Many people assume that gold is the most precious metal in the world. Nevertheless, they would actually be wrong. The most valuable rare-earth element is in fact Rhodium. Rhodium is used in auto catalytic converters, that convert carbon monoxide, nitrogen oxides and also hydrocarbons into co2, water and nitrogen.
Rhodium was $2,379 per ounce in 2011, with the second most metal, platinum, being priced at $1,678 each oz.
Gold is the third most precious metal and was valued at $1,500 each oz in 2011. Gold has lots of commercial usages. Iridium is number 4, valued at $1,000 per oz in 2011, and utilized in pens and also compasses. Palladium is the 5th most precious metal, trading at $750 each ounce in 2011. Palladium is utilized in the engineering, oral and also clinical fields, along with being a component in catalytic converters.
The 6th most precious metal is Osmium, valued at $400 each oz in 2011. Osmium is utilized to harden platinum for filaments as well as electrical contacts. The 7th metal is Ruthenium, at $180 each ounce in 2011. Ruthenium is likewise a hardening alloy for titanium.
Number 8 on the metal hit parade is Rhenium, worth $118 each ounce in 2011. As a result of its incredibly high melting point, Rhenium is used in high-temperature turbine engines. Silver follows at number 9 position, valued at $41 per ounce in 2011. Dental care, medicine and electronics all make use of silver. The explosion of cellular phones has produced a massive demand for silver.
Rounding out the top ten is Indium, offered in kgs as well as valued at around $700 per kg in 2011. A flexible metal, Indium is used in many digital products such as cellular phones, flat panel screens, as well as laptops.
One anomaly in the value of metals is that of light weight aluminum. Aluminum is the third most bountiful metal in the planet's crust, however it was originally incredibly tough to extract from its non-metallic ores. In 1884, the pyramidal capstone of the Washington Monument was cast of one hundred ozs of pure aluminum, which was as pricey as silver. As mining and heating methods developed, the price of aluminum dropped significantly.
The continuous advancement of mining approaches has led to improved accessibility to greater reserves of valuable minerals, several of which are used in industrial as well as business processes. The growth of the computer industry was made possible by the usage of newly discovered metals which are specifically ideal for electronics.
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