Monday , May 16 2022

The Palace is going to parity with gold for the first time in the last 16 years. Analysts Announced Record Records – News by Resources



[ad_1]

According to Reuters, palladium is growing faster than other precious metals, and for the first time in the last 16 years, gold and parity reach.

Limited deliveries, high deficits and growing interest from speculative investors have led to a 40% increase in palladium prices over the past three months. The price of this metal, mainly used for the production of vehicle catalysts, reached a record level of $ 1,185.40 per ounce on Friday, and kept $ 35 below $ 35 for one ounce of gold.

Read: The RISE Project Comes With New Descriptions: Dragnea Film Appears on Hunt with Wire Drum Chefs and PSD Leaders (VIDEO)

"What we see is the culmination of several years of openings. $ 1,200 is the next psychological breakthrough," says Mitsubishi's analyst Jonathan Butler. I'm waiting for $ 1300. "

In contrast, analysts at Citibank say the situation in the physical market of palladium is one of the most difficult of the last two decades.

Car producer Johnson Matthey waits for 239 thousand ounces this year, while GFMS analysts expect a one-on-one deficit in each of the next 10 years. per year

Palladium prices rose this year, despite the automobile sales in China, the world's largest automotive market, and a stagnation in US sales, the world's second largest market. The automotive industry is responsible for 80% of the demand for palladium.

READ: Legend or real? How much you lose if you give up the bread

However, arguments for a growing palladium market are supported by the transition of European car manufacturers to gasoline cars after the diesel door scandal. This may require large amounts of palladium to build the catalysts.

This adds the fact that the stocks of palladium have decreased. Stocks monitored by Nymex are 46,965 ounces, the lowest level since 2003. In addition, ETF-financed palladium stocks declined from 2.6 million ounces in 2015 to below 800,000 ounces.

[ad_2]
Source link