rhodium in lcd screen made in china

On May 19, 2011, Deutsche Bank issued db Physical Rhodium ETC securities.Johnson Matthey recently (Nov. 15, 2011) forecast that the metal will remain in surplus (by 123,000 troy ounces (one troy ounce (oz) = 31.10 grams)) in 2011, and now its price has fallen from a "stratospheric" level of over $10,000/oz in June 2008 to "languish" around $1,700 (midprice on Nov. 30, 2011), somewhat lower than that of gold. So, what"s with rhodium?

The platinum group metals, or PGMs, of which rhodium is one, are a group of six metals clumped together pretty much in the middle of the periodic table. The others are iridium, osmium, palladium, platinum and ruthenium. The metal, which is extremely difficult to separate from the other metals with which it naturally occurs (including the other PGMs), is always produced as a byproduct of the extraction of these others; no such thing as a rhodium mine exists.

The English chemist, William Hyde Wollaston discovered the metal in 1803, soon after he discovered palladium and around the same time Smithson Tennant (also English) discovered both osmium and iridium. The rarity of the metal, the fact that it is a byproduct, and the complexity of (and costs involved in) its extraction have all, historically, contributed to robust pricing over the last 80 years, and especially in the last couple of decades.

An autocatalyst, which sits inside a motor vehicle"s catalytic converter (itself placed between its engine and muffler), is a metal, or ceramic, honeycomb coated with PGMs (of which rhodium is one) and various chemicals.

In gasoline-poweredvehicles, the autocatalyst converts over 90 percent of the carbon monoxide, oxides of nitrogen and unburned hydrocarbons into carbon dioxide, nitrogen and water vapor (often appearing as drips from out of the auto"s muffler). In diesel-powered vehicles, in addition to the equivalent amounts of hydrocarbons and carbon monoxide that are converted to more harmless compounds, so too is 30-40 percent of the potentially carcinogenic diesel particulate matter.

Since the first production vehicle was fitted with a catalytic converter back in 1974, their use has flourished and now catalytic converters are fitted to over 85 percent of all the new vehicles sold each year worldwide.

To put the effects they have in context, back in 1960, a gasoline-powered vehicle would typically, for every mile driven, spew out 100 grams of carbon monoxide, hydrocarbons and oxides of nitrogen. By 2004, this had been reduced to just some 2 grams, and autocatalyst development continues today.

Rhodium, because of its hardness and both its resistance to corrosion and high melting point (higher than that of platinum), is currently used in three main types of glass manufacturing, that of: thin-film transistor liquid crystal display (TFT-LCD) panels, glass fibers and, increasingly, in solar photovoltaic (PV) panels.

In the manufacture of TFT-LCD panels (used in TVs, monitors and displays), platinum and rhodium are used to line the channels, melting tanks and stirring cells, not only because they can withstand temperatures up to 1,650ºC, but also because they are inert. This last is of particular importance, as the glass substrate cannot contain any charge-bearing particles that may interfere with the function of the TFT laid down on it.

In the manufacture of glass fibers, the molten glass is drawn through an array of many tiny, uniform, orifices or nozzles, set in what is called a bushing — essentially just a box out of which they stick. These nozzles are made of a platinum/rhodium alloy.

Finally, rhodium is also used in the manufacture of the glass used in solar panels, which are required to be as defect free as possible and "highly transmissive."

In the chemical industry, rhodium catalysts are used in the production of aldehyde, which, with hydrogenation, leads to an oxo-alcohol, and in the production of acetic acid using the Monsanto process. (According to Johnson Matthey, the rising demand for rhodium in the chemical sector is being driven "by downstream demand for paints and adhesives, particularly in China.")

It will come as no surprise that by far the largest producer of rhodium is South Africa, which, in 2011, is forecast to produce some 650,000 oz out a total global supply figure for the mined metal of an estimated 768,000 oz. Recycling of autocatalysts is anticipated to amount to some 260,000 oz in 2011.

Source: Forecast production figures from Johnson Matthey, who notes that: "Supply figures represent estimates of sales by the mines of primary pgm and are allocated to where the initial mining took place rather than the location of refining."

Since primary rhodium is produced only alongside other PGMs, on the mining front, anyway, no rhodium mining "pure play" exists. And the big rhodium producers are, therefore, necessarily, the big producers of the other PGMs.

Investors can invest directly, buying the physical metal in ingot or as sponge, and "directly" through, e.g., Deutsche Bank"s Physical Rhodium ETC, this last giving the investor an entitlement to the physical metal.

As to the rationale behind an investment in rhodium, there a number of factors that should be carefully considered. Some of the more obvious are: Rhodium is, first and foremost, an industrial metal — with all that implies

There is also one other aspect of investing in rhodium (and some other industrial metals) that should be considered. While, according to Johnson Matthey, net inflows (to late September) to the Deutsche Bank ETC accounted only for about 14,000 oz, were such inflows to become significant, then any investment decision would need to factor in such demand, in addition to that from industry. This can only add further complexity to the investment process.

LONDON, Jan 10 (Reuters) - Prices of precious metal rhodium surged to a record high of $7,025 an ounce on Thursday as consumers in the glass-making and auto industries scrambled for scarce supplies, traders said.

Dealers said rhodiumwas quoted at $7,000/$7,050 an ounce, a gain of more than 25 percent since January last year and compared with the previous record high of $7,000 seen in 1980. On Wednesday it was quoted around $6,975/$7,025 an ounce.

Most rhodium is used by car makers in catalytic converters to limit carbon emissions, where regulations have become much stricter and contributed to rising demand for the metal.

Traders say that has been a major factor behind rhodium’s price rise over the last two years. Another is growing demand from glass makers ramping up production of flat panel screens used for televisions and computers.

South Africa is the world’s biggest producer of rhodium, which is a by-product of platinum. Supply disruptions in the country in recent months also have boosted rhodium prices.

During the manufacturing process, the molten glass is fed through a trough that is made out of the alloy, which can stand extreme heat and won’t melt.

Last December Corning announced capital expenditure between $1.5 billion to $1.7 billion to build additional capacity to meet growing demand for large flat-panel televisions.

“We expect that the LCD glass market will continue to grow into the next decade,” said James B. Flaws chief financial officer at Corning said on the company’s website.

Corning has previously said that it expects the overall LCD glass market to reach 1.7 billion square feet of glass in 2007 and to grow again by at least 400 million square feet in 2008.

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However, like platinum and palladium, the majority of demand for rhodium comes from the auto industry for its usage in catalytic converters where rhodium catalyzes the reduction of nitrogen oxide to nitrogen.

Rhodium is extracted as a byproduct of platinum mining. Therefore, like platinum, the majority of the world’s rhodium supply (80%) comes from South Africa in the mining region called the Bushveld complex. Rhodium is extremely difficult and costly to extract from other elements in the earth.

The price of rhodium has been very volatile in recent years. From 2004 to 2008, it rose 2,112% from $452 per ounce to $10,000 per ounce only to fall back just below $1,000 per ounce in less than a year. Rhodium stayed near unchanged between around $1,000 per ounces from 2012 to 2016 rhodium traded between 1,800 to as low as $600 per ounce. From 2017 to 2018, the price of rhodium rose almost 150% to nearly $2,500 per ounce. At the end of 2019 rhodium surged to over $5,000 per ounce. Strong demand from China for auto manufacturing and lower supply from South Africa have made rhodium the strongest performing commodity in Q1 of 2020. Rhodium has also started 2021 with a surge to an all-time high of $21,900/oz.

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In September, Shuanghui International closed its $7.1 billion acquisition of pork producer Smithfield, marking the largest Chinese acquisition in the United States to date. Chinese real estate developers and investors continued to make inroads into the US property market, with Fosun’s $725 million purchase of Chase Manhattan Plaza and Shanghai Greenland’s investment in New York’s Atlantic Yards development. This note reviews the patterns, key transactions and political developments in the US-China investment relationship in Q3 2013.

Double digit investment for the first time this year: In the first nine months of 2013, Chinese firms spent a record $12.2 billion on 55 greenfield projects and acquisitions in the United States, well on the way to a new record of Chinese FDI in the US.

Chinese firms become significant employers in the US: The successful Smithfield takeover doubles the amount of US workers receiving paychecks from Chinese-owned companies from 33,000 to more than 70,000, highlighting the growing significance of Chinese capital for local economies.

US screening system works, but government shutdown threatens outlook: The Smithfield deal and other recent transactions show that the US investment review system works. However, the recent political gridlock in Washington threatens the long-term attractiveness of the US economy for foreign investors.

In Q3 2013, Chinese firms spent $7.5 billion on ten acquisitions and eight greenfield projects in the United States. Shuanghui International’s takeover of Smithfield Foods for $7.1 billion (including debt assumption) accounts for the lion’s share of the total deal value, and marks by far the biggest completed FDI transaction by a Chinese firm in the US in history, at almost three times as large as the next biggest deal (Table 1).

Other acquisitions in Q3 include Mindray Medical’s acquisition of Zonare Medical Systems and Hanergy Holding Group’s purchase of Global Solar Energy. Greenfield projects that were started in Q3 include two manufacturing greenfield facilities by JN Fibers and Xingfa Chemicals in South Carolina and Georgia, an R&D center by TravelSky in Georgia, a second wind power project by Sany-affiliated Ralls Corporation and new gas stations by Blu LNG. A detailed breakdown of all deals in Q3 and previous quarters by industry, geography, ownership and entry mode can be found on Rhodium Group’s China Investment Monitor.

The Shuanghui-Smithfield transaction also tips the scale in favor of private firms for 2013. In past years, state-owned firms accounted for the majority of the total deal value because they historically dominate capital-intensive sectors like oil and gas. Last year, private firms for the first time accounted for more than half of total deal value (59%), largely due to Wanda’s acquisition of AMC. During the first nine months of 2013, private firms accounted for 84% of deals and 74% of total investment value (see Figure 2). Smithfield was also a game changer with regard to employment, with 37,000 of its 47,000 employees located in the US. Counting in Smithfield workers, Chinese firms now send paychecks to more than 70,000 workers in the United States.

Shuanghui International’s $7.1 billion acquisition of Smithfield Foods, the world’s largest pork producer, showcases the growing interest and ability of private Chinese firms to close large-scale deals in advanced economies like the US. Shuanghui International is a Hong Kong-based holding company that owns a majority stake in China’s largest pork processor Henan Shuanghui. As a result of privatization in 2006, it is controlled by the chairman and management of Henan Shuanghui, Chinese private equity firms and strategic foreign investors like Goldman Sachs. The firm plays a leading role in consolidating the fragmented, inefficient and scandal-rattled meat industry in China. The acquisition of a leading US pork producer offers Shuanghui the opportunity to get exposure to modern production processes, benefit from cost advantages from cheap feedstock in the US, learn about best-in-class food safety standards, and leverage a foreign household brand in the Chinese and other fast-growing emerging markets.

For Smithfield shareholders, Shuanghui’s offer at $34 per share represented a 31% premium over the stock price prior to the takeover. For suppliers, workers and other stakeholders, the partnership with Shuanghui could offer new growth opportunities. Smithfield’s room to grow domestically is limited, as the market is shrinking in light of declining pork consumption. Growth through takeovers is tricky from an antitrust perspective as the firm already controls 26% of the US market. Foreign markets are the most promising way of growing revenue, but overseas expansion has proven difficult for Smithfield in recent years. The merger with Shuanghui brings new opportunities to gain a foothold in overseas markets, particularly in China and other developing countries, where the bulk of pork consumption growth is expected to happen in the coming decade (Figure 3).

Recently closed and announced deals also signal that Chinese investors are pushing for a greater share in the US property market, and that they are willing to engage in bigger transactions. In the first three quarters we counted nine closed property transactions. Two more transactions closed in October and three deals are currently pending (see Table 2). These patterns represent a significant increase in annual transactions, compared to just four closed deals in 2012, eight in 2011 and three in 2010.

The transactions announced in 2013 are also significantly bigger than in previous years. Examples include the Zhang Xin family’s $700 million stake in the General Motors building or the $725 million purchase of Chase Manhattan Plaza by Fosun. Two more large-scale deals by Shanghai Greenland Group are currently pending: in July, Greenland agreed to purchase a stake in the “Metropolis” site in downtown Los Angeles from the California State Teachers’ Retirement System and provide additional capital to develop a mixed-use project on the lot for up to $1 billion; in October, Greenland Group and local developer Forest City Ratner Companies agreed to form a joint venture to develop the Atlantic Yards project in New York, with total expenses of up to $5 billion.

The Smithfield takeover caused a lot of debate in the US, but the approval shows that the FDI review system works, providing a venue for vetting national security concerns while keeping the economy open to foreign investment. China continued to gradually reform and improve its outward FDI policy regime, while expected major economic reforms announced in November may have important consequences for outbound investment.

The Smithfield bid understandably triggered a lot of opposition in the US. Along with members of Congress, all kinds of interest groups used the deal as a platform for their cause: unions, environmentalists, consumer rights advocates, and even health-concerned physicians. The most public event was a hearing by the Senate Committee on Agriculture during which well-known China critics voiced concerns about food security, subsidies and other areas. However, in the end, the Committee on Foreign Investment in the United States (CFIUS) approved the deal after a 75-day review, proving that the US system works – it allows for a thorough review of FDI-related national security concerns while safeguarding an open investment environment.

In early October, the US District Court for the District of Columbia came up with an important decision regarding due process rights for Chinese and other foreign investors. It rejected claims by Sany-affiliated Ralls Corporation against CFIUS and the President that an order to divest wind power assets had violated its due process rights. The judge argued that Ralls “voluntarily acquired state property rights subject to the known risk of a Presidential veto” and “waived the opportunity (…) to obtain a determination from CFIUS and the President before it entered into the transaction.” In short, the court argued that the opportunity to engage with CFIUS and apply for approval before closing a deal represents an adequate due process for foreign investors to safeguard against divesture and expropriation on national security grounds.

One problem for foreign investors was that the recent political gridlock in Washington and the partial government shutdown resulted in CFIUS not accepting any more applications for national security reviews. With the government reopened and a US default avoided, CFIUS was restored, but the review of several deals was delayed. More importantly, the shutdown showcased how dysfunctional US politics have become. The increasing political uncertainty and inability to pass even basic legislation have severely damaged the longer-term prospects for attracting foreign direct investment to the US economy, from China and elsewhere.

China is expected to announce major structural reform efforts during the Third Plenum in November, some of which could have an impact on outbound FDI. One item on top of the reform agenda will be the corporate governance of state-owned enterprises (SOEs). Senior official are increasingly echoing calls for new corporate governance structures at state companies. Possible changes include a shift from a Party-dominated leadership selection process to a modern system that reflects commercial needs and not political merits; hard budget constraints leading to greater capital discipline; and measures to increase transparency and reduce corruption.

Meanwhile, China continues to gradually refine its policy regime for outward FDI, particularly a shift from the existing approval system for outbound foreign direct investment to a registration system. In early September, when Premier Li Keqiang attended the summer Davos forum in Dalian, he said publicly that the Chinese government should further relax the regulations over outbound foreign direct investment (OFDI), either by reducing the approval process for “capable and credible” outbound investors or raising the threshold for mandatory government review. The newly established Shanghai Pilot Free Trade Zone (SHFTZ) is the first locality in China to test such a registration system. According to the grand plan that the State Council released on September 27th, regular OFDI projects from the SHFTZ will only need to be registered with the Shanghai municipal government (not the central ministries), and a nod from the authorities beforehand is no longer necessary.

China also announced new initiatives to improve OFDI risk management and compliance with international rules. First, MOFCOM announced a new “Personnel Information Management System for Outward Investment and Cooperation Businesses”, which requires all OFDI enterprises and agencies sending workers overseas to submit information on domestic employees, employees dispatched abroad and foreign employees. It shows efforts to increase the preparedness for emergency incidents such as the Libya crisis and the independence of South Sudan. In July, China also announced a new “blacklist” for Chinese firms not complying with existing regulations and displaying bad behavior overseas with regard to labor and safety standards, sustainability and respect for local culture. Foreign firms also run the danger of being put on this blacklist if they defraud or cause losses for Chinese firms abroad through inappropriate and illegal behavior. Finally, in August, China announced it was joining the global fight against corporate tax evasion by signing the OECD Convention on Mutual Administrative Assistance in Tax Matters.

With regard to global merger control, the Ministry of Commerce approved a total of 54 transactions in Q3 2013 and imposed conditional approvals on two cases. The merger of two microelectronic integrated circuit designers, Gambro AB and Baxter International, was only approved under the condition that Baxter spins off its global continuous renal replacement therapy (CRRT) assets and terminates certain production agreements for hemodialysis (HD) equipment. The acquisition of MStar Semiconductors by MediaTek was approved on the condition that MediaTek’s LCD TV business will be operated by subsidiary Morningstar Taiwan, who shall remain an “independent competitor”.

Several transactions closed in the first weeks of October, including the acquisition of Mooney Aviation Company by Meijing Group. The sale of AIG’s aviation leasing unit International Lease Finance Corp (ILFC) to a consortium of Chinese investors, on the other hand, seems to have fallen apart. The biggest currently pending transactions are a new $1 billion luxury hotel project in New York by Wanda, MicroPort Scientific’s acquisition of Wright Medical Group’s OrthoRecon business, a potential sale of certain assets of Canadian mobile phone maker Blackberry to Lenovo, and several large-scale real estate transactions, including Greenland Holding’s 70 percent stake in New York’s Atlantic Yards development that could amount to more than $5 billion.

Gold is globally respected throughout the world for its value and significant history as a part of many cultures for thousands of years. Gold has been seen as a special and valuable commodity with coins containing Gold appearing circa. 650 B.C. and the first pure Gold coins were minted during the reign of King Croesus of Lydia around 550 B.C.

People have continued to hold Gold for a variety of reasons throughout history. Societies and economies have placed a value on Gold, ensuring it’s continued worth. Gold is the metal we collectively fall back on when other currencies or monetary systems fail; and therefore it provides a legitimate and time-tested insurance against such unpredictable times of crisis. Owning gold can act as a hedge against inflation and deflation alike, as well as a good portfolio diversifier. As a global store of value, Gold can also provide financial cover during geopolitical and macroeconomic uncertainty.

Gold is an important part of a diversified investment portfolio because its price increases in response to events that cause the value of paper investments, such as stocks and bonds, to decline. Although the price of Gold can be volatile in the short term, it has always maintained its value over the long term. Through the years, it has served as a hedge against the erosion of major currencies. Gold is a unique asset in so far as it is highly liquid, yet scarce; and it is as much a luxury good as it is an investment. Physical Gold is no one’s liability and carries no counterparty risk, both very attractive attributes in times of crisis.

Unlike paper currency, coins or other assets, gold has maintained its value throughout the ages. People see gold as a way to pass on and preserve their wealth from one generation to the next. Since ancient times, people have valued the unique properties of the precious metal. Gold doesn’t corrode and can be melted over a common flame, making it easy to work with and stamp as a coin. Moreover, gold has a unique and beautiful color, unlike other elements. The atoms in gold are heavier and the electrons move faster, creating absorption of some light; a process which took Einstein’s theory of relativity to figure out.

Generally the markets seem to focus solely on the loss of purchasing power of the US dollar as one of the world’s most important reserve currencies, when the value of the dollar falls against other currencies this often prompts people to flock to the security of Gold, which causes Gold prices to rise.

This is not actually correct as the US$ in 1998 was trading at exactly the same value versus global currencies as of today in 2021 (DXY Index charts) while Gold has risen over 7 times in value in that same time frame versus US$.

What has to be taken into consideration is the global monetary aggregate expansion of sovereign currencies which gives you forward guidance in inflation or more accurately the loss of purchasing power and ongoing debasement of Fiat paper sovereign currencies.

Gold has historically been an incredible holder of purchasing power versus currencies which consistently lose value over time. The market will highlight that Gold is a reliable hedge against inflation but this is not entirely accurate. Between 1980 and 2002 we had very high compound rates of headline inflation and yet Gold fell in value against currencies for over 20 years. Gold is rather a crisis hedge and a fantastic holder of purchasing power over very long periods of time. Gold tends to rise very dramatically and corrects its under-priced situation in times of crisis and hence recognizing where we are on the macroeconomic cycle is of paramount importance. Over the past 50 years investors have seen Gold prices soar and the stock market plunge during high-inflation years. This is because when fiat currency loses its purchasing power to inflation, Gold tends to be priced in those currency units and thus tends to arise along with everything else. Gold is also seen as a good store of value so people may be encouraged to buy Gold when they believe that their home currency is losing value.

Deflation is defined as a period in which prices decrease, when business activity slows and the economy is burdened by excessive debt, which has not been seen globally since the Great Depression of the 1930s (although a small degree of deflation occurred following the 2008 financial crisis in some parts of the world). During the Depression, the relative purchasing power of Gold soared while other prices dropped sharply. This occurs when people choose to hoard cash, and the safest places to hold such cash is in Gold bars and coins.

Gold retains its value not only in times of financial uncertainty, but in times of geopolitical uncertainty. It is often called the “crisis commodity,” because people flee to its relative safety when world tensions rise; and during such times, it often outperforms other investments. For example, Gold prices experienced some major price movements this year in response to the Covid-19 crisis. Its price also often rises the most when confidence in governments is low.

Much of the supply of Gold in the market since the 1990s has come from sales of Gold bullion from the vaults of global central banks. This selling by global central banks slowed greatly in 2008 and since 2010, 22 central banks have been buying Gold in record annual amounts. At the same time, production of new Gold from mines had been declining since 2000. It can take from 5 to 10 years to bring a new mine into production. Generally speaking, a reduction in the supply of Gold increases gold prices.

Historically, increased wealth of emerging market economies boosted demand for Gold. In many of these countries, Gold is very much embedded into the culture. In China, where Gold bars are a traditional form of saving, the demand for Gold has been steadfast. India is the second largest Gold-consuming nation in the world; it has many uses there, including jewelry. The Indian wedding season in October is traditionally the time of the year that sees the highest global demand for Gold.

Demand for Gold has also grown among investors. Many are beginning to see commodities, particularly gold, as an investment class into which funds should be allocated and properly diversified. SPDR Gold Trust, became one of the largest ETFs in the U.S., as well as the world’s largest holder of Gold bullion recently.

The key to diversification is ensuring that investments that are not closely correlated to one another; Gold has historically had a negative correlation to stocks, property and other financial instruments.

Unlike Gold, the price of Silver swings between its perceived role as a store of value and its role as an industrial metal. Price fluctuations in the Silver market are more volatile than Gold.

So, while Silver will trade in approximate unison with Gold as a hoardable commodity, the industrial supply/demand picture for the metal exerts an equally strong influence on its price.

The industrial equation fluctuates with new innovations. The rise of a vast middle class in the emerging market economies created an explosive demand for electrical appliances, medical products, and other industrial items that require Silver. From bearings to electrical connections, mobile phones, digital cameras, computers and iPhones, Silver’s unique properties have made it a highly desired commodity. Silver is also used in batteries, superconductor applications and microcircuit markets.

Silver’s price is affected by its multitude of applications and is not just used in fashion or simply as a long term store of value. It is the second most-consumed commodity after oil, and there is no substitute for Silver on the periodic table given it’s highly unique properties.

This enormous industrial demand, partly responsible for pushing prices up, will not diminish as the Silver price rises because this metal is used in very small quantities in each product. Even a substantial increase in the price of Silver will not cause industrial demand to fall. Contrary to Gold (which can be recycled), Silver, once consumed, is almost entirely destroyed, at present.

If we consider the historical trend over millennia, the price of Silver should be $118/oz today (Gold price divided by 15). On January 20th, 2015, its price was $18/oz. Silver is one of the very few commodities trading at less than it did in 1980.

Silver is used extensively in the photovoltaic (solar) industry. With zero-carbon emission targets globally embraced, countries seeking to increase their renewable energy production capacities will invariably consume more Silver.

Monetary demand is added to the industrial demand: Silver has been considered a form of money for centuries, and the destruction of currencies’ purchasing power (as money printing aggressively continues) is contributing to Silver’s return as a critical element of a stable monetary system.

As the price of Gold increases, it becomes unaffordable for millions of people (especially in Asia). This is not the case with Silver. Millions of people will rush to this metal as they witness the destruction of paper currencies’ purchasing power. This global demand wasn’t present during the last major Gold and Silver boom of the 1980’s, so this could play a very important role.

One phenomenon must be taken into account to understand the potential for Silver: There are enormous short positions on the Silver market. With Silver prices going up, investors and traders holding those positions will have to cover, which will accelerate the rise in price dramatically.

As with Gold, many Silver “paper” certificates have been sold without enough physical Silver in reserve to actually satisfy eventual delivery to all holders of such “paper” certificates. This abundant “paper” offer has contributed to limiting the increase of Silver prices for years by taking attention away from the physical market itself. But this rush towards tangible assets (and physical Silver in particular) will make those paper certificates (ETFs etc.) explode, along with the price of Silver. One should only invest in and own Silver in its physical form.

Like Gold and Silver, Platinum is traded around the clock on global commodities markets. It often tends to fetch a higher price (per ounce) than Gold during routine periods of market and political stability because it is much rarer. Far less of the metal is actually extracted from the ground annually.

Platinum has seen a huge surge in popularity among investors. Unlike Gold, Platinum has not been mined for thousands of years. Thanks to its higher boiling point and the fact that it rarely occurs in its natural form, Platinum wasn’t discovered until 1735.

Over 73% of the world’s Platinum comes from mines in northern South Africa where extraction is extremely challenging, especially from super-heated magma mines deep below the earth’s surface. Platinum is rarely found in isolation, it is more usually found alongside other base metals such as nickel, copper and chrome. Therefore, deposits discovered underground must be refined before they can be considered pure and the complexity and cost of this process makes Platinum extremely rare.

Platinum has a silver appearance and it is extremely hard. While jewellers value its malleability, it’s also ductile, rigid, dense and extremely unreactive.

Like Silver, Platinum is considered an industrial metal. The greatest demand for Platinum comes from automotive catalysts (about 40%), which are used to reduce harmful emissions. Following their inclusion in catalysts, jewelry accounts for the majority of demand. Petroleum and chemical refining catalysts as well as the computer industry use up the rest, and it is also found in everything from fertilisers to pacemakers.

Because of the auto industry’s heavy reliance on metal, Platinum prices are determined in large part by auto sales and production numbers. Increasing requirements by “clean air” legislation will require automakers to install more catalytic converters, raising demand. Carmakers have started turning to recycled auto catalysts or using more of Platinum’s reliable sister group metal, Palladium. When the price of Palladium rises, substitution into Platinum will occur.

Platinum mines are heavily concentrated in only two countries, South Africa and Russia. This creates greater potential for cartel-like action that would support or even artificially raise platinum prices or indeed for geopolitical considerations in either country.

Platinum is used as the exclusive precious metal catalyst in hydrogen fuel cells, alongside Iridium. This fast-growing hydrogen-fuel-cell technology relies on Platinum, as it can withstand considerably higher temperatures than other metals. A fuel cell needs Platinum for the catalyst that separates hydrogen into protons and electrons, which then generate the electrical current, making it an alternative to battery-powered vehicles. Hydrogen fuel cells, though presently expensive in their infancy, are expected to be a massively important part of reducing global carbon emissions.

The balance of any investment portfolio depends on appetite for risk. Many investors consider a precious metal holding a safe haven – a form of protection against riskier exposure elsewhere. Demand for Platinum investment bars can increase when the price of Gold rises and the Platinum/Gold ratio increases. Platinum is however deemed to be the most volatile of the precious metals.

Lesser known than the above three metals is Palladium, which has more industrial uses. Palladium is a shiny, silvery metal used in many types of manufacturing processes, particularly for electronics and industrial products. It can also be used in dentistry, medicine, chemical applications, jewelry, and groundwater treatment. The majority of the world’s supply of this rare metal, which has the atomic number 46 on the periodic table of elements, comes from mines located in the United States, Russia, South Africa and Canada.

This is by far the number one driver for prices of Palladium around the world. The auto industry accounts for approximately three quarters of the global demand for Palladium. Palladium is a key component in the manufacturing of catalytic converters because the metal serves as a great catalyst that speeds up chemical reactions. This and the demand for vehicles in large markets like the US and China have a sizable bearing on the price of Palladium.

Metalworkers can create thin sheets of palladium down to one-two hundred fifty thousandths of an inch. Pure palladium is malleable, but it becomes stronger and harder once someone works with the metal at room temperature. The sheets are then used in applications like solar energy and fuel cells.

Much of the world’s Palladium supply (circa 80%) comes from Russia and South Africa. Any interruptions to this supply or process, be it in the form of sanctions as Russia sometimes deals with, or power supply problems (currently faced in South Africa) can cause a fluctuation in prices.

Substituting Palladium for other metals within the auto industry is coming under increasing scrutiny. This is in large part due to the high price of Palladium, and also the fact that a number of substitutes, including Platinum can be used.

The US Dollar forex market is facing numerous challenges. The weakening dollar can certainly have an impact on Palladium prices as it does on other precious metals, though the reasoning may be different. Palladium is typically purchased from suppliers in US Dollars. Any downward movement in the Dollar has the potential to act as a disincentive to suppliers. This can reduce the supply of the precious metal which in turn can lead to upward price movements.

Jewelers first incorporated Palladium into jewelry in 1939. When mixed with yellow gold, the alloy forms a metal stronger than white gold. In 1967, the government of Tonga issued circulating Palladium coins touting the coronation of King Taufa’ahau Tupou IV. This is the first recorded instance of Palladium used in coinage.

Rhodium has rarely been considered an investment precious metal like Gold, Silver, Platinum and Palladium. However, it is considerably rarer than all of these precious metals and thus merits investment consideration. Only 28 tons of Rhodium are mined annually compared to 220 tons of Platinum and over 2,300 tons of Gold.

Rhodium is a lustrous white metal that is both hard and dense. It has very high reflective properties and is an excellent conductor of both heat and electricity. Like Palladium, it is one of the six Platinum Group Metals or “Noble Metals”. Rhodium was discovered in 1803 by the British chemist and physicist William Hyde Wollaston along with his discovery of Palladium.

Engineers understand Rhodium as an alloy or coating agent that improves the corrosion resistance of both Palladium and Platinum. Rhodium is often used by jewelers as a coating on Silver, Platinum and Palladium jewelry to make the items more scratch resistant and improve luster and shine.

Like Platinum and Palladium, the majority of demand for Rhodium comes from the auto industry for its usage in catalytic converters where Rhodium catalyzes the reduction of nitrogen oxide to nitrogen.

Rhodium is extracted as a byproduct of Platinum mining. Therefore, like Platinum, the majority of the world’s Rhodium supply (80%) comes from South Africa in the mining region called the Bushveld complex. Rhodium is extremely difficult and costly to extract as compared to other elements in the earth.

The price of Rhodium has been very volatile in recent years. Rhodium traded up from US$600/oz in 2016 to a record high of US$29,800/oz in Q1, 2021. Strong demand from China for auto manufacturing due to increasingly stringent emissions regulations globally, together with the threat of lower supply amid a lack of investment in new mines over the past decades have made Rhodium the strongest performing commodity in 2020.

Platinum Group Metals (PGMs), and specifically platinum has an important role to play in our everyday lives way beyond the obvious that we all know about like engines and jewellery.

Within platinum there are five Platinum Group Metals (PGMs) present in the same ore including palladium, rhodium, ruthenium, osmium and iridium – all with different compositions and applications.

In certain chemical forms, platinum has the ability to slow or stop the division of living cells, and platinum-based drugs have been developed to treat a wide range of cancers, with notable successes in testicular, ovarian, head and neck cancers.

Silicones treated with platinum are used to coat and protect nylon automotive airbags from explosive systems. Thanks to the platinum treatment, these airbags are very stable and can be kept folded and packed for many years without deteriorating.

Platinum-treated silicones are also used in a medical material used to treat wounds. The platinum treatment allows the silicones to adhere to dry skin, while not sticking to and damaging the wet wounds. In addition, air and moisture can pass through these silicones, which aids in improving the healing process.

Platinum and palladium are usually mixed with gold, silver, copper or zinc to provide strength, stiffness and toughness in dental work like crowns and bridges. Small amounts of ruthenium or iridium are also added sometimes.

Autocatalysts (Car exhaust)In order to minimise harmful gasses being emitted by our cars, autocatalysts are installed inside a canister called the catalytic converter. This cleans the fumes through a solution of chemicals and PGMs.

Ethylene is a substance that causes fresh produce to ripen quicker, and controlling the amounts of it around fresh foods and flowers helps control spoilage, quality and shelf-life of fresh fruit and vegetables – which in turn helps to reduce wastage. Johnson Matthey, is a leader in sustainable technologies, has developed an innovative technology that collects ethylene using palladium as a key active ingredient.

Fuel cells, like batteries, generate electricity silently by means of an electro-chemical reaction. Unlike batteries, however, fuel cells need no recharging and will run indefinitely when supplied with fuel. They work by combining hydrogen, which is the fuel, and oxygen from the air, over a catalyst such as platinum. Read more on how we are providing an entirerural community in Kroonstad with platinum fuel cells (link to rural electrification blog)

The platinum and ruthenium in the magnetic layers of computer hard disks improves the density of data storage and disks, enabling manufacturers to achieve massive increases in storage density on smaller disks.

Palladium is a very durable electrical conductor and is used as a component in virtually every type of electronic device, from basic consumer products to complex military hardware.

LCD glass, which must be free of defects, and often needs to be as thin as half a millimetre, is manufactured at very high temperatures. Platinum is therefore frequently used to make the vessels that hold, channel and form it, with the glass itself being used in devices ranging from smart phones and digital watches to laptop computers.

Platinum is used both in the manufacture of turbine engines and in the coating that increases their lifespans. The platinum in the coating allows the blades to operate continuously for as long as 20,000 hours before needing repair or replacement.

Platinum compounds added to silicone mixtures are used to make water-repellent coatings, as well as high-consistency and liquid rubbers. These products have a vast number of applications which include personal care products from lipsticks and shampoos to contact lenses.

Palladium is used in the production of a substance called PTA which is a component of the polyester fabrics which are used extensively in clothing and the upholstery in home furnishings.

Total Materia has allowed us to solve in a definite way all problems we had for the search of alternate materials in foreign countries. Thanks to Total Materia we have issued real "international" specs for purchase of steels in foreign countries.

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