In this article, we will take a look at the Top 10 Most Precious Metals in the World. You can also check out 20 Countries That Produce the Most Gold in the World for our discussion on mining giants operating in the Australian region.
The global precious metals market has been undergoing significant changes in the past few years. The market for precious metals globally was valued at $275.4 billion in 2021. It is forecasted to grow at a compound annual growth rate (CAGR) of 5.6% during the 2023–2030 projected period. The market is expected to reach a valuation of $449.72 billion by 2030, up from its 2022 value of $290.82 billion.
The biggest share in the global precious metals market is held by the Asia Pacific market. It contributes 59% of the total precious metals market revenue, as reported by Insider Monkey. These huge levels of revenue come from the growing domestic manufacturing sectors in countries like China.
Precious metals, including gold, silver, platinum, palladium, and rhodium, had a total worldwide market volume of nearly 45,000 metric tons in 2023. It is forecast that the global market volume of precious metals will amount to more than 65,000 metric tons in 2032. The global market for precious metals which includes gold, silver, platinum, and others, is extremely dynamic and complex, influenced by a variety of factors. These metals hold significant value in various sectors, ranging from jewelry and industry to finance, often acting as a barometer for economic health.
Due to geopolitical tensions, inflationary pressures, increasing economic uncertainty, and a weakening U.S. dollar, The World Bank’s precious metals index increased by 9 percent in Q1, 2023. Strong industrial demand also played a significant role in increasing the price of silver and platinum. Silver prices increased 6 percent in 2023Q1, reflecting sharp increases in its usage for photovoltaics (12 percent), consumer electronics (7 percent), and silverware (25 percent). On the other hand, Platinum, even though very volatile, so far this year had its average price remain broadly unchanged in Q1 of 2023. Weakening global economic growth and market expectations of fewer interest rates hikes may lead to further prices rising. Some of the companies capitalizing on these price increases are discussed below.
Coeur Mining (NYSE:CDE)
Coeur Mining (NYSE: CDE) has a diverse portfolio of mines across Mexico and North America, the company produces not only gold and silver but also by-products like zinc and lead.
In 2023, the company’s Rochester facility in Nevada reached record production levels, yielding approximately 10.3 million ounces of silver and 317,671 ounces of gold, as given in Insider Monkey. These gains were achieved through the implementation of a new Stage 6 leach pad and a Merrill-Crowe process plant and marked significant improvements both quarterly and annually. Coeur Mining (NYSE: CDE) is on track to complete its new three-stage crushing circuit by mid-2024, a development expected to significantly enhance throughput levels.
Hecla Mining (NYSE:HL)
Hecla Mining (NYSE: HL), established in 1891 in Idaho’s Coeur d’Alene mining region, is a prominent silver producer with operations spanning the U.S., Canada, and Mexico. The company’s notable assets include the Greens Creek mine in Alaska.
In the fourth quarter of 2023, Hecla Mining achieved its second-highest production figures ever, delivering 14.3 million ounces of silver. Additionally, the company reported 238 million ounces of silver reserves and total sales of $720.2 million, according to Insider Monkey.
Gold Resource Corporation (NYSE:GORO)
Gold Resource Corp. (NYSE: GORO) is a gold and silver producer, developer, and explorer with operations in Mexico and the U.S. The company owns several assets in Oaxaca, Mexico, including the Arista underground mine, the Aguila mill, and the Mirador underground mine.
In its year-end report for 2023, Gold Resource Corp. (NYSE: GORO) announced that produced and sold 18,534 ounces of gold, 1,036,229 ounces of silver, 10,954 tons of zinc, 904 tons of copper, and 3,681 tons of lead, according to Yahoo Finance
Also see: 11 Best Precious Metals Stocks to Buy and 10 Best Gold Mining Stocks to Buy Now.
A towering metal stack of ferrous and nonferrous metals, highlighting the scale of metal recycling.
Methodology
For the purpose of this ranking, we reviewed multiple sources like Mining Technology, Bullion by Post, 911 Metallurgist, and Mining Digital, to name a few, that had listed precious metals. Based on these lists, we gathered metals on the frequency of their occurrence in every list to get a comprehensive understanding of the precious metals’ market. For the precious metals that exist across the globe, we gathered latest prices from Daily Metal Price. The prices used for ranking are based on USD per kilogram, and are as of 3rd of June, 2024. Through this approach, we arranged them in ascending order and picked the top 10 with highest values. The list starts with the metal that had the lowest price per kilogram among all ten metals.
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10. Indium
Price per kg: $424.36
Indium takes its name from the color indigo that it shows in a spectroscope. As the softest metal in existence, it is used in the semiconductor industry for products like alloys, solders, and soft-metal high vacuum seals. According to Daily Metal Price, as of June 03, 2024, this metal has been trading at $0.42 per gram with its largest producers being China, South Korea, and Japan.
9. Silver
Price per kg: $983.8
One of the most well-known metals, silver, has long been considered a precious metal with a variety of uses. Silver has the best electrical and thermal conductivity, as well as the lowest contact resistance of all metals, and has been experiencing increased demand from industries in recent years. One of the most common historical uses of this element has been jewelry making because of its lower cost as compared to gold. Despite its vast uses, it is priced at $0.98 per gram, as of writing this article, as quoted by Daily Metal Price. The biggest producers of silver are Peru, China, Mexico, and Chile.
8. Osmium
Price per kg: $1,410.08
Due to its volatility and toxicity, Osmium is very rarely used on its own in its pure form. The alloys that osmium is a part of are usually found in the tips of fountain pens and ballpoint pens, record player needles, instrument pivots, compass needles, and electrical contacts. It is the densest naturally occurring element with a weight of 22.59 grams per cubic centimeter. Its rarity can be understood from its abundance in the Earth’s crust which is just 0.0018 parts per million, according to Metalary.
7. Rhenium
Price per kg: $2,019.2
Mined in the USA, Chile, Canada, and Russia, Rhenium is one of the rarest metals present in the earth’s crust. It is used in electronic casings and often comes as a by-product of copper mining. Rhenium is also commonly used for alloy making for oven filaments and X-ray machines. The high cost of Rhenium comes from its rarity, complex extraction processes, and demand from the aircraft industry.
6. Ruthenium
Price per kg: $13,664.07
Ruthenium is often called Platinum’s cousin due to its similarity in properties with the metal. Because of its ability to accept outside elements, like platinum, it is commonly used in alloys. This metal can be added as an alloy to platinum and palladium in order to increase hardness and resistance. Ruthenium has become quite popular in the electronics field, to effectively plate electric contacts. With its rarity and uses, it is priced at $13.66 per gram, as given by Daily Metal Price.
5. Palladium
Price per kg: $29,080.35
This grayish-white, precious metal is valued because of its rarity, malleability, stability under hot conditions, and ability to absorb a considerable amount of hydrogen at room temperature. The most common application for palladium is in catalytic converters, which are used to reduce the noxious emissions of up to 90% of all automobile exhaust gases. Palladium is valued at $29.08 per gram, according to Daily Metal Price. According to Mining.com, nearly 40% of the global production of palladium comes out of Russia while other palladium mines are scattered across Canada and South Africa.