Rhodium is a silver-white metallic element, is highly resistant to corrosion, and is extremely reflective. It is used as a finish for jewelry, mirrors, and search lights. It is also used in electric connections forex live rates widget supply is alloyed with platinum for aircraft turbine engines. Another use is manufacturing of nitric acid and used in hydrogenation of organic compounds.
Russia is the second largest producer, although its sales are, as with the other PGMs, volatile and subject to political intervention. High rhodium prices during the late 1980s led to increased rhodium production from South Africa. This increased supply was primarily responsible for a declining rhodium price during the 1990s. Interruptions to Russian supply since early 1997 have helped the rhodium price to recover strongly. Kitco provides historical price charts updating on a daily basis. The global mine supply of silver should rise in 2018, assuming disruptions at a couple of large mines end and with Goldcorp Inc. Metals Focus projected 2018 silver-mine supply of 867.
2 million ounces, compared to 856. 9 million in 2017, which in turn would be down from 888. 3 million in 2016, said Oliver Heathman, head of mining research for the consultancy. CPM Group looks for global silver-mining output to increase 2. 817 million ounces in 2018, said Rohit Savant, director of research at CPM Group.
Heathman blamed the decline in 2017 production on disruptions at certain mines, such as a strike by union workers at Hecla Mining Co. Lucky Friday Mine in Idaho and the shutdown of Tahoe Resources Inc. Additionally, Heathman and Savant both look for higher output from Mexican mines. Metals Focus also looks for increased production of silver as a by-product from gold mines, even though the consultancy does not anticipate a big change in global gold-mining supply itself. One of the mines where silver output is expected to rise is Goldcorp’s Peñasquito Mine in Mexico, both analysts said.
Heathman explained that mining is anticipated in areas with higher gold and silver grades. While CPM Group expects mine supply to rise in 2018, output may then ease in future years, however. Mining companies cut back on such expenses around half a decade ago after a steep decline in the prices of precious metals. CPM Group sees secondary, or recycled, supply of around 201. 5 million ounces in 2018, not much different from the 202 million projected for 2017. This could encourage more people to sell jewelry and other items made of silver, putting more metal back on the open market. Further, price rises in precious metals often coincide with periods of economic weakness, which also encourages people to sell silver in order to generate spending money.