Chris Blasi: Forget the Noise, Precious Metals Will Prevail investingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investingnews.com Daily Mail and Mail on Sunday newspapers.
by Tyler Durden
Friday, Apr 30, 2021 - 01:00 PM
Palladium futures climbed Friday to over $3,000 an ounce for the first time as the market is worried about a shortage of the precious metal used mainly by automakers in exhaust systems and green technologies such as hydrogen power.
Palladium briefly rose above $3,000 an ounce around 0445 ET. As of 0828 ET, palladium was up 1% at $2,981.
Prices have erupted since March 16, up more than 20% since Nornickel, a Russian nickel and palladium mining and smelting company, announced flooding at two of its mines.
Since the COVID low in March 2020, palladium prices have jumped more than 100%. Many people thought palladium at $1,000 was a bubble. Wow was that wrong, R. Michael Jones, chief executive officer at Platinum Group Metals Ltd. PLG, told MarketWatch. As the world economy emerges from a COVID economic lockdown, personal transport will almost certainly be very popular.
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