Platinum, platinum family metals and even ultra-precious rhodium are now used in a growing number of medical devices. Plus, gold and silver are finding their way into medicines that are used to treat a growing number of diseases – though not yet Covid-19, apparently. (Do note, however, that some claims have been made that colloidal silver medicines can be useful against Covid-19; we are not qualified to judge those claims, but literature we have found online indicates be that such medicines are probably not effective.)

As we write today’s post, platinum is trading on the London Fix for $1,244.00. That’s a nice high price. And what about Rhodium? It’s trading for $24,500.00.

No, that is not a typo . . . rhodium really is trading for the sky-high price of $24,500.00 per Troy Ounce.

What is rhodium? Let’s start today’s post with the basics. It is a white-toned precious metal (atomic symbol Rh) that is also an element. It is one of the platinum group metals.

And Rhodium is rare, obtained in very small quantities as a byproduct of platinum and nickel mining, principally in Canada and Russia. Because it is so rare in nature and so difficult to obtain, it is in great demand from sources that include jewelry and catalysts.

If you invest in precious metals, chances are you would answer that question by saying, “It’s a precious metal that is used as a thin plating on jewelry.” You probably know that rhodium, if plated onto brass, creates the impression of platinum or even white gold.

As we write today’s post, rhodium is trading at $2,620 on the London Fix. And investors are buying 1 oz. rhodium bullion bars for up to $2,900.

But if you shop online, you will discover that rhodium-plated rings, earrings and chains are selling for $20.00 or less. That is not a typo – they really are selling for surprisingly low prices. What is going on? How can that be?

Catalytic converters are probably the biggest source of recyclable platinum today, because so many of them have been manufactured – and so many are piling up in scrapyards and other places where cars are repaired or scrapped. But even though cat convertors might be the biggest source of platinum, are they the best source for speculators who like to collect platinum scrap and send it to us to be refined? Not necessarily.