https://www.miningweekly.com/article/palladium-is-now-more-expensive-than-gold-has-ever-been-2019-12-12
Palladium is now more expensive than gold has ever been
LONDON – Palladium rose for a fifteenth day, heading for its longest run of gains on record, and exceeding the highest-ever price of gold.
Spot palladium jumped Thursday to a record of $1 933.66/oz, extending its year-to-date gains to 53%. Prices have been driven by supply concerns as mines in South Africa, the world’s No. 2 palladium producer, were shut down for 24 hours this week because of electricity shortages. State power utility Eskom Holdings is still implementing rolling blackouts, although at a lower level.
“It seems that nothing can slow palladium,” said Daniel Briesemann, a Commerzbank analyst. “Even though we regard the steep price rise as exaggerated, there is no end in sight to the rally.”
Palladium’s gains on Thursday propelled it past gold’s 2011 record of $1 921.17/oz.
There’s a good chance that palladium will touch $2 020/oz before 2020, said Jonathan Butler, precious metals strategist at Mitsubishi Corp.
“South African electricity supply concerns have helped palladium this week, together with still strong physical demand,” he said.
Other precious metals were little changed as investors weighed the Federal Reserve’s signal that it would keep interest rates on hold through 2020. Focus now turns to trade ahead of a Sunday deadline for more US tariffs on Chinese goods, with UK elections and the European Central Bank meeting on Thursday.
