The automotive industry uses iridium in many applications, however, the most common are in spark plugs and catalytic converters. Other uses come in the form of automotive uses. In particular, heavy machinery will use the strength of the metal in construction of components and machines that require high heat strength. On its own, iridium has more practical uses in industrial settings. It is commonly mixed with platinum to increase the durability and strength. UsesĪs a metal, iridium has several practical uses. Unlike other types of commodities, there is a finite amount of iridium and we can’t just print more whenever we like. Since iridium has such a rare occurrence on Earth, the value rises substantially. One particular meteorite, the Willamette Meteorite, has an iridium level of 4.7 parts per million. The instance of iridium in meteors and meteorites, by contrast, is at a rate of an average of 0.5 parts per million. Gold is forty times more abundant and precious metals silver and mercury are over 80 times more abundant. To put this in perspective, platinum is ten times more abundant. Iridium reports in at only 0.001 parts per million. Iridium in the Earth’s crust is very rare.
Other factors that determine value are rarity and uses. The demand for iridium is largely industrial based. Gold and silver are the most common metals that have a high demand. Several factors determine the value of a metal, including demand. Investors are hoping we can find more pockets here on Earth, or bring some of the concentrations found in space back home. Made made structures also contain the metal that are in space. Comets and other celestial beings have been found to have concentrated amounts of the metal. Iridium is also found in high concentrations in space. Commonly mined in Russia and China, along with other transitional precious metals, it is believed that there is much more iridium element deep in the Earth’s core due to it’s ability to bind with iron. Iridium in the Earth’s crust is also very rare. It is very difficult to mold and work with, powder metallurgy is often employed to form the metal. The metal has a very high melting point (4403 Kelvin) and also becomes a superconductor at very low temperatures ( < 0.14K). As a solid, it presents with a silver-white color much like platinum. Tennant named it so because of iridium’s colorful presentation of its salts. Iridium was found by Smithson Tennant in 1803 and named after Isis, the Greek goddess of rainbows. Iridium is also the most non-corrosive metal, especially at very high temperatures. The element, with an atomic weight of 77, is the second densest element (second only to osmium). Iridium metal is a precious metal in the transitional metal section of the periodic chart. To see some options for iridium that you can easily buy just click here. What is iridium and what is is used for? In this article we will cover the metal, how it is used as well as covering investment options, strategies and the pros and cons of investing in iridium. With a limited mining rate and location, iridium is a rare precious metal with a high investment point and a solid regular increase in value.
Iridium is one of 31 transitional metals and one of a handful of precious metals along with gold, silver, platinum and palladium.
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