"Rare Earth Metals" Available To Purchase In Michigan

BIRMINGHAM (WWJ) - Gold? Silver? Child's play compared to the newest precious metals investment, Rare Earth Metals.

They have exotic names like Scandium and Promethium, and one bar can cost up to 15 times that of a bar of silver. And there may be only one place in Michigan where you can buy them.

Richard Rosenbaum, who runs Birmingham Coin and Jewelry on Woodward near Adams Rd, said most rare earth metals, or REMs, come from China. Rosenbaum said "during 2011, the Chinese government announced export limitations on REMs," causing prices to skyrocket

Rosenbaum believes he's the first Michigan retailer to sell a full line of REMs, which are sold individually or in sets.

Rare earth metals are used in the production of wind turbines, electric car batteries, advanced lasers, flat screens and other high-tech products.

Despite their name, rare earth metals are relatively plentiful in the Earth's crust. They are, however, typically dispersed and not often found in concentrated and economically exploitable forms.

Rare earth metals are not traded in the same way that precious or non-ferrous metals are, such as gold, silver and aluminum. Instead, they're sold on a private market, which often makes their prices difficult to monitor and track.