Fun Facts about Rhodium
Having a higher melting point than other precious metals makes Rhodium one of the toughest precious metals.
The silvery-white metal doesn’t react to water or air, is highly reflective, has low density, and is considered the most valuable precious metal, given the element of rarity.
Here’s a primer of fun facts about Rhodium.
History
An English chemist, William H, was consulted by a French chemist Hippolyte-Victor Collet-Descotils in 1803.
He believed that the red color of platinum salts is a result of an unidentified metal presence in ores.
William then conducted an experiment to remove palladium and platinum from an ore and discovered a new dark red element known as Rhodium today. He named the element ‘Rhodon’, which is Greek for red rose.
Unique Properties
- The lustrous metal is the 45th element on a periodic table and is one of the six platinum group metals. Others include iridium, osmium, palladium, and platinum.
- Rhodium is resistant to corrosion and has a chrome-like appearance.
- Since the 1970s, the industrial demand for Rhodium has increased drastically because of its stable electricity resistance and ability to reduce harmful automobile exhaust emissions, other poisonous gases, and pollutants. Since then, it’s been used in commercial catalytic converters and electrical connections.
- With only .0002 per million part of the earth’s crust and the difficult extraction process from ores, the shiny white metal is one of the rarest elements.
- While making jewelry, Rhodium is used in electroplating, flashing, and coating other precious metals such as platinum, silver, and gold to prevent tarnishing.
Future
Research shows that Rhodium is also a useful catalyst for preserving solar energy and is an important component in heart pacemaker’s manufacturing, among its various other uses.
Recent developments have revealed price surge trends that ensure investing in Rhodium as a precious metal, with the right strategy, will continue to yield high payouts.
At the start of 2020, Rhodium was priced at $12900, whereas the price rose to an astounding $17000 by the end of the year.
The lustrous metal’s scarcity, coupled with the rising demand, has made investors jump into the precious metals market, igniting a renewed interest in Rhodium. Understanding how to invest in Rhodium to make money is important.
Hiring renowned IRA companies and trusted, experienced custodians is also equally important, given the metal’s volatility.
If you plan to invest in Rhodium to diversify your investment portfolio and get a precious metals IRA account, Orion Metal Exchange offers a perfect solution for your financial goals.
Additionally, you can also buy silver and gold bullion bars and coins. Contact us to know more or get private vault storage to keep all your investments secured.
