2022 Market Outlook for Palladium
Most people only know gold, silver and platinum to be precious metals, but did you know palladium is not too far behind in the same category. What is palladium, though? It’s a type of metal; one of the four most precious metals belonging to the six-platinum group of metals.
It is mostly mined from Russia and South Africa and is used in many secondary products as well. What’s more, palladium prices have been rising astronomically owing to the rarity of the metal.
What Is Palladium?
Palladium is one of the members of the platinum metal group and is silver in color. It was discovered in the early eighteenth century by William Hyde Wollaston. It is soft in nature and is less dense compared to other platinum metals.
Uses Of Platinum
The most advanced use of palladium in the making of catalytic converters, which is essential in the automobile industry. It is also used in the making of dental appliances, electronic devices, purifying hydrogen, making certain medicines, and jewelry.
Future Market Outlook For Palladium
Palladium’s price has increased by three hundred and ninety-eight percent, making it one of the valuable assets. Over the same period, this price increase is higher compared to all precious metals. When looking at global supply and demand for palladium, it’s evident that the metal is in short supply. Palladium supply increased five percent in 2021, while demand in the car industry, palladium’s price increased by twenty percent. The demand for silvery-white metal also made its mark in the jewelry industry.
Palladium reached a high of two thousand nine hundred US dollars per ounce. Although prices have dropped from recent highs, many believe the market is still in a strong position. Palladium futures for June 2021 were around two thousand nine hundred and thirty-two US dollars per ounce, down 0.70 percent. Palladium is the rising precious metal so far this year.
Palladium prices began at two thousand and four hundred US dollars in 2021. Palladium is currently trading at two thousand seven hundred and sixty-one US dollars; an increase of twelve percent is seen since the start of the year. Palladium is expected to cost around three thousand five hundred US dollars by the end of 2021. The increase from today until the end of the year is over twenty-five percent. Palladium’s price will continue to increase over 20.8 percent in the first half of 2022, and increase over 654 US dollars by the end of 2022.
In the last four years there was a drastic increase in palladiums value, the hype was at its peak in the year 2019 and since then it is proved to be a valuable asset in the precious metal market..
Palladium is predicted to rise in price in the upcoming years as emerging companies utilize palladium in their models.
Ready To Invest In Palladium
Now that we know that the future of palladium is brighter than other precious metals, it’s definitely worth the investment. It’s time to get in touch with a certified and professional metal exchange company. Orion Metal Exchange an American metals exchange company, offers a variety of investment options at reasonable prices Contact us for all your concerns regarding the finance and storage of your precious metals.