The most expensive precious metal can become even pricier as reduction in South Africa mining activities can result in supply deficit, Bloomberg reports.

Rhodium is a byproduct of platinum mining and used in chemical sector as well as in automobile industry. Its value more than tripled since the beginning of 2017. However, price can grow even further. Due to lower platinum prices some mines are being closed. Stable demand and shrinking supply at rhodium market dominated by limited number of players will result in another price jump, analytics think.

Rhodium is traded at $2350 per ounce recently, however, price might grow to $3000 in near term.

At the same time investors have little opportunity to get exposure to the metal. There are only a few exchange-traded funds, but they are too small. Investors can cooperate with dealers or invest into companies that mine platinum.

However, not all analytics are optimistic in regards to rhodium. Experts in Capital Economics Ltd. think that Chinese economy slowdown as well as reduction in sales at other key markets will result in metal price decline to $1950 per ounce by the end of next year.