Which metal will bring you more income than if you sell silver or gold in 2024? Palladium is a valuable metal that is widely used in the automotive industry, electronics, medicine and other industries. Its price continues to grow steadily. Investors are increasingly turning their attention to this metal as a promising investment vehicle.
In 2023, the price of palladium reached a historic high, exceeding the mark of $3,000 per troy ounce. This growth directly reflects the market situation and may be an indicator that the palladium exchange rate will continue to rise next year.
The main factors contributing to the growth of demand for palladium are as follows:
- The development of the automotive industry. Palladium is used in catalysts to clean car emissions from harmful substances. Due to strict environmental regulations and increased car production, the demand for palladium continues to grow.
- The transition to electric cars. With the development of technology and increasing interest in electric cars, the demand for palladium in batteries and emission purification systems is increasing.
- Increasing demand for electronics and devices with boards. Palladium is an important component for the creation of electronic circuit boards, and the demand for them continues to grow with the development of gadgets and technologies.
- The growing demand for jewellery. Palladium is used in jewellery production to create precious products. With the growing welfare of the population and the increasing interest in exclusive jewellery, the demand for palladium in this industry is increasing.
It is predicted that the growth in demand for palladium will continue in 2024. This opens up excellent prospects for investors who want to invest in this metal. It is profitable to sell Palladium. The growing demand for palladium may lead to an increase in its price, which will make it an attractive investment asset.