Do you want to try the best API to get accurate Rhodium Prices In 2023? Our recommendation is Metals-API.
While some investors have recently focused on gold and silver, there is a metal that is much, much rarer and has fundamentals worth considering for investments. Because of its high cost and extreme rarity, some people view it as the pinnacle of wealth, surpassing even gold, silver, or platinum.
Rhodium is a metallic element with a silvery white color that is highly reflective and has a good corrosion resistance. More so than gold or platinum, it is regarded as the rarest and most expensive precious metal in the entire world.
Car catalytic converters, where it lowers the quantity of nitrogen oxides (NOx) exhaust gases released into the atmosphere, are where rhodium is most commonly used. In 2019, the auto-catalyst industry accounted for roughly 90% of the demand for rhodium. Regarding its effectiveness in transforming NOx into safe gases, rhodium is a very unique metal and will remain the metal of choice for NOx reduction.
Rhodium is the metal in concern. Rhodium is a member of the platinum group metals (PGM), which also includes platinum and palladium. It was discovered by British chemist and physicist William Wollaston in 1803, along with palladium.
Rhodium (Rh) is a largely unheard-of precious metal, probably as a result of the fact that most of its use worldwide is in auto-catalysts, where it coexists in smaller amounts with sister PGMs palladium and platinum.
Rhodium is used primarily in the manufacture of glass, as a polish for mirrors and jewelry, in electrical connections, and in aircraft turbine engines, in addition to playing a significant role in the automobile sector.
Other industries use rhodium, but much less frequently:
A catalyst used in the chemical industry to make nitric and acetic acids
Protective coating to shield jewelry from tarnish and scratches
An alloy that strengthens the glass
With less than 1.15 million ounces (MOz) consumed in 2019, the rhodium market is generally quite tiny. Only 32 tonnes of material make up this modest amount, which is readily fit inside of a single semi-trailer vehicle.
In the first three weeks of January of 2020, the price of rhodium increased by as much as 55%, and its value has since continued to rise. Right now, an ounce of rhodium is valued more than ten times as much as an ounce of gold.
If you’re thinking of investing in or selling rhodium, you should use the rhodium prices api: Metals-API.
Why do we recommend Metals-API?
The Metals-API may deliver real-time precious metals data through API at a frequency as high as every 60 seconds, with an accuracy of two decimal places.
Providing exchange rates for precious metals, currency conversions, time-series data, volatility statistics, and the lowest and highest prices of any particular day are a few of the features.
How Does It Work?
It is simple to use. Now all you have to do is adhere to the guidelines listed below:
- Create a profile.
- Produce an API Key
- Choose the desired metal and currency.
- Make an API Request, then wait for the system to respond with an API.
Is The Website Secure?
Banks and financial information providers, such as the European Central Bank, are where Metals-API gets its currency data from. Bank-grade 256-bit SSL encryption is used to encrypt your connection to the API.