Tightening supplies continue to push the spot price of palladium to new record highs, with the metal climbing in value nearly 25 percent since the beginning of 2019.

The London PM spot price for palladium closed March 19 at $1,567 per troy ounce, exactly $300 an ounce higher than the closing price Jan. 2. In some markets, the metal briefly traded for more than $1,600 an ounce.

Inside Coin World: Collectors who buy the holder, not the coin: The April monthly issue of “Coin World” features exclusive features and columns, including a look at collectors who advise others to “buy the holder, not the coin.”

The Financial Times reports that shortages of the metal (which is primarily used in controlling automobile emissions) have spurred a price increase of nearly 90 percent since August 2018.

Spikes in the palladium price have been affected by the announcement by Russia, the world’s larger producer of palladium, that it is planning to ban the export of scrap and tailings from May 1 through Oct. 31.

Reuters reports Russia is considering the ban in an effort to promote domestic refining of its precious metals.

Connect with Coin World:  

Sign up for our free eNewsletter
Like us on Facebook  
Follow us on Twitter