Iridium is a rare precious metal and is mined as a byproduct of platinum and palladium. This year, its price has risen by 131 per cent, while the price of bitcoin has risen by 85 per cent.
This year, one metal has given higher returns than all commodities. It also ranks heavily on Bitcoin, the world's most popular cryptocurrency. But buying it is nothing short of a challenge for investors. We are talking about Iridium. It is a rare precious metal and is mined as a byproduct of platinum and palladium. This year, its price has risen by 131 per cent, while the price of bitcoin has risen by 85 per cent.
According to Heraeus Group, its price has increased in the last one year due to increased supply due to supply bottleneck and use in electronic screens. Its market is very small compared to other metals and due to production related problems, prices can be heavily affected. It is also difficult to claim it because it is mostly of industrial use. Iridium is not traded through the stock market or exchange traded funds.
Price is three times more than gold
Iridium is also used in spark plugs. Its price has reached $ 6,000 an ounce, which is three times more than gold. The reduction in supply has also led to a rise in prices of other metals of the platinum group. Palladium is at 9 percent below its all-time high price, with rhodium (rhodium) price hitting a record high of $ 29,800 an ounce this week, while ruthenium is at a near 13-year high.