It’s one of the rarest metals on the planet… 30 times more rare than gold. It takes anywhere from 7 to 12 million tons of raw ore to produce a single ounce of the metal. In 2009, miners extracted 64 million ounces of gold; stockpiles of this metal grew by just 6 million ounces. And I use the word stockpile figuratively, because unlike other metals there are typically little to no above-ground supplies of this rare and valuable metal. That’s because demand often outpaces supply. In 2008, the world consumed 7.3… Read More
It’s one of the rarest metals on the planet… 30 times more rare than gold. It takes anywhere from 7 to 12 million tons of raw ore to produce a single ounce of the metal. In 2009, miners extracted 64 million ounces of gold; stockpiles of this metal grew by just 6 million ounces. And I use the word stockpile figuratively, because unlike other metals there are typically little to no above-ground supplies of this rare and valuable metal. That’s because demand often outpaces supply. In 2008, the world consumed 7.3 million ounces of the stuff, compared to production of just 7.0 million ounces. We need every ounce available and then some. So why is this metal needed at all when it’s expensive, rare, and hard to mine? Above all, platinum owes its popularity to chemistry. You’ve probably heard of catalytic converters. Internal combustion engines would spew tons of noxious pollutants without these miraculous devices, which convert hydrocarbon exhaust into carbon dioxide and water vapor. Well, platinum group metals (PGMs) are the catalyzing agent — and try as they might, automakers have never found a… Read More