For countries such as Russia and South Africa where the precious Palladium is produced, the economy may have hit a huge jackpot since the price of this world’s most precious metal is at an all-time high now.
The world's most precious metal, Palladium, used in making catalytic converter is reportedly more valuable than gold
According to reports, since the beginning of this year, the value of the silver-white metallic element, which, during the mining of other metals, is mostly extracted as by-products, has gone way up- over 20%. This is more expensive than Nickel and Platinum. As we speak, its value is now 80% costlier than last year.
They mostly use this highly valuable metal in manufacturing catalytic converters present in the exhaust of a car. This Palladium, together with Platinum and Rhodium, makes this happen by converting harmful nitrogen oxide pollutants into less-toxic water vapor and carbon dioxide.
The soaring value of the Palladium has made it the most desirable item for car thieves to steal from your car
Out of the 3 precious metals presently used for catalytic converters, Palladium offers the maximum activity for nitrogen oxides removal from the exhaust. As a result of governments’ stricter rules of emission, car manufacturers are now compelled to increase the quantity of Palladium they use. China, which is the biggest auto market in the world, is reportedly using 30% more palladium on every car.
Car buyers across the globe acquired fewer diesel-sing vehicles, which most times make use of this Platinum in their catalytic converter. Instead, they opt for petrol-using vehicles, which mostly utilize the Palladium in their catalytic converters.
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According to Andreas Daniel, a trader at refiner Heraeus Holding GmbH:
“The main driver by the beginning of January was physical demand from Asia, which might be also automotive related,”
There’s speculation that investors are also jumping in, betting that prices will climb toward a record.
“Buying triggered more buying and in an unregulated market the effect was massive, with a price move which is only seen maybe every 10 years.”
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What might shock many is that an ounce of this Palladium is more expensive or valuable than gold. Since an ounce of this precious metal goes for $2,500 or ₦900,000, the interest of car thieves has now been redirected to this metal, making your car’s catalytic converter very vulnerable and valuable to them.