Palladium Surges Past $900
Palladium surges past $900 it best weekly gain since March, as concerns raised that supply will pull on demand and increase the metals current shortages.
So far Palladium has climbed 25% this year amid concerns over Russian supplies following the recent geo political risks and threats to trading sanctions.
Palladium is primarily used in catalytic converters in cars alongside its PGM counterpart platinum.
Russia being the top supplier of palladium, leaves the fear that supplies will be affected.
The worry is that Putin fed up with the recent sanctions imposed by the European Union will use palladium as a pawn in securing higher prices for Russian exports as he did so with natural gas.
Geopolitical risk remains a concern in Ukraine with tensions at risk of turning into a full blown conflict.
Ukraine has alleged that Russia has sent missile systems over the border, and only yesterday rebel separatists shot down a Ukrainian fighter jet.
With car sales on the continual increase especially in the US where sales are pushing towards the best in nearly 8 years. This comes as stronger wages, low interest rates and consumer confidence creeps up.
What’s next for Palladium Price?
So far palladiums Bull Run does not show signs of slowing as the US and China auto sales market doesn’t show signs of slowing and European Union seniors are hoping to stop the conflict between Ukraine and Russia which has been simmering since the Crimea crisis in March.