Back in 2016-2017 we were buying Rhodium for around $25/g. The price started to increase rapidly in 2018-2019 up to about $100/g (400% increase), then in 2020 it jumped up to $400/g peaking at $900/g in 2021. That pretty much killed all but the essential Rhodium use for decorative platings. Since then the price has come back down close to the 2018-2019 level, but because of the volatility I think most companies will be reluctant to start back up with it. Rhodium is still nearly 2 times more expensive than Gold (which is about $75/g) and compared with the other white metals, Platinum and Palladium (both are about $30/g), with pure Silver clear down at less than $1/g.
One of the most impactive contributing factor was the 2019 Paris Agreement where producing companies made a commitment to decrease hazardous emissions. Since Rhodium is used in catalytic converters the automotive demand surged creating a supply deficit. Almost 80% of all Rhodium is consumed by the automotive industry.
Consequently, nearly 80% of the Rhodium is mined in South Africa and for the past 4 or 5 years, they have been plagued by civil unrest, violence, illegal mining operations, corruption, employee strikes (mostly related to unsafe conditions and human rights violations) among other things. It's no wonder the price has been so volatile. It is very unfortunate for those of us that really appreciate the high end platings.
Dave