Yesterday, palladium, the precious metal which Traders Trust recently added to its list of products, reached an all-time high of $2,930.78 and closed at $2,922.94 at the end of the trading session. It is up 18% so far this year.
Analysts attribute this rise in the precious metal to tighter production. The reality is that, according to the international news agency Reuters, only a few months ago, Russia’s main producer of the metal, Nornickel, partially suspended mining at its mines, reducing the forecast by 15-20% this year. Market experts expect the price of palladium to continue to rise to $3,000, almost doubling the price of gold.
Gold did not fare as well as palladium. The yellow metal fell 0.1% in the trading session to close at $1,778.77 per ounce. According to financial specialists, gold may be waiting for Federal Reserve Chairman Jerome Powell’s speech to determine whether the Fed is seeing long-term sustainable inflation. In the case that there are signals indicating inflation acknowledgement and expectations for more it could lead gold to break above $1,800.
In other precious metals news, silver was up 0.4 percent at $26.32 per ounce. Platinum was down 0.2 percent at $1,240.84.
Today, Chairman Jerome Powell is scheduled to speak after the Federal Reserve meeting, as well as Biden’s first speech as US president. Central Bank President Christine Lagarde will talk about the economic outlook in Europe.