Palladium Soars to 32-Month High On Supply Fears

FTMDaily.com – Palladium prices are on fire.

The price of the industrial metal has recently soared to its highest level since 2011 amid escalating tensions in Ukraine.

Why is the Ukraine crisis driving up palladium prices?

Because, the world’s biggest producer of palladium just so happens to be: Russia. As Moscow and the West face off in the sharpest war of words since the Cold War, investors are increasingly concerned that palladium supplies could become endangered amid growing threats of more economic sanctions.

Meanwhile in South Africa, the world’s second largest palladium producer, labor strikes by palladium miners continue to cause supply concerns.

Together, Russia and South Africa make up nearly 80% of the world’s palladium supplies. Given the current instability, investor concerns are primarily on the supply side.

However, one of palladium’s primary industrial uses is in automobiles, where it is widely used in catalytic converters. According to the latest forecast, global automakers will manufacture a record 72 million cars in 2014. Therefore, concerns over growing palladium demand also have investors buying the metal.

Put simply, growing geopolitical tensions with Russia, ongoing mining labor strikes in South Africa, and record global production of automobiles mean that palladium prices will possibly soar even higher in the days and weeks ahead.

So far in 2014, palladium is roaring higher.

Currently:

Palladium is up 12.57% YTD.

Gold is up 10.14% YTD.

Platinum is up 6.43% YTD.

Silver is up 2.89% YTD.

Until tomorrow,
Jerry Robinson

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