Indeed, the recent jump pales in comparison to the period from 1997 to 2001, when prices increased nine-fold, or during World War I, when they tripled. The historic volatility of the metal’s price has been compounded by the fact that production has been heavily concentrated in Siberia and thus linked closely to Russian political upheaval.
A steely-white metal, palladium was once exclusively used in industry, including in autocatalysis, jewellery, dentistry, electronics and the chemical industry. But in recent years it has become an investment vehicle. Similar dynamics affect platinum, which is sometimes assumed to be inherently more valuable than gold due to a range of cultural associations—from credit cards to anniversaries—quite apart from distinct fundamentals.