Palladium Hits Another Record Price!
The Palladium rush shows no sign of stopping with more all-time high prices in Sterling and US dollars being recorded on the 20th January. Prices per troy ounce hit $2,580.50 and £1,987.40 respectively! The percentage changes in price levels (US dollars) of the four main precious metals in 2019 is as follows:
A power crisis in South Africa, which accounts for around 40% of global palladium output, has impacted mining and production operations and exacerbated a supply squeeze in the palladium market. This is on top of problems facing palladium production in Russia, which accounts for half of world supply of the precious metal.
This staggering rise in the palladium price level now makes it more expensive than gold has ever been. Could Palladium break £2,000 an ounce? it is entirely plausible given the issues facing producers in Russia and South Africa at the moment, and the price per troy ounce has already risen by an astonishing 54.3% this year. The precious metal is certainly facing a squeeze in supply so do not be surprised if palladium continues its purple patch well into 2020.
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