinum is also often used as a store of value and as an investment asset.
Hello, my name is Idammah, and I am the founder of Wolfionaire.com, a personal development, and finance blog focused on motivation, success, and wealth. I am obsessed with studying the world's wealthiest individuals and learning about their path to success. I believe anyone can achieve their financial goals with the right mindset and strategies, and I hope to inspire and empower my readers to pursue their own path to success.
