Everything Everywhere Daily: Platinum, Palladium, and Rhodium – The Other Precious Metals

Podcast Information:

• Title: Everything Everywhere Daily
• Host: Gary Arndt | Glassbox Media
• Episode: Platinum, Palladium, and Rhodium: The Other Precious Metals
• Release Date: April 14, 2025

Description: In this enlightening episode, host Gary Arndt delves into the fascinating world of platinum, palladium, and rhodium—three precious metals that often take a backseat to their more famous counterparts, gold and silver. Gary explores their historical significance, unique properties, industrial applications, and the modern-day challenges associated with these metals.

Introduction to Precious Metals Beyond Gold and Silver

Gary Arndt opens the episode by challenging the common perception that gold and silver are the sole precious metals of significance. He introduces platinum, palladium, and rhodium as rare and valuable metals with crucial industrial applications that often surpass gold in terms of price and scarcity.

"When I say precious metals, most of you probably immediately think of gold and silver. However, they're not the only ones. There are elemental metals that are rarer and more expensive than gold." [00:00]

Historical Journey of Platinum, Palladium, and Rhodium

Platinum: From Ancient Alloys to Modern Marvel

Gary recounts the early use of platinum by indigenous peoples in pre-Columbian South America, highlighting that platinum was known and utilized long before Europeans became aware of it. The Spanish conquistadors initially regarded platinum as an impurity, dubbing it "platina" or "little silver," which led to its neglect in Europe for centuries.

Significant developments in Europe began in the 18th century with scientists like Antonia de Ulloa introducing platinum to the continent, followed by advancements in refining techniques by Pierre Francois Charbonneau and William Hyde Wollaston. These efforts transformed platinum into a malleable and usable metal, paving the way for its adoption in coinage and high-end jewelry.

"Platinum's bright luster and resistance to tarnish made it a favorite amongst jewelers, especially in the Edwardian and Art Deco periods." [08:45]

Palladium: Discovery and Early Uses

Discovered in 1803 by William Hyde Wollaston, palladium was named after the asteroid Pallas, itself named after the Greek goddess Pallas Athena. Initially met with skepticism, palladium eventually gained acceptance in the scientific community. Its early applications included alloying with gold to create white gold and in commemorative coinage.

"Palladium's brightness and tarnish resistance made it a preferred material for fine settings and wedding bands." [12:30]

Rhodium: The Rarest and Most Valuable

Rhodium, also discovered by Wollaston in 1803, stands out as the rarest of the three, with an abundance of only 0.7 parts per billion in the Earth's crust. Named for its rose-colored chloride salt, rhodium is highly reflective and corrosion-resistant. Its scarcity and high price make it one of the most expensive metals used in industry today.

"Rhodium is one of the most reflective metals known, making it ideal for mirrors and coatings." [16:10]

Unique Properties and Industrial Applications

Gary emphasizes that while platinum, palladium, and rhodium share common traits such as rarity, silvery appearance, and non-corrosiveness, their most significant value lies in their catalytic properties. These metals play a pivotal role in reducing harmful emissions from automobiles through their use in catalytic converters.

Catalytic Converters: The Heart of Emission Control

A substantial portion of the episode is dedicated to explaining how catalytic converters work. Gary breaks down the structure and function of these devices, highlighting the roles of each metal:

• Platinum (PT): Excellent at facilitating oxidation reactions, converting carbon monoxide into carbon dioxide and hydrocarbons into water vapor.

• Palladium (PD): Similar to platinum in aiding oxidation processes and has gained importance as platinum prices fluctuate.

• Rhodium (Rh): Specializes in reduction reactions, breaking down nitrogen oxides into nitrogen and oxygen molecules.

"These metals can accelerate chemical reactions without being consumed, making them invaluable in reducing harmful automobile emissions." [25:20]

Gary further describes the intricate design of catalytic converters, including the honeycomb substrate and washcoat layers that maximize surface area for catalytic activity. He also touches upon the operational challenges, such as the need for high temperatures to activate the converters effectively.

"A modern catalytic converter can contain a surface area equivalent to several football fields." [19:55]

Economic Significance and Market Dynamics

The discussion transitions to the economic aspects of these metals. Gary provides current spot prices, historical peaks, and factors influencing their market values. He explains how these metals, though used in small quantities, hold immense economic value due to their critical roles in industrial applications.

• Platinum: $948 per ounce (peaked at $1,300)
• Palladium: $903 per ounce (peaked at $3,200)
• Rhodium: $5,250 per ounce (peaked at $27,000)

"Rhodium is much harder to find, but it is possible if for whatever reason you wanted to own some platinum, palladium and rhodium." [35:10]

Challenges and Contemporary Issues

Theft and Security Concerns

Gary sheds light on the growing problem of catalytic converter theft worldwide. Due to the high value of platinum, palladium, and rhodium, these components have become prime targets for thieves. The ease of removal from vehicles and the lack of traceability exacerbate this issue, leading to substantial losses for vehicle owners and industries alike.

"Catalytic converter theft has become a significant and growing problem worldwide due to the high value of the precious metals they contain." [38:45]

Supply Limitations and Ethical Mining

Another critical challenge discussed is the limited supply of rhodium, primarily obtained as a byproduct of platinum and nickel mining. Gary touches upon the environmental and ethical considerations in mining these metals, emphasizing the need for responsible practices to ensure sustainable availability.

"Quinte only works with factories that use safe, ethical and responsible manufacturing practices and premium fabrics and finishes." [Missing timestamp — likely part of ad read, thus omitted]

Investment and Ownership

Gary briefly explores the avenues for owning these metals, noting that while platinum and palladium bullion are relatively accessible, rhodium remains scarce and expensive for individual investors. He mentions that these metals can be purchased in forms such as jewelry or bullion, catering to varying investment preferences.

"It is possible to buy platinum and palladium bullion in jewelry. Platinum is more common as a metal for these purposes, but both can be found." [42:30]

Conclusion: The Vital Role of Platinum, Palladium, and Rhodium

In wrapping up the episode, Gary reiterates that while platinum, palladium, and rhodium may not enjoy the same public recognition as gold and silver, their unique chemical properties and industrial applications make them indispensable in modern technology, particularly in environmental conservation through emission control.

"Platinum, palladium, and rhodium are rare, expensive, shiny precious metals. However, that really isn't why they're important. It's their unique chemical properties that make the elements in such demand as they are." [50:20]

Acknowledgments

Gary extends his gratitude to the executive and associate producers, as well as the support from Patreon members and the community on Facebook and Discord, encouraging listeners to engage and support the podcast.

Key Takeaways:

• Historical Significance: Platinum, palladium, and rhodium have rich histories, with platinum being used by indigenous South Americans long before European discovery.
• Unique Properties: Their rarity, silvery appearance, non-corrosiveness, and especially their catalytic properties make them invaluable in industrial applications.
• Catalytic Converters: These metals are essential in reducing automobile emissions, playing a critical role in environmental conservation.
• Economic Value: They are highly valued in the market, with rhodium being the most expensive due to its scarcity.
• Challenges: The high value leads to issues like theft, and their limited supply raises ethical and environmental concerns in mining practices.
• Investment Opportunities: While platinum and palladium are accessible for investment, rhodium remains a niche market due to its high cost and rarity.

This episode provides a comprehensive overview of platinum, palladium, and rhodium, highlighting their importance beyond traditional notions of precious metals. Whether you're an enthusiast, investor, or curious learner, Gary Arndt offers valuable insights into these remarkable elements that underpin significant advancements in technology and industry.