Platinum
A scarce precious metal whose demand centers on catalytic converters, jewelry, and hydrogen industry.
Overview
About 180 tonnes a year come mostly from deep South African mines, costlier to run than any peer, with Russia and Zimbabwe rounding out supply, so labor strikes and power cuts move price. Autocatalysts for diesel engines anchor demand, joined by gasoline catalysts where palladium substitutes at the right price ratio, glass furnaces, chemical plants, electrolyzers, and fuel cells. Jewelry takes about a fifth, with strong Chinese and Japanese traditions. The 2015 diesel emissions scandal dented the demand story, and hydrogen economy hopes reprice it periodically. Substitution and thrifting between the platinum group metals cap rallies, a standing lesson in their cross elasticity.
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Palladium
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