Rare metal’s value growth rate even exceeds bitcoin in 2021

Published:

2 abr 2021 17:13 GMT

Iridium has risen 131% in value since the beginning of January, outpacing bitcoin’s 85% gain.

Iridium, one of the rarest precious metals, mined as a by-product of platinum and palladium, has surpassed bitcoin in value growth rate in 2021, informa Bloomberg.

The metal has risen a 131% its value since the beginning of January, exceeding to bitcoin, which has gained 85%. According to Heraeus Group, the value of iridium has rebounded following supply disruptions in the last year and increasing demand for its use in electronic displays.

Likewise, iridium, which is also used in spark plugs, has risen to $ 6,000 per ounceAccording to data from the Johnson Matthey Plc company, this metal has a value more than three times higher than that of gold.

Buying iridium is quite difficult because the metal is not traded on the stock exchange or through exchange-traded funds. Investors should contact manufacturers directly and buy bullion iridium or buy it at a higher price.

They predict that a bitcoin will be equivalent to a Lamborghini by the end of 2021 and a Bugatti in 2023

According to Bloomberg, part of the appeal of iridium comes from limited investment in platinum production, which is used largely in autocatalysts to curb emissions. Additionally, investors note that it will be used to produce hydrogen, which is gaining popularity as a clean energy source to replace fossil fuels in vehicles.

Iridium price growth too helped drive up the prices of other platinum group metals. Last week, palladium was about 9% below its all-time high, rhodium hit a record $ 29,800 per ounce and ruthenium rallied to its nearly 13-year high.

South Africa produces 80% – 85% of the world’s iridium, according to Reuters. About 250,000 ounces of this metal are produced each year, compared to about 10 million ounces of palladium and 8 million ounces of platinum. Because the market is small, miners do not change production in response to demand or prices.

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