Iridium is a precious metal that is not very well known, but it has some unique properties that make it an essential component of the modern world. Iridium was discovered in 1803 by Smithson Tennant, one of the densest metals on Earth, with a density of 22.56 g/cm3. It also has a very high melting point of 2450°C, making it much more heat-resistant than other metals such as gold or silver.
Is Iridium a Precious Metal?
Yes, Iridium is a precious metal. Nine precious metals are iridium, rhenium, ruthenium, rhodium, palladium, osmium, platinum, silver, and gold. Iridium does not have a high commodity price and popularity, such as gold and silver.
Iridium has many applications in industry today, including as components in spark plugs for internal combustion engines, hardening agents for tungsten alloys used in cutting tools and dies, and even as a coating for aircraft turbine blades. Its extreme corrosion resistance makes it ideal for harsh chemical or industrial environments where other metals would quickly fail. Additionally, iridium’s low electrical resistance makes it perfect for use as electrical contacts and in medical implants.
Iridium price increased in 2021 a lot, as we can see in the image below:
In addition to its industrial uses, iridium is also considered a precious metal due to its rarity and relative lack of mining compared to other metals like gold or platinum. There are only about 500 tons of iridium mined yearly, with most found in South Africa and Australia. This scarcity makes iridium more expensive than common metals like iron or aluminum; the price per pound can range from US$800-900 for pure iridium ingots, depending on market conditions.
Demand for Iridium i spresented below:
Because of its unique properties and scarcity among common metals, iridium is highly sought after by collectors worldwide who value its beauty and rarity. The metal takes on minor oxidation over time and can be polished to achieve an incredibly bright shine that rivals any other precious metal available today. Furthermore, because so little iridium is mined each year relative to other precious metals such as gold or silver, coins or jewelry made with iridium are far rarer than those made with more common metals—making them precious collector’s items that hold their value well over time despite fluctuations in global markets.
Overall, while many people may not know much about this mysterious metal today, iridium certainly deserves its spot among the most coveted precious metals on Earth due to its incredible strength and versatility when combined with its rarity amongst collectors around the world—making it truly one of nature’s greatest wonders!
Please read our article “What are Precious Metals.” If you want to know more about how to invest in precious metals, read our extended version article.
If you like bills and coins, you should learn more about Gold and Silver IRAs. You can protect your retirement fund if you invest in IRA precious metals. Investors with gold IRAs can hold physical metals such as bullion or coins. Get a free pdf about Gold IRA.
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If you do not want to own them in physical form precious metals, you can trade gold, silver, and metals as CFD with the minimum commission:
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