Palladium has enjoyed an enormous increase in value in recent years, but that doesn’t mean the price will remain high forever. With the increased demand for palladium comes an increased incentive for companies to extract it from the earth, which could cause the market to become saturated and, in turn, cause the price to fall. Here are a few why you should cash in your palladium now.
Why is Palladium Valuable?
Palladium is one of the most valuable metals on the market at present. While dramatic events like the Russian invasion of Ukraine have an exceptional effect on the price of global market commodities, a six-month high in the price of palladium at $2,549.01 an ounce should not be taken lightly.
The price of palladium is currently high due to a scarcity of this metal and the demand for consumer goods that require it. For example, palladium used in crafting valuables like jewellery. It is also an essential component in allowing the catalytic converters in vehicles to reduce the number of toxic substances released into the environment.
The demand for catalytic converters has grown substantially because more countries have implemented cleaner emissions regulations globally. Due to this increased demand, the automotive industry alone accounts for 80% of the world’s palladium consumption.
Selling Dental Scrap
Besides jewellery and catalytic converts, another everyday use of palladium is as a component in dental restoration. Palladium is a noble metal – like gold, silver and platinum – which means that it is not prone to corrosion, even when exposed to someone’s mouth. Due to this fact, dental scrap often contains these valuable metals.
Dental scrap, the material that is leftover after a dentist performs restoration work on a patient, can be taken to a company that specializes in
If you’re a dentist who wants to sell dental scrap in Canada, you can collect any material that a patient does not wish to keep. This material can then be taken to a company specializing in separating and refining dental scrap so that valuable metals like palladium can be sold for cash.
How is Palladium Manufactured?
As in the case of most other valuable metals, palladium is mined from the earth. The difference in the mining process of palladium, as opposed to other metals, is that palladium is not usually mined on its own. In most cases, palladium is acquired as a by-product in mining for other valuable raw materials.
Could the Price Increase and How?
With the rise in metal prices over the last decade, more projects are underway to increase palladium production. For example, the open-pit Lac Des Iles mine near Thunder Bay, Canada, was recently acquired by Impala Platinum.
More companies investing in palladium mining could eventually result in a higher amount of global availability, resulting in plunging prices. Alternatively, global tensions caused by the invasion of Ukraine by Russia may result in less availability of palladium since Russia produces roughly 40% of global palladium supplies.
While the future of palladium prices is currently unpredictable, one certainty is that the price is currently experiencing a high. For this reason, there’s no reason to wait to sell the palladium that you own if you’re interested in earning extra cash today. If you’re a dentist with dental scrap to sell, contact a company that offers refining services to take advantage of the current prices.