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Palladium .. Metal threatens the throne of gold

2018-12-05T11:30:11.467Z



The price of an ounce of palladium - the metal used in the car pollutant elimination system - was $ 1241 for a brief period due to fears of inadequate global supply, threatening the yellow metal throne.

At the end of trading on Tuesday, palladium was one of the three precious metals listed in markets whose prices exceeded the yellow metal.

Palladium yesterday traded briefly above gold at $ 3 during overnight trade after reaching $ 1241 an ounce.

In morning trade, palladium increased its gains to $ 1250.6 an ounce, after hitting an all-time high of $ 1255.83, according to Mubasher.

The palladium and gold mines were equal in the past, but that was 16 years ago in February 2009, but "palladium continues to steal the spotlight from all other precious metals and appears to be able to compete with gold, as Commerzbank predicted.

Over the past three years, the price of palladium has continued to rise, increasing by 22% in 2016, 56% in 2017 and 16% since the beginning of this year. Gold has a very different path, rising by 9% in 2016 and 13% And has lost nearly 5% since January.

What accelerates palladium?
The metal, which is mainly used in the automotive industry to purify it from environmental pollutants, has been on the surface for several months due to concerns about insufficient supply to meet demand, especially with consumers leaning toward gasoline-powered vehicles rather than diesel-powered cars.

Assets held in palladium trading funds have fallen to their lowest level since 2009, as metal users borrow to meet their needs, Bloomberg reports.

"The market is under great pressure," says strategist Johnny Teves. "This type of crisis is likely to be repeated because" the palladium market deficit has been going on since 2010 and will continue in the coming years as expected. "

The difference between the price of palladium and platinum is no greater than it has been since 2001.

Source: aljazeera

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