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Palladium — Price History
About Palladium Prices
Palladium is a rare silvery-white metal belonging to the platinum group. It has become one of the most sought-after precious metals due to its critical role in automotive catalytic converters for gasoline engines.
Over 80% of palladium demand comes from the automotive sector, where it helps convert harmful exhaust emissions into less harmful substances. Tightening global emissions standards have driven sustained demand growth, periodically pushing palladium prices above gold.
Palladium prices are quoted in U.S. dollars per troy ounce. Supply is dominated by Russia (~40%) and South Africa (~35%), making the market sensitive to geopolitical risks and mining output. Palladium is traded on NYMEX/COMEX and the London Platinum and Palladium Market (LPPM).
Palladium Market Overview
annual_mine_production
~210 tonnes
automotive_demand_share
~80% of total
top_producer
palladium_supply_russia_share
second_producer
palladium_supply_south_africa_share
recycling_supply
~30% of total
above_ground_stocks
declining_rapidly
Palladium has been in a structural supply deficit for most of the past decade, with automotive demand consistently outpacing mine production. Russian supply dominance (Norilsk Nickel produces ~40% of global output) adds significant geopolitical risk to the market.
Palladium Historical Price Milestones
milestone_2001_russian_supply_squeeze
$1,090/oz
milestone_2008_gfc_crash_low
$160/oz
milestone_2019_emissions_rally
$1,600/oz
milestone_2022_russia_ukraine_ath
$3,440/oz
milestone_2023_ev_demand_concerns
$1,100/oz
milestone_10_year_peak_return
+1,200%
Palladium experienced one of the most dramatic bull runs in commodity history, surging from $500 in 2016 to $3,440 in March 2022, driven by emissions regulation and Russian supply fears. The subsequent decline reflects growing concerns about EV adoption reducing long-term catalytic converter demand, plus easing supply constraints.
Ways to Invest in Palladium
physical_bullion
bars_coins
very_rare_high_premiums
palladium_etfs
PALL
most_accessible_option
futures_contracts
nymex_pa
leveraged_thin_liquidity
mining_stocks
sbsw_impuy_nilsy
russia_sa_exposure
Palladium is a thin market compared to gold or silver, with higher volatility and wider bid-ask spreads. Physical palladium carries very high premiums. The PALL ETF is the most practical option for most investors. Mining stocks provide exposure but carry significant geopolitical risk given Russia and South Africa dominate production.
Frequently Asked Questions
Why is palladium so expensive?
Palladium's high price is driven by a persistent supply deficit. Over 80% of demand comes from gasoline catalytic converters, while supply is concentrated in just two countries (Russia and South Africa). Tightening global emissions standards increased demand faster than supply could respond, creating sustained price pressure.
Will EVs kill palladium demand?
Battery electric vehicles don't use catalytic converters, so widespread EV adoption will eventually reduce palladium demand. However, the transition will take decades — internal combustion engines will remain dominant in many markets through 2035+. Hybrid vehicles still use catalytic converters and are growing faster than pure EVs in some regions.
What is the difference between palladium and platinum?
Both are platinum group metals used in catalytic converters, but palladium is used primarily in gasoline engines while platinum is used in diesel. Palladium is rarer in terms of annual production. Historically, automakers can substitute between them when the price spread widens significantly, which acts as a natural price balancing mechanism.
How does Russian supply affect palladium prices?
Russia (primarily Norilsk Nickel) produces about 40% of global palladium. Sanctions, trade restrictions, or production disruptions in Russia can significantly impact supply and cause price spikes. The 2022 price surge to $3,440 was partly driven by Russia-Ukraine conflict supply fears.
Risk Warning
Commodity prices are highly volatile and can change rapidly. The information on this site is provided for informational purposes only and does not constitute financial, investment, or trading advice. Always do your own research before making investment decisions.
Historical price data shown is for informational purposes only. Past performance is not indicative of future results. Commodity prices are subject to market volatility and external factors.