The two Platinum Group Metals are used as
catalytic converters, mostly in the automobile industry.

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The Price of Palladium Will Continue to Fall Possibly Below Platinum by the End of 2023

Platinum and Palladium are popular precious and industrial metals. As industrial metals, the two Platinum Group Metals are used as catalytic converters, mostly in the automobile industry.

Patrick Heller, editor of Liberty’s Outlook forecasts that the price of palladium may fall below that of platinum by the end of 2023.

On March 8, 2022 the price of palladium closed at $2,967.00. Its price was more than triple that of platinum. Since then, the price of palladium has fallen 57%. It is now worth barely one-third more than platinum, notes Heller.

The largest use of palladium in recent years has been for catalytic converters in cars and trucks. In the past it took about two ounces of palladium to serve the same function as one ounce of platinum in the catalytic converters.

Therefore, when palladium’s price was far lower than platinum, it made sense to switch at least some of which metal was used. The changeover process took about three years.

But, the increased demand pushed up palladium’s price. Russia supplies about 40% of the world’s palladium supplies, but its mining infrastructure is outdated and in poor condition. With it taking up to 10 years from the time that a new potential mine site is discovered until it could go into production, it’s just not possible to quickly ramp up mine output of palladium.

So, the vehicle industry is now part way through shifting away from palladium to- ward the use of more platinum in catalytic converters.

Heller expects that the price of palladium will continue to fall and may well drop below that of platinum before the end of 2023.

Editor’s Note: Patrick A. Heller is editor of the award-winning Liberty’s Outlook, newsletter, published by Liberty Coin Service, a buyer and seller of gold, silver, platinum and palladium bullion and quality rare coins. For more information visit www.libertycoinservice.com.