Palladium continues on record run
- Published: Jan 16, 2019, 5 AM
Palladium is poised to set new records during calendar year 2019, according to Metals Focus, a precious metals consultancy.
The closing London PM spot price per troy ounce of palladium reached $1,270 on Dec. 28, 2018, breaking the $1,300 an ounce barrier on Jan. 7 at $1,313. A new closing high of $1,337 was reached Jan. 9, falling back to $1,327 on Jan. 11 before closing again at $1,337 on Jan. 14.
Inside Coin World: It looks like a cent (a lot, actually) but it isn’t: Columns in the Jan. 28 issue of Coin World focus on Indian Head cents that aren’t, different date styles on 1834 Classic Head half eagles, and the effect of copper spots on gold coins.
During calendar year 2018, the price of platinum rose 23 percent, outperforming gold, silver and platinum.
Metals Focus reports the performance is the result of considerably higher automotive industry usage, projected at 8.5 million ounces in 2018, compared to 5.8 million ounces in 2010.
Mining output has not kept pace with demand, leading to an estimated 1.1 million-ounce deficit in 2018.
Above-ground stocks of palladium fell to 13 million ounces in 2018, compared to stocks of 18 million ounces in 2010, according to Metals Focus.
Metals Focus reports a shortage in the fabrication of palladium ingots, which is a favorite investment avenue for Asian investors.
Metals Focus projects an additional 1.1-million-ounce deficit in above ground supplies of palladium in 2019.
A growing threat of mine strikes could further impact supplies of palladium, according to Metals Focus.
Connect with Coin World:
MORE RELATED ARTICLES
World Coins Feb 24, 2020, 4 PM
Paper Money Feb 24, 2020, 1 PM
US Coins Feb 24, 2020, 12 PM
US Coins Feb 23, 2020, 3 PM