Palladium Spot Prices for the Last 30 days
What is Palladium 'Spot Price'
Palladium is a precious metal with unique physical and chemical properties that make it highly sought-after for various industrial applications, as well as for investment purposes. Like other precious metals, palladium is traded on commodities futures markets such as COMEX, Shanghai Exchange, LBMA and others. The metal has a variety of industrial uses due its unique physical characteristics such as strength, durability, corrosion resistance, high-melting point and other qualities.
Geopolitics plays a significant role in the price of palladium. South Africa and Russia have the known largest deposits of palladium. Due to its volatile price movements, palladium can be a good speculative investment.
Palladium is also used in the manufacturing of electronics, dentistry, jewelry and catalytic converters. Palladium-copper alloys provide commercial fashion jewelry with its white-gold color, durability and resistance to tarnish. As a vital component with many industrial applications, particularly in the automotive sector, help to make palladium highly valuable.
One of the main applications that comes to mind for platinum group metals is in the components of three-way catalytic converters that reduce emissions in gas and diesel cars and trucks. They also have applications in the manufacturing of fiberglass and flat-panel glass used in televisions and other electrical components.
By far, the jewelry industry is the largest consumer of palladium & rhodium. Both are used in manufacturing fashion jewelry, both as a base for alloys, and as a plating material that is durable and keeps a shiny finish. It is also commonly mixed with gold to create white gold alloys.
The refining and extraction of Palladium involves a more complex process than other metals because it is found commonly mixed in ore with other metals and minerals. Palladium is found in areas of South Africa, Zimbabwe, Ural Mountains in Asia and North and South America.
Palladium Coins & Bars are available to investors looking to diversify their physical portfolio with some more interesting options as a hedge against inflation. Availability of Palladium and other PMG metals remains limited.
Palladium Sources
Palladium is primarily extracted as a byproduct of platinum and nickel mining. The majority of global palladium production comes from countries that are significant producers of other platinum group metals (PGMs), with Russia, South Africa, and Canada being the largest producers.
Russia is the largest producer, accounting for roughly 40-50% of the global palladium supply. The majority of Russia's palladium production comes as a byproduct of nickel mining in the Norilsk region, which is also contains some of the largest nickel mines globally. The region is also rich in platinum group metals (PGMs), including palladium, making it a vital source of palladium supply.
What is a troy ounce?
The troy weight system is an ancient system of weights that is derived from the Roman monetary system. The troy system was later adopted by the British and other countries for weighing precious metals like gold, silver, and gemstones.
A troy ounce is a unit of measure for weighing precious metals that dates back to the Middle Ages. Originally used in Troyes, France, the troy ounce is now the standard unit of measure for precious metals like gold, silver, and platinum.
One troy ounce is the equivalent of 31.1034768 grams, which is a little more than the standard avoirdupois ounce that weighs 28.3495 grams. There are 12 troy ounces in a troy pound, rather than 16 ounces found in the 'avoirdupois' pound more commonly used for measuring weight in the United States.
The Troy Ounce, abbreviate as "t oz" or "oz t", is roughly 10% heavier than the avoirdupois ounce. When you see precious metal prices quoted, such as the spot price of gold or silver, it is typically quoted per troy ounce.
Where did the Troy Ounce Originate?
The system was introduced to England in the 9th Century by traders doing business with Byzantine Empire. The system was named after the Roman trading city of Troyes in France, a major trading city in the Middle Ages. This system of measurement spread throughout Europe for the trade and exchange of precious metals.
The troy system was introduced into England following the Norman Conquest in 1066. By the 1400s, the troy weight system was officially adopted in England for the trading and weighing of precious metals. The British Pound Sterling, originally denoting a pound of sterling silver, reflects this ancient connection between weight and currency. The troy measurement system became the official standard for gold and silver in Britain in 1527 under King Henry VIII.
It's worth noting that the troy ounce is heavier than the more common avoirdupois ounce that is used to weigh most other items in the U.S. The troy system's division into 12 ounces (reflecting the old Roman libra) is also in contrast to the avoirdupois system's division of 16 ounces to a pound.
Today, the troy weight system is used almost exclusively in the precious metals industry. When you buy an ounce of gold or silver, it's a troy ounce. Similarly, when precious metals are mined, they're weighed using the troy system.
