empty
 
 
18.01.2019 12:50 PM
Palladium for the first time in history priced more than gold

On Thursday closing of trading, January 17, the cost of palladium for the first time in history exceeded $1,400 per troy ounce. The price of precious metals in the course of trading rose by 5.4% to $1,439.29 per 1 ounce.

Currently, its quotes continue to grow, ignoring signals of weakening global demand. Recall that since August last year, metal prices jumped more than 65%.

This image is no longer relevant

For a long time, the palladium market remains in short supply. In this regard, Scotiabank analysts are confident that in the future, the difference between demand and supply of palladium in the world market will increase. According to the forecasts of the analytical company Metals Focus and the Institute of Geotechnologies, the deficit of precious metals will continue in the coming year. According to expert estimates, the palladium deficit in the world will reach 1.4 million ounces by the end of 2019. Analysts attribute this to the growth in consumption in the automotive industry, where the priority is the production of hybrid cars and gasoline-powered cars.

Over the past three years, the cost of palladium increased by a record of 170% and an increase of 19% by the end of 2018. Not a single metal showed similar results, experts emphasized. However, despite the rise in the price of palladium, investors mostly continue to ignore this precious metal. Analysts are confident that it is great for investing, and the upward trend of this metal may intensify.

Recall on January 9, 2019, the palladium set a new record value of $ 1,329 for 1 ounce. According to experts, it has become more expensive than gold. According to economists, palladium quotes will maintain an uptrend amid rising geopolitical tensions and steadily high demand from the automotive industry.

Investors in palladium should weigh all the risks when buying the precious metal. Stable demand for it from the global automotive industry can provide a disservice to market players. The flip side of the popularity of precious metals from automakers is the strong dependence of the price of palladium on the situation in this market. In case of problems with automakers, the demand for metal may weaken and its cost has been sharply reduced. A number of car companies are looking for an alternative to palladium since its price and shortage in the market contribute to higher production costs.

Larisa Kolesnikova,
Analytical expert of InstaForex
© 2007-2024
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback