Tuesday, May 24, 2022

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    This is the metal that gives higher returns than Bitcoin (Spoiler: It’s not gold!)

    It is Iridium!

    A metal 40 times rarer than gold, Iridium’s value has risen by 275% in three months going from $1600 to $6000. Bitcoin, on the other hand, has shown a 100% rise this year. This means that a troy ounce (31 grams) of iridium currently costs around $6,000.

    So what is the reason behind this?

    Iridium is a hard and strong metal that lasts longer than any other rare metal. Iridium is a by-product of platinum extraction and is used particularly in the electronics and chemical industries.

    It is 25% more durable than platinum.

    It is used in the spark plugs and also in purifying the water that is dumped by ships after every journey. Ships carry some amount of water in their ballasts for stability. This water, when released into the sea, harms aquatic life tremendously.

    Furthermore, “Anglo American Platinum” a major Iridium mining company in South Africa was recently shut down due to water leaks.

    This led to a sharp rise in the prices of Iridium because 85 percent of the supply came from South Africa. German refiner, Heraeus has said that the market for iridium is not very liquid. This means that the value of Iridium would
    continue to shoot up if there are no sellers.

    ALSO READ:   Pros and cons of E-Commerce

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