{"id":1168551,"date":"2020-02-28T15:20:23","date_gmt":"2020-02-28T21:20:23","guid":{"rendered":"https:\/\/www.mining.com\/?p=1015458"},"modified":"2020-02-28T15:20:23","modified_gmt":"2020-02-28T21:20:23","slug":"palladium-price-dives-10-one-day-after-record-high","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1168551","title":{"rendered":"Palladium price dives 10% one day after record high"},"content":{"rendered":"<p>The gold <a href=\"https:\/\/www.mining.com\/gold-price-extends-losses-down-78\/\"  rel=\"noreferrer noopener\" aria-label=\"price plunge (opens in a new tab)\">price plunge<\/a> on Friday hammered other precious metals as well, with palladium marking its worst performance since the 2008 financial crisis, down more than 10%.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>With stocks in free fall, investors usually turn to gold as a haven of last resort. On Friday, things got&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-02-27\/stock-slump-to-extend-in-asia-on-virus-fears-markets-wrap\" >so bad<\/a>&nbsp;that they had to cash in on the metal to cover losses in other markets, spurring its biggest drop since 2013. <\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>With stocks in free fall, investors usually turn to gold as a haven of last resort. On Friday, things got&nbsp;so bad&nbsp;that they had to cash in on the metal to cover losses in other markets <\/p>\n<\/blockquote>\n<\/figure>\n<p>Palladium dived 10.2% to $2,554.29 per ounce, one day after the metal rose by $2,875 .<\/p>\n<p>Platinum shed 4.4% to $859.24, facing its worst weekly fall since 2011. <\/p>\n<p>\u201cPeople are trying to sell whatever they can. It\u2019s an overall sell-off,\u201d Michael Matousek, head trader at U.S. Global Investors, told the <a rel=\"noreferrer noopener\" aria-label=\"Financial Post (opens in a new tab)\" href=\"https:\/\/business.financialpost.com\/pmn\/business-pmn\/gold-slumps-3-palladium-10-as-precious-metals-join-virus-led-free-fall\" >Financial Post<\/a>. <\/p>\n<p>Nornickel, the world\u2019s largest palladium producer, recently said it expects a <a rel=\"noreferrer noopener\" aria-label=\"deficit (opens in a new tab)\" href=\"https:\/\/www.nornickel.com\/upload\/iblock\/eb7\/FY2019_Financial_Results_full.pdf\" >deficit<\/a> in the global palladium market of 900,000 ounces in 2020. <\/p>\n<p>A&nbsp;recent PGM market <a rel=\"noreferrer noopener\" href=\"http:\/\/www.platinum.matthey.com\/documents\/new-item\/pgm%20market%20reports\/pgm_market_report_february_2020.pdf\" >report&nbsp;<\/a>estimated that the supply deficit for the metal widened to nearly 1.2 million ounces last year and is expected to deepen this year, as stricter emissions legislation in China and Europe will drive up vehicle palladium loadings.<\/p>\n<p>Scotiabank&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.gbm.scotiabank.com\/content\/dam\/gbm\/market-insights\/2020\/february\/metals\/Commodities-Strategy-Feb-12-PGMs.pdf\" >reported<\/a>&nbsp;that palladium above ground known stocks have reached decade lows.<\/p>\n<p><em>(With files from Bloomberg) <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Palladium fell to $2,554.29 per ounce one day after the metal jumped a record $2,875.50.<\/p>\n","protected":false},"author":110,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1168551"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/110"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1168551"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1168551\/revisions"}],"predecessor-version":[{"id":1168586,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1168551\/revisions\/1168586"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1168551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1168551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1168551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}