Galileo Mining receives highest palladium and platinum results to date from Norseman project. Galileo Mining Ltd (ASX:GAL) has received the highest palladium and platinum results to date from its 100%-owned Norseman project in Western Australia.
Palladium is a metal found primarily in Russia, South Africa, and Canada. It is stronger than platinum and has a wide range of uses, from dentistry to automotive to manufacturing to electronics.
Palladium mine production worldwide 2022, by country. The mine production of palladium in Russia reached an amount of some 88 metric tons in 2022. This production volume ranked Russia as the world's leading palladium producer that year. The average price of palladium was 2,178 U.S. dollars per ounce in 2022.
Global X Physical Palladium's (ETPMPD) 52-week low is $193.50 which was reached on 10 Mar 2023. Relative to this, ETPMPD's current share price of $223.34 constitutes a $29.84 or 15.42% gain since that low of $193.50 per ETPMPD share.
Galileo Mining Ltd (ASX:GAL) has received the highest palladium and platinum results to date from its 100%-owned Norseman project in Western Australia.
Relatively hard: Palladium is considered to be a softer metal, but it is still much harder and more durable than gold, which lends more protection against impact and a greater resistance to denting. Compared to gold's knoop hardness of 200, Palladium has a knoop hardness of 400.
Russia and South Africa are the two largest palladium-producing countries in the world, and both are known for their rich mineral reserves.
Platinum and palladium are similar in appearance, and both are hardwearing white precious metals. Still, platinum is our preferred choice as its greater weight gives it a more luxurious feel, and it is also a much better metal to work with.
The largest use of palladium today is in catalytic converters. Palladium is also used in jewelry, dentistry, watch making, blood sugar test strips, aircraft spark plugs, surgical instruments, and electrical contacts. Palladium is also used to make professional transverse (concert or classical) flutes.
All palladium compounds should be regarded as highly toxic and as carcinogenic. Palladium chloride is toxic, harmful if swallowed, inhaled or absorbed through the skin.
Palladium is generally found only in pure form, and along with platinum is found in sulfide concentrations in mafic igneous rocks It is mined in Russia, the USA(Montana), Zimbabwe, Australia, Canada and Finland.
Australia is one of the world's leading producers of bauxite (aluminium ore), iron ore, lithium, gold, lead, diamond, rare earth elements, uranium, and zinc. Australia also has large mineral sand deposits of ilmenite, zircon and rutile.
Exporters and Importers
In 2021, the top importers of Palladium unwrought or in powder form were Germany ($5.01B), United States ($4.4B), United Kingdom ($3.77B), Japan ($3.7B), and Italy ($1.85B).
Palladium's relative rarity makes it a valuable investment option when used to strategically diversify a Precious Metals portfolio.
Supply and Demand
When there's more demand for palladium than there is available supply, prices will go up. Similarly, when there's more supply than there is demand, prices will fall.
Palladium was “badly hit” by an anemic auto sector, and demand hasn't recovered since the pandemic, says Nikos Kavalis, managing director at Metals Focus. He says substitution from palladium to platinum and a rise in battery-powered vehicles contributed to palladium's steeper decline.
In 2022, the global supply of palladium was forecast to be 7.12 million ounces. In 2021, the total supply of palladium amounted to seven million ounces worldwide.
In terms of abundance in the Earth's crust, the rarest metals are: gold, platinum, osmium, iridium, palladium, ruthenium, rhodium, tellurium and rhenium.
Rhenium, ruthenium, rhodium, iridium, osmium, gold, palladium and silver are the order this comes in. The most valuable of all precious metals is rhodium.
Historically, Palladium reached an all time high of 3440.76 in March of 2022. Palladium - data, forecasts, historical chart - was last updated on May of 2023.
It Provides Protection against Inflation
In fact, there are times when palladium holds its value better than silver and gold. And if you've already invested in gold or silver as a hedge against inflation, palladium is an excellent complementary metal.
As a result, Platinum and Palladium are tarnish resistant. They are uncoated. Their metal colour is the natural surface of the metal.