Palladium is a very rare precious metal and is thirty times rarer than Gold. It is highly valuable for its uses in the electronics, medical, jewelry, and chemical industries. The metal is most commonly used in automobile catalytic converters for its ability to help speed chemical reactions and to help filter toxic gases from auto exhaust and convert them into safer substances. Palladium is also used to create White Gold and gives the popular alloy its white, silvery hue.
Factors that Can Influence Palladium Prices
- Economic Health: The health of key world economies like the United States, the Eurozone, and China can affect Palladium prices dramatically. If economies are strong, the price of Palladium will likely rise, in contrast to other precious metals. Similarly, Palladium prices tend to drop when economies weaken.
- Demand: Industrial demand can greatly affect the price of the precious metal.
- Mining Industry: Worker strikes and mine depletion can affect the price of Palladium, as the commodity’s availability rises and falls.
Trading Palladium is different from trading other precious metals and has distinct advantages. It is one of the most popular precious metal commodities to trade, but is known for extreme price stability. Unlike Gold and Silver, Palladium prices have stayed low and affordable, while the market has grown and demand for the raw material has risen.Trade Palladium