So what is this magical metal that became three times as valuable as gold? Unlike its yellow cousin, iridium is extremely hard, durable, and resistant to corrosion, with a very high melting point (via Hindustan Times). Various industries, from electronics and chemicals to automobiles and cell phones, all want their hands on the silvery-blue metal. Iridium can be seen in car spark plugs, in electrical screens, in smartphones, and even as a water disinfectant on the ballast of ships.

About ⅘ of the world’s entire supply of iridium is mined from South Africa, and issues from that country are greatly contributing to the rise in price and shrink in supply. Technical problems with a platinum mining group combined with complications arising from the coronavirus pandemic and lockdowns have tightened supply. Not only is demand for iridium high, so too is the clamor for platinum, and since the two are mined together, a call for one is the call for another. It might not be as pretty as gold or platinum, but iridium’s variety of uses without a variety of ways to purchase it make it one of the most valuable materials in the world — at least temporarily.