According to Bloomberg, iridium, one of the rarest precious metals, has surged 131% since the beginning
According to Bloomberg, iridium, one of the rarest precious metals, has surged 131% since the beginning of the year, far beating Bitcoin’s 85% gain.
Mined as a byproduct of platinum and palladium, the metal is trading at $6000 an ounce. At the beginning of the year, its price was slightly below $2600.
It has rallied on supply disruptions in the past year and rising demand for use in electronic screens and spark plugs.
The task of acquiring iridium appears to be a daunting one. It is not traded on a bourse, retail buyers are limited to ingots from a handful of dealers and the few major investors dealing in it go straight to producers of the rare metal.
The magazine explains the sharp rise in the price of iridium by the limited investment in production of platinum. The active development of the electric vehicle market has weakened the prospects for the production of catalysts for vehicles with internal combustion engines, which use this precious metal.