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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.
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.
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.
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.
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.
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.
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.
Rhodium can be purchased from various sources, including:
The trade of Rhodium is subject to legal regulations, and these vary by country. Some important considerations include:
As of 2023, the primary importers and exporters of Rhodium are as follows:
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.