The rare metal known as Palladium was discovered in 1803 by William Hyde Wollaston. The commodity was named after the Greek goddess Pallas Athena and is used for multiple products such as jewelry, dentistry and crowns.
This silvery white metal is part of the Platinum Group Metals alongside rhodium, iridium and osmium. Palladium, however, is said to have the lowest melting point and least density. Due to these characteristics, it has become an essential metal for industrial use.
When platinum reserves were seized during World War II, Palladium became the next best thing for jewelry creation. Its similarity to the white gold and its longer-lasting durability as well as its tarnish resistance made the commodity much sought-after.
Separating palladium from its deposits was once a complicated process; however, due to advances in technology, the metal can now be produced in large amounts and at a lower price compared to platinum.
Supply and demand play a major role in determining Palladium price. For example, 85% of the metal deposits located in Russia and South Africa are susceptible to change due to political disruptions. In this case, Palladium’s supply can be easily impacted.
Half of a year’s Palladium supply is taken from the automotive industry for catalytic convertors. The more demand there is for cars with traditional engines, the higher the demand for Palladium. On the other hand, the gradual popularity of electric cars will slowly diminish the demand for this commodity.
The demand for this metal is common in consumer electrics. It is used for electric components and connectors and it is also practical in cold fusion experiments and hydrogen fuel storage.
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