Not Just for Iron Man
Palladium is a chemical element with the chemical symbol Pd and an atomic number of 46. It is a rare and lustrous silvery-white metal discovered in 1803 by William Hyde Wollaston. Wollaston named it after the asteroid Pallas, which was itself named after the epithet of the Greek goddess Athena, acquired by her when she slew Pallas.
Wollaston found palladium in crude platinum ore from South America by dissolving the ore in aqua regia, neutralizing the solution with sodium hydroxide, and precipitating platinum as ammonium chloroplatinate with ammonium chloride. He added mercuric cyanide to form the compound palladium cyanide, which was heated to extract palladium metal. In the run up to 2000, the Russian supply of palladium to the global market was repeatedly delayed and disrupted because the export quota was not guaranteed on time, for political reasons. The ensuing market panic drove the price to an all-time high of $1100 per troy ounce in January 2001. Around this time, the Ford Motor Company, fearing auto vehicle production disruption due to a possible palladium shortage, stockpiled large amounts of the metal purchased near the price high. When prices fell in early 2001, Ford lost nearly US$1 billion. World demand for palladium increased from 100 tons in 1990 to nearly 300 tons in 2000. The global production of palladium from mines was 222 tons in 2006 according to the United States Geological Survey.
Jewelry and other Uses
Palladium itself has been used as a precious metal in jewelry since 1939, as an alternative to platinum for making white gold. This use resulted from the natural white color of palladium, which required no rhodium plating. Palladium is one of the three most popular metals used to make white gold alloys. Prior to 2004, the principal use of palladium in jewelry was the manufacture of white gold. In early 2004, when gold and platinum prices rose steeply, China began fabricating significant volumes of palladium jewelry and used 37 tons of palladium for this purpose in 2005. Palladium chloride was at one time prescribed as a tuberculosis treatment at the rate of 0.065 g per day (approximately one milligram per kilogram of body weight). This treatment had many negative side effects, and was later replaced by more effective drugs.
Saving our world
Over half of the supply of palladium and its congener platinum goes into catalytic converters, which convert up to 90% of harmful gases from auto exhaust (hydrocarbons, carbon monoxide, and nitrogen dioxide) into less-harmful substances (nitrogen, carbon dioxide, and water vapor). Palladium is also used in electronics, dentistry, medicine, hydrogen purification, chemical applications, groundwater treatment and jewelry. Palladium plays a key role in the technology used for fuel cells, which combine hydrogen and oxygen to produce electricity, heat, and water.
Establishing Value in Palladium
Whether you believe Chicken Little and think the sky is falling, that the dollar is on the brink of collapse, or you’re just a regular Joe who understands the benefit of investing in commodities, putting at least some of your cash behind palladium is never a bad idea. Palladium is often used as a hedge against economic turmoil and inflation, as its value is generally very stable. Palladium’s value can be determined using very simple tests right here in Pawngo’s lab to determine weight and purity. Age and rarity are also taken into account when deciding on the value for palladium.
Best Practices for Pawning Your Palladium
With Pawngo, getting the highest value for your palladium is easier than ever. Palladium, while a generally stable market, can still fluctuate. Pawngo will make sure you get fair market price for your palladium. The entire process is fully insured and with our secure facility, you can be sure that your items are safe and sound for whenever you decide you’d like them returned. Your loan terms are up to you and you can repeat the loan as often as you’d like. Click the button above to Get Started Now!