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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As an enthusiast and expert in the field of precious metals and mining, my knowledge extends deep into the realm of rare elements, particularly focusing on palladium. The evidence of my expertise lies in the intricate details of the unique properties, historical significance, and contemporary applications of palladium. Let me delve into the concepts presented in the article to showcase my depth of knowledge.
Palladium Overview: Palladium, a bright and shiny metal, holds distinct importance in various industries, contributing to the silvery color of white gold and serving as a vital component in catalytic converters and fuel cells. Discovered in 1803 by the English chemist William Hyde Wollaston, palladium swiftly gained recognition as one of the rarest metals on Earth. It forms part of the platinum group, a collection of six metals renowned for their catalytic prowess in accelerating chemical reactions.
Global Production and Mines: The article rightly points out that Russia dominates the global production of palladium, contributing nearly 40% of the world's supply. Notably, the Stillwater Mine in Montana stands as the sole palladium mine in the United States, while the Lac Des Illes mine in Ontario is Canada's primary source. The scarcity of palladium relative to platinum or gold adds to its allure.
Discovery and Properties: The discovery of palladium occurred during Wollaston's experimentation with dissolving platinum in a mixture of hydrochloric acid and nitric acid. Palladium, along with rhodium, emerged as a second metal from this process. Its unique properties, such as resistance to tarnishing in air and exceptional malleability, have made it a preferred choice for jewelry manufacturers since the early 1800s.
Industrial Applications: In 1989, the automotive industry adopted palladium for catalytic converters, replacing harmful substances like nitrogen oxides and unburned hydrocarbons. The stringent emission laws and the booming automotive market have significantly increased the demand for palladium in recent years.
Investment Potential: The article rightly emphasizes the investment potential of palladium, citing its limited global supply. The comparison between palladium and gold highlights that if palladium mining ceased, its supply would last only a year or two, underscoring the scarcity of this precious metal. The growing demand, coupled with its rarity, positions palladium as an attractive investment opportunity.
Disclaimer and Company Information: The article concludes with a disclaimer, cautioning readers that the content reflects the author's opinions and is not an investment recommendation. Additionally, it introduces Palladium One Mining Inc., providing information about the company's Platinum Group Element (“PGE”) Nickel-Copper exploration and development projects in Finland and Canada.
In essence, the article weaves a narrative around the rarity, historical significance, industrial applications, and investment potential of palladium, substantiating its claims with historical facts and contemporary market dynamics.
