US Palladium, Gold Prices Support Monthly Index as Silver Looks Weaker

precious metal price index

The monthly Global Precious Metals MMI® hit 109 in April, an increase of 0.9 percent from 108 in March.

today's metal prices - MetalMiner IndXInterestingly, as far as the PGM market is concerned, while platinum prices fell across US, Chinese and Japanese markets, the US palladium price increased – to its highest point so far in our MMI history, which goes back to January 2012. (That price point, along with the gold contingent, provided enough support for this month’s index reading.)

Not only is palladium likely riding high on recent US auto numbers, but it’s also becoming more useful industrially in Chinese auto markets, which are dominated by gas autocatalysts. “Stricter pollution emission standards in China are likely to drive palladium demand higher,” according to ETF Securities. “The Chinese government will reduce carbon emissions and energy use per unit of GDP by at least 3.7% in 2013, the National Development and Reform Commission said in a [recent] report.”

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On the silver side, expect to see dropping prices (as we have over the past month across the four markets we track in the MMI), as the gold bears rub off on the silver market.

Standard Bank suggests that the evident Chinese silver surplus “has been taken either by investment demand or stockpiled by fabricators, but even though China’s imports have slowed from 298 tons per month in 2010 to 166 tons per month in 2012, the decline in imports was still not enough to stop the rise in metal within China,” as Stuart Burns reported on MetalMiner.

Price Drivers of the Precious Metal Index Rise

The price of US palladium bar rose 6.1 percent after falling the previous month. After dropping the previous month, the price of Japanese gold bullion prices rose 2.6 percent. After dropping the previous month, the price of US gold bullion prices rose 1.1 percent. The price of Indian gold bullion rose 0.4 percent after falling the previous month.

today's metal prices - MetalMiner IndXThe price of Chinese silver fell 2.1 percent, the second straight month of declines. The price of Chinese platinum bar declined 1.8 percent over the past month. The price of Chinese palladium bar fell 1.7 percent. Japanese palladium bar prices fell 0.9 percent after rising the previous month. The price of US platinum bar closed the month down 0.9 percent. The price of Indian silver finished the month 0.8 percent lower. The price of US silver declined, falling 0.7 percent over the past month. The price of Japanese silver closed the month down 0.2 percent. The price of Japanese platinum bar declined slightly. The price of Chinese gold bullion rose very slightly.

The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends over a 30-day period. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.


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