With all eyes on gold getting back to the $1,300 level and talk of bitcoin headed towards $10,000 - investors might have forgotten that there is one commodity that has already achieved this feat.

On Friday, spot rhodium rallied $40 and hit $1,200 an ounce, nearly doubling its gains since the start of the year. The rare metal is up nearly 70% year-to-date or $485 an ounce, with prices rebounding from lows of $575 last seen in July 2016.

 Because the market is so small compared to the other metals, rhodium's moves can be drastic and volatile, explained metals expert, Peter Hug, global trading director for Kitco Metals. From 2003-2008, the metal surged almost 23-fold when it hit that record $10,000.

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This article is commentary by an independent contributor.