Well, maybe the Russian president isn’t solely responsible for the 13-year-high price of palladium, but he’s sure doing his part. Putin’s unchecked military support of rebel aggression in Eastern Ukraine has brought sanctions upon many facets of Russian business. These sanctions directly affect palladium supply, of which Russia has a considerable amount.
Demand for palladium this year will exceed mine output by the most ever. To boot, a five-month labor strike crimped output in South Africa, the second-biggest source of the metal, helping boost prices 25 percent this year through Aug. 28.
Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, told Bloomberg Businessweek in a telephone interview last week that: “Palladium will continue to remain supported.”
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