A rare combination of ongoing strikes in South Africa’s platinum group metal mines combined with political tensions between Russia and Ukraine have translated into three-year highs for palladium prices in early June, resulting in one of the few bull markets for a mining commodity this year.
The six-month spot price chart is particularly compelling for palladium bulls, showing a steady march upwards from US$700 per oz in early February.
At press time, intraday palladium spot prices were touching US$860 per oz in New York trading. Palladium prices are poised to close above US$855 per oz, which would be a 14-year high, bested only by the spike in 2000 that saw palladium prices soar well above US$1,000 per oz.
All of this is in contrast to palladium’s flashier siblings in the precious metals family, with prices for gold, silver, platinum and rhodium all flat this year.
Read the complete story at NorthernMiner.com/news/palladium