Gold’s Got Some Competition From Its Lesser Known Peer, Palladium
2016 has been a mixed year for traditional safe havens like gold and silver. However, it has been one of the brightest years for their less popular peer, palladium.
The white metal's price has risen an impressive 34 percent over the last six months, compared to a 2 percent gain in the price of gold. The price of silver has declined 5.3 percent in the same period.
So, what’s making investors bullish on palladium?
Palladium, which is used in jewellery, is a key component in catalytic converters that reduce harmful emissions.
With global auto sales showing signs of recovery, the precious metal's price has risen 24 percent in November alone. The rally has beaten gains in copper and iron ore prices, the two metals which typically lead any commodity rally when raw-material demand increases in China.