PalladiumThe PALL ETF holds physical palladium bars in JPMorgan vaults in London and Zurich. Here is how the structure works, what you actually own, and where it can break.
PalladiumPalladium fell over 70% from its 2021 peak. Looking back, every component of the bull thesis broke at roughly the same time, which is why the decline was so brutal.
PalladiumRussia mines palladium-rich ore. South Africa mines platinum-rich ore. Neither can switch ratios, and that geological accident shapes the entire PGM market.
PalladiumBattery electric vehicles use no palladium. As BEV penetration crosses 20%, palladium faces a structural demand decline that no investment story can offset.
PalladiumFor two decades, autocatalyst makers swapped platinum for palladium. Since 2020, the trade has run in reverse, and the implications for both metals are huge.
PalladiumA single Siberian mining complex produces close to 40% of the world's palladium. Understanding Norilsk Nickel is non-negotiable for any palladium investor.
PalladiumFor the first time since 2002, palladium traded above gold in late 2018 and spent most of 2019 as the most expensive of the four major precious metals.
PalladiumPhysical palladium is liquid in theory and frustrating in practice. Here is what investors actually face when buying, storing, and selling the metal.