Rhodium foil and provocate: Wikipedia
The prices for the most rare precious metal in the world — rhodium — 2020 since the beginning of the year soared by 32 per cent and peaked in 2008. On Friday, January 10, the value of an ounce of metal to a record of $ 7975. About it writes Bloomberg.
In recent years, prices for rhodium grew amid demand from the automotive industry (precious metals used in catalytic converters of exhaust). So, in four years the price of metal has increased in 12 times. “The main driver of price growth in the beginning of January there was a demand for rhodium in Asia that can also be related to the automotive industry. The demand entails more demand, resulting in the unregulated market, the effect could be significant,” said a trader Heraeus Holding Andreas Daniel.
In the beginning of 2020, the price of rhodium has also received a new impetus, the Agency said. They became troubled situation in the middle East. In early January, the us military launched a missile strike on the territory near the airport of Baghdad, killing one of the most influential Iranian statesmen — General Qasem Soleimani. In response, Iran launched missiles at US military bases. On the background of these events, investors have turned to precious metals in search of a safe haven for their capital.
Analysts do not exclude that the price of rhodium will rebound. Due to the rarity of the metal its cost is subject to substantial fluctuations with changes in demand or supply. “Rhodium prone to crazy volatility,” said head of analysis and market development “Norilsk Nickel” Anton Berlin. The company’s share accounts for about 10 percent of the total production of rhodium in the world. However, analysts still do not exclude that in 2020, the cost of the metal will soar to 10 thousand dollars per ounce and will break the record of 2008.
A similar situation exists with other rare precious metal palladium, which is also used in the automotive industry. In January its value reached a historical high and amounted to 2121 dollar per ounce.
Video, photo All from Russia.