Although gold is rising in recent days (it always happens when the dollar is weakening in the world), there is material fighting against the podium of the most expensive mineral in the world.
This is the palladium, whose demand has led to its price, which has risen by 50% over the past four months, and is surprisingly distance from its more expensive cousin. Both are traded at around $ 1,200 per ounce, and palladium is over gold several times this week.
What is palladium? It is used in vehicle catalysts to reduce emissions. There is an increasing demand for the metal as consumers are increasingly preferring gasoline cars instead of diesel fuel, especially after scandals over car maker frauds in the car's diesel emissions.
Palladium ingots, ready to be packed in a plant in Siberia, Russia. Photo: Reuters
Why is your price rising? Its value reached a record as consumers of the noble metal compete for limited supply and additionally, the speculators' purchases were added. The price of one-month metal loans is more than the triple yield of 10-year treasury bonds. Its value accelerated during the year due to the political tensions between the United States and China, one of the best producers, and the stimulus measures introduced by China, a key consumer.
"This is a very limited market, there are not enough deliveries for the number of buyers right now," said Daniel Galli, a strategist at TD Securities in Toronto, in an interview with the agency. Bloomberg, "As you are so healthy, it takes very little time to move this market"Because of the low volume of trade, he said.
Instant delivery palladium rose 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. Spot Gold farewell to the week with US $ 1,220.52. An ounce of yellow metal bought only 1.013 ounces of palladium, a minimum of 2002.
"We have a market with strong fundamentals, flat supplies and rising demand, and there is undisputed interest from speculators who have helped prices reach record levels," Mitsubishi analyst Jonathan Butler told the agency. Reuters,