Russia Curbs Export of Palladium Pushing Prices Higher
Russia has applied a ban on palladium exports between May until November adding to existing supply issues of the precious metal. The ban convers scrap and tailings of palladium which are normally shipped worldwide and smelted back into bars, coins or grains for investment or industrial use. As investors reacted to this news palladium's price reached new highs of $1615.50 just last week before correcting slightly lower. In the past 12 months alone palladium has seen an increase of 59.74%.
Palladium has been on a bull run triggered in most part by the diesel scandal that rocked VW and other car manufacturers in Germany. With the shift to petrol cars prices began to rise attracting more and more bullish investment along the way. EU regulation on emissions took hold mid-way pushing interest in petrol cars even higher. With Russia now controlling prices through restricted supply is it just going to keep going higher?
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