What is the current price of Rhodium per ounce? Are you a metal expert, or an investor searching to know the latest price value of the unique Rhodium metal? Then this is your best guide!
In this article, we will explore all about the Rhodium metal, its history, value, and yes, answer the question on what is the current price of Rhodium per ounce.
What is Rhodium?
Rhodium is a metal that is used in the production of jewelry. Rhodium is a precious metal in the platinum group, which likens it to platinum and palladium.
As an alloy, it can be found in platinum or nickel ore. Rhodium plating, especially on sterling silver, is popular because of its silvery appearance.
Rhodium is very unique as it is one of the metals used to produce catalytic converters which is a machine that eliminates dangerous gases the vehicle.
Rhodium is a rare and silvery-white metal belonging to the platinum group elements (PGEs). It is named after the Greek word “rhodon,” which means rose, due to the pinkish hue it sometimes displays. Rhodium is known for its remarkable properties, making it highly desirable in various industries.
Natural Sources of Rhodium
Rhodium is primarily found in association with platinum and palladium in ore deposits. The world’s largest reserves of Rhodium are found in South Africa’s Bushveld Complex, which accounts for approximately 80% of the global Rhodium production. Other significant sources of Rhodium include Russia, Canada, and the United States.
What is the current Rhodium price per ounce?
- Rhodium price per ounce is currently $18,600.
- Rhodium price per gram is currently $588.36.
- Rhodium price per kilogram is currently $588,358.66.
Visual Description of an Ounce
An ounce is a unit of weight commonly used for precious metals like Rhodium. It is equivalent to approximately 28.35 grams. To put it in perspective, an ounce is roughly the weight of a small slice of bread or the weight of three US quarters. In terms of volume, an ounce would fill about one and a half shot glasses.
Who Decides the Price of Rhodium?
The automotive industry and the law of supply and demand both have an impact on rhodium’s price.
Due to its scarcity, rhodium is one of the most in-demand metals today. Due to mining strikes in South Africa, rhodium distribution has been difficult, especially in recent years.
Rhodium prices are also affected by recycling. The gap between supply and demand has been eliminated because rhodium is now recycled from catalytic converters.
Rhodium prices dropped as recycled supply increased earlier this decade. Since their lows in 2016, they have risen sharply and are expected to continue to do so.
Rhodium prices are also heavily influenced by the automobile industry. Demand for rhodium in this industry is higher than in any other, owing to its importance as the world’s largest consumer.
Rhodium prices are surging to yet another record high due to a widening supply/demand gap following the start of recycling.
How can you compare Rhodium to Gold in price?
Because of its rarity, Rhodium has recently traded at a price three times greater than that of gold. Because rhodium is so scarce, its distribution is only about one-tenth of that of gold’s supply. For this reason, rhodium is so much more expensive than gold: there are many more gold mines in the world.
For practical uses like the automotive industry, rhodium is preferred; on the other hand, gold is more commonly used as a decorative metal or alloy. Rhodium is more expensive, but because gold is softer and less long-lasting than rhodium, it can be found for less money.
You may be surprised to learn that the price of rhodium is more than 200 times higher than the price of silver bullion. Because of the disparity in price, these items can’t be compared.
What is the current price of Rhodium per ounce: Is It a Good Investment Opportunity?
Investing in rhodium can be difficult. Despite the fact that rhodium’s demand far outstrips supply, it still has a niche market that makes selling difficult. A rise in rhodium prices to more than $10,000 an ounce may be appealing, but you should be aware that this is not a sure thing, and the market is not stable either.
Rhodium, like other precious metals, can be turned into Bullion bars, making it easier for investors to hold. London-based Baird & Company produces rhodium bars that are 99.99% pure.
What are the benefits of Rhodium metal?
- Catalytic converters are the most common application for this metal. Nearly two-thirds of the 30 tons consumed in 2012 were destined for this purpose. Nitrogen oxides in exhaust gases are reduced as a result.
- In addition, these are some of the other uses;
In the glass sector. For flat-panel glass and fiberglass, this is the metal’s second most common use.
Rhodium flashing occurs when platinum or white gold is electroplated with rhodium to create a reflective surface, which eventually wears off. It can also be used to protect sterling silver from tarnishing by coating it. If you’re looking for something truly exceptional, you may want to look no further than a platinum award.
- A catalyst used in the production of industrial goods. Chemical reactions like acetic acid, nitric acid, and hydrogenation have also been performed this way.
- An additive. Palladium and platinum are just a few of the metals it’s used with. These alloys are tough and corrosion-resistant thanks to their properties.
- Electrodes in aircraft spark plugs, thermocouple elements, furnace windings, and laboratory crucibles all contain these alloys.
- Contact with electricity. As a result of its corrosion resistance, low electrical resistance, and stable contact resistance, the metal is ideal for this application.
- Rhodium plating. It’s incredibly difficult in this form. Optical instruments make use of it.
- Computerized tomosynthesis The X-rays it emits make it an ideal filter for mammography machines.
- Nuclear detectors. The three Palo Verde nuclear reactors each have 305 rhodium neutron detectors.
Where to Buy Rhodium
Rhodium can be purchased from various sources, including:
- Bullion Dealers: Many precious metal dealers offer Rhodium bars and coins for investment purposes. Ensure the dealer is reputable and sells products with a proper certification of authenticity.
- Online Marketplaces: Online platforms like eBay, Amazon, and specialized precious metal websites provide opportunities to buy Rhodium. Be cautious and research sellers’ reputations before making a purchase.
- Jewelers: If you are interested in Rhodium for jewelry making or personal use, consult local jewelers who may carry Rhodium-plated items.
- Precious Metal Exchanges: Some stock exchanges offer Rhodium futures contracts, allowing you to speculate on its price movements without physically owning the metal.
Laws Governing Rhodium Trading
The trade of Rhodium is subject to legal regulations, and these vary by country. Some important considerations include:
- Import and Export Restrictions: Some countries may impose restrictions on the import and export of Rhodium to prevent illegal trade or to protect domestic reserves. Ensure you are aware of these restrictions when buying or selling Rhodium internationally.
- Taxation: Depending on your location, you may be subject to taxation on Rhodium purchases or sales. Research the tax laws applicable to precious metals in your jurisdiction.
- Certification: Authenticity is critical when buying Rhodium. Look for products with proper certification, and consider storing your Rhodium in secure and insured facilities.
Top Rhodium Importers and Exporters
As of 2023, the primary importers and exporters of Rhodium are as follows:
Top Rhodium Exporters:
- South Africa: South Africa is the largest exporter of Rhodium globally, thanks to its extensive reserves and mining operations in the Bushveld Complex.
- Russia: Russia is another significant exporter of Rhodium, with extensive PGE mining activities in the Siberian region.
- Canada: Canada is known for its production of Rhodium as a byproduct of nickel and copper mining.
Top Rhodium Importers:
- United States: The United States is a major importer of Rhodium, where it is used in various industrial applications, especially in the automotive sector.
- Germany: Germany imports Rhodium for its automotive and chemical industries, as well as for use in high-end jewelry production.
- China: China’s growing automotive industry and increasing demand for jewelry have made it a substantial Rhodium importer.
Final words on the current price of Rhodium per ounce
Rhodium is a very fantastic metal to entrepreneurs and industrially minded companies. Its usage is vast and its uniqueness is second to none. It’s main usage is in producing catalytic converters, q mechanical device that works to reduce dangerous gaseous emissions in vehicles. Now you have known the current rhodium price per ounce from this guide.