As a result, the mining giant experienced a 28% reduction in palladium output, reducing the global supply to 6.4Moz. A culmination of these factors has resulted in palladium being one of the rarest metals. Palladium is estimated to be about 15 times rarer than platinum, making it significantly more expensive per ounce.
Most palladium is an extracted byproduct from the mining of platinum and nickel. Because palladium is a byproduct of the mining of these two metals, its production is directly tied to their price. If demand is high for platinum and nickel the supply of palladium will naturally go up.
The Global Palladium Coated Copper Bonding Wires Market Size Reached USD 1295.6 Million in 2021-2022. It is Expected to Grow at a CAGR of 18.6% till 2030. The Global Palladium Coated Copper Bonding Wires Market to Reach the Value of USD 3605.5 Million by the End of 2030.
Palladium is Rare
Palladium's relative rarity makes it a valuable investment option when used to strategically diversify a Precious Metals portfolio.
Gold has many uses and is thought to be the standard for precious metals, trading at $1,654 per ounce. Most investors overlook Palladium, which is even more valuable at $1,954 per ounce, respectively. Here's why Palladium is more valuable than gold: Key part for emission reducing autos.
Relatively hard: Palladium is considered to be a softer metal, but it is still much harder and more durable than gold, which lends more protection against impact and a greater resistance to denting. Compared to gold's knoop hardness of 200, Palladium has a knoop hardness of 400.
Platinum is 30 times more rare than gold.
On February 10th, Nornickel announced that it expects its palladium production to drop in 2023 due to planned refurbishment at its Nadezhda metallurgical plant. A report by Reuters said that the company's palladium output is likely to fall by 8%-14% than in 2022 in the range of 2,407-2,562 koz.
Historically, Palladium reached an all time high of 3440.76 in March of 2022. Palladium - data, forecasts, historical chart - was last updated on May of 2023.
That is now changing. Electric vehicles (EVs) that do not need palladium are gaining market share and automakers are substituting some palladium for cheaper platinum in combustion engine vehicles. Meanwhile, supply from recycled cars is rising as those containing more palladium reach the end of the road.
In 2022, the global supply of palladium was forecast to be 7.12 million ounces. In 2021, the total supply of palladium amounted to seven million ounces worldwide.
If you only look at the catalyst, it may be possible to use one or two sister metals of palladium, rhodium or platinum, to replace part of the amount of palladium.
The automotive industry is the largest end user of palladium by far as the metal is key in manufacturing catalytic converters for vehicle exhaust systems.
Rhenium, ruthenium, rhodium, iridium, osmium, gold, palladium and silver are the order this comes in. The most valuable of all precious metals is rhodium.
The metal is more expensive than gold, and molecules that contain palladium can also be extremely toxic to humans and wildlife. Chemical manufacturers have to separate out all traces of palladium from their products and carefully dispose of the hazardous waste, which adds extra expense.
Historically, recessions have been positive for the gold price. In the absence of further major shocks in 2023, investors might look to put their money into commodities, particularly gold but also silver.
Consumer demand will be key to 2023 growth
“The health of the automotive sector will remain palladium's leading barometer — after all, the sector accounts for over 80 percent of demand,” Swarts said. Metals Focus sees auto production growth being marginally positive for palladium demand in 2023.
Anti-pollution role. While the six metals that make up the platinum group – ruthenium, rhodium, palladium, osmium, iridium and platinum – have been extracted from Australian soil before, they have typically been byproducts dug up by miners focused on the nickel and copper often found with PGEs.
Galileo Mining Ltd (ASX:GAL) has received the highest palladium and platinum results to date from its 100%-owned Norseman project in Western Australia.
World class palladium dominated PGE deposits are extremely hard to find. That's what makes Chalice Mining's (ASX:CHN) Julimar deposit in WA – which the company calls “Australia's first major palladium discovery” — so special.
All palladium compounds should be regarded as highly toxic and as carcinogenic. Palladium chloride is toxic, harmful if swallowed, inhaled or absorbed through the skin.
The largest use of palladium today is in catalytic converters. Palladium is also used in jewelry, dentistry, watch making, blood sugar test strips, aircraft spark plugs, surgical instruments, and electrical contacts. Palladium is also used to make professional transverse (concert or classical) flutes.
The rarest metal on earth is actually francium, but because this unstable element has a half life of a mere 22 minutes, it has no practical use.