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Value of Palladium
In the past ten years, the spot price of palladium has been as low as $172.63. This was in late 2008. On the other hand, it has been as high as $895.40. This high occurred in 2014. For a precious metal its price has varied quite considerably compared to others like gold and silver.
So far in 2017 the spot price of palladium has been at least $700 and has been as high as $813.24 in May. Many bullion buyers are attracted to this metal because of its similarities to platinum while carrying a lower price tag.
Pricing and Premiums
When you buy physical palladium you will always pay a bit more than the spot price. This difference between the spot price and the total price you pay is known as the premium. The amount of the premium is determined by a number of factors including where the product was struck and what form it is in. As an example, you could expect to pay a higher premium for a palladium coin than a palladium bar.
What Makes Palladium Appealing?
There are multiple qualities that make palladium an appealing precious metal. Like other precious metals, one of these is its general scarcity. This metal is typically in demand due to the fact that it is one of the Platinum Group Metals. Since it is so similar to platinum it is also used in catalytic converters. This is the main purpose that palladium is used for today.
Palladium coins and bullion products aren’t very common. They are available, but so much of this metal is used for industrial purposes that few Mints or refineries handle a significant amount.
While Russia used to issue Palladium Ballerina coins, they are no longer in production. The Canadian Palladium Maple Leaf is the most readily available palladium coin today. The British Virgin Islands also issue a clever palladium coin featuring an Athena design. The connection is that this metal is named after the asteroid Pallas and this asteroid was named after a Greek goddess who fell to Athena.
When you’re ready to add some palladium coins or bullion to your collection or stack, GovMint.com has a variety of products for you to choose from.