Everything You Need To Know About Palladium
Bright, shiny palladium is the substance that gives white gold its silvery color and it is also an essential component of catalytic converters and fuel cells.
Palladium was first discovered in 1803 and was named after an asteroid. Soon after, it became a metal more rare than platinum or gold.
Stillwater Mine in Montana is the only palladium mine in the US while the Lac Des Illes mine in Ontario is the only mine in Canada, Russia is the world’s biggest producer of palladium.
Nearly 40% of the global production of palladium comes out of Russia. Other palladium mines are scattered across Canada and South Africa.
Along with iridium, osmium, ruthenium, rhodium, and platinum, Palladium is considered to be a part of the platinum group. These 6 metals are excellent catalysts that are known to speed up chemical reactions.
One of the Rarest Metals on Earth
William Hyde Wollaston, an English chemist, first isolated palladium in 1803 before discovering another rare substance – rhodium.
According to the Royal Society of Chemistry, Wollaston was dissolving platinum in a mixture of hydrochloric acid and nitric acid when he discovered that a second metal was left behind. That was how palladium was discovered.
According to Chemicool, Wollaston didn’t report his discovery right away. Instead, he put some palladium up for sale with a mineral dealer in London and started marketing palladium’s properties on handbills.
Richard Chenevix, another chemist at the time, declared that palladium is only a hoax and not real. However, in 1805, Wollaston succeeded in introducing palladium to the Royal Society of London and the rest is history.
As for its name, palladium was named after the 2nd largest asteroid in the asteroid belt, known as Pallas. Pallas was just discovered in 1802, year prior to the creation of Palladium by Wollaston.
Palladium doesn’t tarnish in air and is incredibly malleable, making it a preferred choice of jewelry manufacturers since early 1800s.
Then in 1989, automobile industry started using palladium in catalytic converters. Before palladium, catalytic converters were made using harmful substances like nitrogen oxides and unburned hydrocarbons that escaped through the exhaust pipe.
Strict emission laws and growing markets for automobiles have increased the demand of palladium for catalytic converts in the recent years. Palladium’s rarity, in combination with the increasing uses for it, makes for a substantial investment.
Consider this: if gold mining ceased tomorrow, the gold supply would last 25 years at most. But if the same was done for palladium, the supply would last maybe a year or two. The limited supply of this precious metal gives investors significant opportunity for profit.
Disclaimer
This article contains the author's opinions. These are not investment-related recommendations. Do not consider the article as any type of commercial solicitation or an investment product offer.
About the Company
Palladium One Mining Inc. is a Platinum Group Element (“PGE”) Nickel-Copper exploration and development Company. Its assets consist of the Läntinen Koillismaa PGE-Nickel-Copper Project, located in north-central Finland and the Tyko Nickel-Copper, PGE Property near Marathon, Ontario, Canada.
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