Precious metals news

Palladium has reached an all time high price, higher than the highest price for gold even!

There are a number of reasons for this, which are explained here

.

.

.

.

.

Demand for palladium in catalytic converters remains strong, and an additional impetus this week was the continuing power issues suffered by ESCOM in South Africa.

.

Palladium, at $1,935 has topped gold’s peak near $1,911 set back in 2011.

.

A trader downplayed the South African electricity issue, but emphasised the voracious demand for palladium in catalytic converters. The metal moved to a wide price premium over platinum in the two years, since palladium is used for catalytic converters in gasoline-powered cars.

.

In particular, palladium consumption has increased in China, and other countries, due to their more stringent environmental regulations. This has meant more loadings of palladium in each vehicle. Some analysts consider that this has more than offset the decline in car sales during 2019.

.

Platinum, used in diesel converters, was up $2 to $938 an ounce.

.

.

.