Thulium is named for Thule, the earliest name for Scandinavia and was discovered in 1879. Thulium is found along with the other rare-earth minerals principally in monazite and bastnasite. The metal is isolated using ion exchange and solvent extraction methods. Thulium, like the other rare-earth metals, has a bright silver luster and is malleable and ductile. Because of the relatively high price of the metal, there are few practical applications for its use.