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Palladium is a precious metal that is always interesting to discuss. How could it not be, the price is fairly high, and it has recently increased significantly.
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If palladium was sold at a price of US $ 1,200 per ounce at the start of 2019, it experienced a price increase of up to US $ 1,600 per ounce in March. This is a significant price increase, especially in such a short period of time.
However, palladium prices fell again two months later, in early May 2019, to US $ 1,200 per ounce.
Palladium's price has fluctuated several times, and it is now in the US$ 2,000 per ounce range.
Some of the reasons why the price of palladium is so high and may soon surpass the price of gold are as follows:
1. Among the rare natural resources
Something rare and difficult to obtain, such as palladium, will undoubtedly have a high value. This precious metal is one of several relatively rare precious metals, including iridium and rhodium, which are also difficult to find. All three are expected to be precious metals with prices higher than the market price of 24 karat gold.
Palladium is not found anywhere because it is only found in a few countries. This, of course, affects market prices, especially since the number is so limited.
Until now, only a few countries have mined palladium, including the United States, Russia, Zimbabwe, Canada, and South Africa.
2. The level of demand is extremely high, particularly in the automotive industry
Palladium is in high demand in the rare metals category. Many people are looking for this precious metal in the market, but the biggest demand comes from the automotive industry, which is expanding every year.
85% of palladium demand comes from the automotive industry in various parts of the world. This condition undoubtedly has a significant impact on the market price of palladium.
Palladium is used as a raw material in the automotive industry to make catalytic converters. The catalyst converter is an important component in vehicles that controls gas emissions.
This tool will neutralize 90% of the gas in the vehicle, whether it is hydrocarbons, nitrogen, or carbon monoxide.
3. Palladium demand is outstripping supply
The market price of palladium is also influenced by the imbalance between the amount of demand and supply of this precious metal. Only 210 metric tons of palladium were produced worldwide in 2018.
While the market demand for this product far exceeds that figure, and is even increasing year after year.
The aforementioned conditions have resulted in a high market price for palladium, which has recently increased significantly.
There is a high demand for this item, but its availability on the market is extremely limited. The more requests that come in, the more likely it is that the price of palladium will rise even further in the future.
4. In 2018, Russia overtook the United States as the leading producer of palladium
In 2018, only 210 metric tons of this precious metal were produced globally. Even though it appears to be a large amount, it is still far in excess of market demand, which is extremely high and increasing year after year.
Palladium is produced in several countries around the world, but Russia became the largest palladium producer in 2018 when compared to other palladium producers.
Russia produced 85 metric tons of this precious metal out of the 210 metric tons produced in 2018. South Africa came in second with a production of 8 metric tons. Then came America, Zimbabwe, and a few other countries. This number of production figures will, of course, change from year to year.
Palladium is a rare metal with a high price
Palladium is a precious metal that is only found in a few countries. Its scarcity is inversely proportional to the product's high market demand. Although the price is already quite high, palladium's scarcity is very likely to cause it to rise further in the future.
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