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On Thursday closing of trading, January 17, the cost of palladium for the first time in history exceeded $1,400 per troy ounce. The price of precious metals in the course of trading rose by 5.4% to $1,439.29 per 1 ounce.
Currently, its quotes continue to grow, ignoring signals of weakening global demand. Recall that since August last year, metal prices jumped more than 65%.
For a long time, the palladium market remains in short supply. In this regard, Scotiabank analysts are confident that in the future, the difference between demand and supply of palladium in the world market will increase. According to the forecasts of the analytical company Metals Focus and the Institute of Geotechnologies, the deficit of precious metals will continue in the coming year. According to expert estimates, the palladium deficit in the world will reach 1.4 million ounces by the end of 2019. Analysts attribute this to the growth in consumption in the automotive industry, where the priority is the production of hybrid cars and gasoline-powered cars.
Over the past three years, the cost of palladium increased by a record of 170% and an increase of 19% by the end of 2018. Not a single metal showed similar results, experts emphasized. However, despite the rise in the price of palladium, investors mostly continue to ignore this precious metal. Analysts are confident that it is great for investing, and the upward trend of this metal may intensify.
Recall on January 9, 2019, the palladium set a new record value of $ 1,329 for 1 ounce. According to experts, it has become more expensive than gold. According to economists, palladium quotes will maintain an uptrend amid rising geopolitical tensions and steadily high demand from the automotive industry.
Investors in palladium should weigh all the risks when buying the precious metal. Stable demand for it from the global automotive industry can provide a disservice to market players. The flip side of the popularity of precious metals from automakers is the strong dependence of the price of palladium on the situation in this market. In case of problems with automakers, the demand for metal may weaken and its cost has been sharply reduced. A number of car companies are looking for an alternative to palladium since its price and shortage in the market contribute to higher production costs.
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