Rhodium is about 30 times rarer than gold, which makes it the rarest and most expensive precious metal. Refiners produce most of it as a byproduct of platinum and palladium mining, mainly in South Africa, so output stays tiny and tracks those operations rather than direct demand.
Car manufacturers use rhodium heavily in catalytic converters, which drives much of its market activity. Its scarcity, limited production sources, and industrial reliance explain why rhodium commands such extraordinary prices compared to gold.
