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MarketScreener Homepage  >  Commodities  >  Palladium       XC0009665529

PALLADIUM

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Palladium : quietly made its way to the top

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03/14/2019 | 12:17pm EDT

Far from the spotlights that had made cryptocurrencies shine evanescently, far from the fame of its golden cousin, the palladium discreetly follows a flawless path.




No madness to speculation, no videos that praise the merits of this original investment in order to achieve substantial added value, this noble metal has, therefore, everything to continue its graphic extension despite little media coverage.

This is not new, since the rise in prices is rooted in 2016, making 2019 the fourth consecutive year of growth, outperforming all other commodities. Investors are now trading at USD 1500 to buy an ounce. At this price, palladium far exceeds gold (USD 1300).

This exceptional configuration is not a first for this rare metal. Indeed, in the 2000s, the price rose from USD 200 per ounce to over USD 1000. At the time, Russia, already a major producer, had suggested there could be a shortage. But this didn’t last, and the Palladium fell sharply on its initial prices in a few months.

Extracted mainly in Siberia and South Africa, its attractiveness has increased tenfold in the last four years, as it is used in the composition of catalytic converters for petrol cars, whose market share is increasing. In Europe, the introduction of stricter emission standards in the automotive industry (WLTP) led to peak demand for palladium, to the detriment of the platinum required for diesel engine filters.
Before the automobile industry can succeed with electric cars, it abandons diesel and reverts to more environmentally friendly petrol vehicles. The physical market for silver metal therefore remains tight despite the liquidity of index funds and surface stocks.

The euphoria must not make us forget the artificial side of this price increase, which is conditioned by speculation, however small it may be.  The dynamic configuration could be blocked as soon as new technological innovations are announced, or if society goes all-electric. In the meantime, volatility is expected to increase in the platinoid market.
 


Patrick Rejaunier
© MarketScreener.com 2019
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