Volatility in the palladium market sparked by concerns over Russian
metal supplies pushed the spot price of the precious metal per troy
ounce up 23.5 percent during the nine trading days of April 9 through 19.
The spot price of the metal closed at $852 per troy ounce Friday,
April 6, but rose to more than $1,052 April 19.
Coinage during World War I
Propaganda and influence were a big part of World War I, and
medals and coins were a prime vehicle to convey those messages.
Steve Roach covers the topic in our May 7 cover feature.
Although the London PM spot price closed April 20 at $1,031 per
troy ounce, that was still nearly $100 an ounce higher than platinum.
In contrast, on April 20, 2017, the market closed at $802 per troy
ounce for palladium.
indicates that Russia contributes between 40 and 50 percent of the
world’s output of palladium, with Russia and South Africa combined
controlling more than 75 percent of the total supply.
Johnson Matthey reports that global palladium demand outstripped
supply by 25.4 tons in 2017.
Palladium and platinum are key components in the worldwide
automobile manufacturing industry, used in autocatalysts for emissions controls.
Macrotrends reports that if Russia restricts its
supply of palladium in reaction to the bombing of Syria or the latest
round of sanctions imposed by the United States, that action could
push palladium prices sharply higher.
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Unless the U.S. Mint is hedging its metal purchases or has already
purchased metal for the production and fall release of its planned
Proof 2018-W American Eagle 1-ounce palladium coin, the cost to
acquire the metal could be sharply higher than in 2017 when the U.S.
Mint issued a bullion version.