Gold 
“During October, palladium prices continued on their upward trend that has been in place since early August 2024. Prices rose strongly in October following news that the U.S. government had suggested to the G7 that it consider sanctions on Russian mined palladium and titanium. The probability of that suggestion being enforced by the G7 was very unlikely and most likely was at best a weak U.S. government propaganda effort ahead of the U.S. election.
Russian palladium is important to the auto industries in the G7 nations, especially now that the market adoption of electric vehicles has begun to slow, and sanctions on Russian mined palladium has been off the table in every round of sanctions since Russia invaded Ukraine back in 2022. And as expected by CPM Group, the G7’s position on this matter did not change this time around either.
A similar spike in palladium prices had occurred back in the middle of September 2024, when concerns had risen at that time following Russian President Vladimir Putin’s comments about restricting uranium, titanium, and nickel mine supply. CPM Group had stated back then as well
that this was an unlikely proposition. The most important reason for this being that Russia earns much needed foreign exchange from the sale of palladium to the world.
Another comment or rumor regarding restrictions or disruptions to Russian palladium mine supply could send the metal’s price soaring, but in the absence of this, palladium prices are expected to move in a mostly sideways fashion. Seasonal strength in prices, declining interest rates, and a Trump presidency which could be supportive of internal combustion engine vehicle sales could prevent any sharp declines. That said, slowing economic growth and healthy ongoing demand for electric vehicles in China (the world’s largest auto market) could act as a headwind to palladium prices, especially in the absence of any supply side issues.
Palladium prices are expected to move between $925 and $1,100 over the next few months. That said, as mentioned before, any supply side concerns could easily boost prices, and a break of the upper bounds cannot be ruled out in such a scenario.”
*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
