65 Metals and Alloys Ranked by Cost per Ounce

Please note that the above costs are accurate as of August 6-7, 2024.

Difference between Alloys and Pure Metals

The large majority of elements found on the periodic table are metals. Common metals include aluminum, iron, and copper. Alloys are a mixture of two or more elements, with one of the elements being a metal. Common alloys include steel, bronze, and brass. Since pure metals are typically softer, less versatile, more expensive, and prone to corrosion and damage, adding alloying elements to a metal can improve the life of the material it creates. Alloys are typically stronger, harder, and more resistant to corrosion.

Metals have further subcategories, such as base, noble, and precious metals. A base metal is a metal that is common, inexpensive, and prone to oxidation. In comparison, a noble metal is rarer and does not easily oxidize. A precious metal is often classified as such because it is considered valuable and desirable. While all noble metals are precious, not all precious metals are noble. A base metal, by definition, will never overlap with either category.

The Commodity Market: The Price of Silver and Gold

Metals are an important asset for the global market. The price for metals fluctuates based on supply and demand, which is influenced by factors such as global economic conditions, currency fluctuations, mining costs, import costs, and geopolitical concerns. As a commodity, or a raw material with economic value, metals are crucial to the development of society.

Gold and silver are quite unique among metals due to the intrinsic high value assigned to them. Despite their status as precious metals, they are resistant to corrosion, oxidation, and tarnishing. In addition to these qualities, they are the most malleable and ductile of all metals, which has historically made them popular choices for currency and jewelry. Gold has been renowned for its beauty and ability to reflect light, or in other words, an appealing means to denote nobility and wealth.

What is the Most Expensive Metal in the World?

Currently (as of August 6-7, 2024), the most expensive metal in the world that is not a synthetic element is iridum. The main reason for its price is its scarcity and difficulty in mining, as the only primary means of extracting iridium is as a by-product of platinum mining.

Major Uses of Metals

Metals are the basis for many industries. Some of the most notable industries include aerospace, architecture, electronics, money, automobiles, and jewelry.

• Aerospace: There is virtually no room for error in aircraft construction, so the materials must be durable, strong, and anti-corrosive. Metals in aerospace manufacturing are chosen based on factors like damage tolerance, fracture toughness, and resistance to fatigue and temperature extremes to meet the high safety standards required by the Federal Aviation Administration (FAA), which is under the Department of Transportation. Common metals used in the aerospace industry are aluminum, titanium, tungsten, and stainless steel. 

• Architecture and Construction: Even though metal is far more commonly used in modern architecture, it has been utilized for centuries from iron pillars to bronze embellishments and plated gates. However, it was too expensive and difficult to mass produce at the time, so most uses were limited to weaponry and tools. In current times, metal is commonly used in a wide range of applications and throughout all processes of construction. Steel, for example, provides both structural support and aesthetic appeal in architecture.

• Electronics: Metal is used heavily in electronics manufacturing for components like batteries, motors, hard drives, circuitry, connectors, and many more. Highly conductive metals like copper distribute electricity more equally, making it ideal for the transportation of electricity in wiring.

• Money: Metals have been used in currency extensively throughout history due to their portability and durability. The earliest coinage as its known today is estimated to date back as far as the 5^th or 6^th century BCE in Ancient Lydia. In the United States, the Coinage Act of 1792 established a national mint in Philadelphia. These coins were made of copper, silver, and gold. Eventually, there was a shift to cheaper and longer-lasting metals in coins.

• Automobiles: Metals in automobile manufacturing are selected based on cost, durability, lightness, and strength. The malleability of certain metals makes it ideal to use in more complex components like fuel systems, brakes, and engines, and suspension. The main metals used in cars and their parts are steel, aluminum, magnesium, titanium, and copper.

• Jewelry: Metals have long served as a status symbol in the form of bodily adornments. Specifically, gold, silver, and platinum are valued for their beauty and historically symbolized wealth, elite status, and cultural relevance across societies around the world. Gold, silver, and titanium are popular materials used in necklaces, bracelets, and rings.

65 Metals and Alloys Ranked by Cost per Ounce

Please note that the below costs are accurate as of August 6-7, 2024.