Though gold is rising in recent days (it always happens when the dollar's price is weakening in the world), there is material that fights against the most expensive mineral in the world.
This is palladium, whose demand has influenced its price, which has grown by 50% over the past four months and surprisingly distant from its more expensive cousin. They both trade at about $ 1 200 per ounce, and this week he has given palladium over gold on several occasions.
What is palladium? It is used in vehicle catalysts to reduce emissions. There is a growing demand for metal as consumers prefer petrol cars rather than diesel, especially after scandals over falsifying emissions controls on diesel cars.
Palladium ingots ready to be packed in a plant in Siberia, Russia. Photo: Reuters
Why is your price rising? Its value has reached record because the users of the precious metal compete limited supply and additionally, speculators' purchases were added. The cost of monthly loans for metals was more than three times the yield of ten-year government bonds. Its value accelerated over the course of the year due to the political tension between the United States and China, one of the best producers and stimulus measures introduced in China, a key consumer.
"It's a very limited market, there is currently not enough supply for the number of buyers," said Daniel Ghali, a strategist at TD Securities in Toronto, in an interview with the agency. Bloomberg, "She was so tight, it takes very little to move this market"Given the low volume of trades, he said.
Palladium for instant delivery rose by 1.8 percent to a record high of $ 1,204.71 per ounce (28.35 grams) on Friday before reaching $ 1,181.09, according to Bloomberg prices. Local gold farewell to a week at $ 1,220.52. The unit of yellow metal bought only 1,013 ounces of palladium, at least since 2002.
"We have a market with solid foundations, flat supplies, and rising demand, and there is undoubtedly interesting speculators who have helped bring the record to a record high," Jonathan Butler told Mitsubishi. Reuters,