This precious metal is used as a catalyst converter in the automobile industry. In other words, it transforms the toxic gases coming out of the engine into less toxic gases.
Let’s learn about this precious metal.
The most expensive metal in the world is a metal called rhodium.
Rhodium is a silver-white metal that is part of the platinum group. As of now, we can say that it is the most valuable metal on the planet. In fact, if your car has a catalytic converter, you have rhodium!
Rhodium, the world’s most precious metal, helps reduce toxic gas emissions and pollutants. For this reason, the global automotive industry consumes approximately 80% of the world’s rhodium.
High demand combined with very limited supply makes rhodium the most expensive metal in the world.
Additionally, South Africa is the leading producer of rhodium, accounting for approximately 80% of global supply. This metal is often found in ores mixed with platinum group metals and requires extensive processing to extract it.
Besides South Africa, other important producers include Russia and Canada. However, the rhodium production of these countries is still quite less compared to South Africa.
In summary, the most precious metal in the world is rhodium, not gold and platinum, contrary to popular belief.
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