Palladium hits a 13 year high as concerns grow over further sanctions being put against Russia which could hinder supplies from the world’s largest producer of palladium.
With the palladium price hitting $911 today the lustrous metal is up 27% so far this year and with favourable price conditions remaining we could be set to see even further gains.
What Factors are Causing the Palladium Price Rally?
Palladium along with platinum are the main components for catalytic converters in cars. In recent years there has been an explosive increase in the demand for automobiles worldwide. This is predominantly from the worlds top consumer America, but increasingly from developing countries such as Brazil, India and China.
Although South Africa isn’t the number one producer of palladium, the strikes which greatly affected platinum earlier in the year have also affected palladium. The extent surrounding supply concerns boosted the palladium price.
With palladium set to see further gains – Could now be the time to move into PGM’s?
