MONTREAL, April 19 /CNW Telbec/ - In keeping with its tradition of innovation, Kitco Metals Inc. introduces a new-generation investment product - Kitco Rhodium Sponge.
As an industry first, Kitco is making pure rhodium powder (sponge) available to the individual customer in convenient tamper-proof plastic bottles of one, five and 10 ounces. Now, investors can physically acquire and trade rhodium, the rarest precious metal.
Given the increasing demand for and the limited supplies of rhodium, it is not surprising that the metal has caught the interest of Bart Kitner, President of Kitco Metals Inc. "Everyone knows about gold and platinum. Even palladium has gained favor among precious metals investors in recent times. But rhodium is only now coming into its own as an investment product," says Kitner.
Because of its hardness and wear-resistance, the metal is used in many specialized industrial applications. Its most widespread use is in the catalytic converters of modern-day automobiles, a demand sector pegged for growth in the world's emerging economies.
Driven chiefly by supply-side constraints, the rhodium price reached a historic high of US$10,000 an ounce in 2008. The metal is currently priced at the lower end of its historic range and is gaining popularity as an investment product.
About Kitco Metals Inc.
Founded in 1977, Kitco Metals Inc. is one of the world's premier retailers of precious metals and a leading provider of refining and recycling services to industrial customers and jewelers. A mainstay of Kitco's business is the award winning website www.kitco.com. Featuring live spot prices, market commentaries, news and usable market information, the website attracts about a million visitors every day. From its offices in Montreal, New York State, Hong Kong, Shanghai and Barbados, Kitco provides top-quality products and services that are trusted by customers around the world.
To know more about Kitco Rhodium Sponge, the metal and its markets, visit www.kitco.com/rhodium.
SOURCE KITCO INC.
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