Why It is Hard to Make Money in Iridium Scrap
Iridium, one of the platinum group metals, is worth a lot of money. It is trading at about $6,000 per Troy Ounce.
That’s a high trading price. But before you go hunting for this white shiny metal, please read our post today. Although iridium is worth a lot of money, it is really hard to find. So our advice to you is to understand iridium, but to place it low on the list of precious metals you are hunting for.
Why? Today’s post will explain.
What Is Iridium?
It is one of the six platinum group metals (sometimes called PGMs): platinum (Pt), palladium (Pd), rhodium (Rh), ruthenium (Ru), iridium (Ir), and osmium (Os).
These metals are relatively rare and are typically found together in ore deposits. The majority of the world's supply of PGMs comes from South Africa, where large deposits of platinum, palladium, and rhodium have been discovered. Other significant sources of PGMs include Russia, Canada, and the United States.
PGMs are commonly used in a variety of industrial applications, such as catalytic converters in industry and vehicles, in electronics, and in jewelry. Due to their rarity and high demand, PGMs are also traded as commodities on international markets.
Where Can You Find Iridium Specifically?
Iridium is a rare and valuable element that is typically found in very low concentrations in the Earth's crust. The primary source of iridium is from platinum ore deposits, as iridium and other PGMs are often found together in these deposits. The largest reserves of platinum ore are located in South Africa, Russia, and Canada, so these are the main sources of iridium as well.
In addition to being found in natural deposits, iridium is also produced as a byproduct of nickel mining and processing. Small amounts of iridium can also be found in meteorites, and this has been used to study the formation and evolution of the solar system.
Due to its extreme rarity and unique properties, iridium is used in a variety of specialized applications, including in the aerospace industry, electronics, and as a catalyst in chemical reactions.
Where Can You Find the Most Iridium?
It can be found in aerospace scrap, but also in catalytic converters. The issue is that only very small amounts of it are used in catalytic converters. That is another reason why we do not encourage our clients to invest in cat converters just now.
A better, more profitable approach is to consider whether small amounts of iridium are found mixed with platinum in aerospace, laboratory, and industrial scrap.
How can you tell if the scrap you have contains iridium? Simple answer. Send your scrap to Specialty Metals Smelters and Refiners to be tested. Call our precious metals refiners at 800-426-2344 and we can tell you how.
If your scrap contains iridium, that will be very good news, because demand for this platinum group metal is high, especially in aerospace applications. But making a nice profit starts with a single call to us at 800-4267-2344. Our specialists can answer all your questions about turning your scrap into cash.