Palladium hits $902 t/oz, highest since February 2001
Peter Walden, News Editor
19 Aug 2014, 11:35 a.m.
Palladium briefly climbed over $900 t/oz yesterday, the highest price since February 2001. Despite retracting back to $898 t/oz today the price of palladium has strengthened as investors rushed to hold positions in the metal.
Investors seem fairly convinced that the long term supply may be suppressed due to recent sanctions imposed on Russia and an increase in demand to hold the metal. Palladium, now up 24% since January, gained momentum earlier in the year as South African miners held strikes and global car sales recovered (palladium is used in car exhaust systems). It is estimated that 80% of the world’s palladium output is mined in Russia and South Africa.
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