Precious Metals Report 2019 - Everything you need to know about gold, silver, platinum and palladium! - Swiss Resource Capital AG
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Precious Metals Report 2019
Everything you need to know about gold, silver, platinum and palladium!
Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz
Disclaimer
Dear reader, tee of a particular price development of the menti- eign exchange risks. The deposit portion of single Neither by subscription nor by use of any publica- the most current balance sheets as well as assets ding the accuracy of the representativeness of the
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Mining, Cardinal Resources, Endeavour Silver, tions of Swiss Resource Capital AG do not replace derlying data as well as facts are complete and ac- risk. Due to political, economical or other changes council for the economic and financial market repor- source estimates, fluctuations of the gold price, ris-
GoldMining Inc., Levon Resources, Osisko Gold an on individual needs geared professional invest- curate and the used estimates and made forecasts significant stock price losses can arise and in the ting and within the scope of its responsibility will ks and dangers in connection with mineral explora-
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Cardinal Resources, Endeavour Silver, GoldMi- information is subject to change. Swiss Resource ained in such a publication refer to the respective uncertainties but not limited to current expectations of mineral exploration and development including
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Table of Contents Imprint
Commodity-TV
The whole world of commodities
in one App!
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our un e!
for fre Table of Contents | Imprint 07
Preface
Precious metals –
irreplaceable for the economy and for investors at the same time!..................10
Guest Article by Prof. Dr. Torsten Dennin
Global debt and the increasing loss of confidence
in the stability of the financial system: Why investors should consider
precious metals in their long-term asset strategy.������������������������������������������� 23
Editor
Interview with Dr. Torsten Dennin Swiss Resource Capital AG
Founder and CEO of Lynkeus Capital LLC������������������������������������������������������ 26 Poststr. 1
9100 Herisau, Schweiz
Tel : +41 71 354 8501
Fax : +41 71 560 4271
Company profiles info@resource-capital.ch
www.resource-capital.ch
Barrian Mining�������������������������������������������������������������������������������������������������� 32
Editorial staff
Cardinal Resources������������������������������������������������������������������������������������������ 36 Jochen Staiger
Tim Rödel
Endeavour Silver Corp.������������������������������������������������������������������������������������ 40
Layout/Design
GoldMining Inc������������������������������������������������������������������������������������������������� 44 Frauke Deutsch
Watch Management & Expert Interviews, Site-Visit-Videos,
News Shows and receive top and up to date Levon Resources Ltd.�������������������������������������������������������������������������������������� 48 All rights reserved. Reprinting
material by copying in electronic
Mining Information on your mobile device worldwide! Osisko Gold Royalties�������������������������������������������������������������������������������������� 52 form is not permitted.
TerraX Minerals������������������������������������������������������������������������������������������������� 56 Deadline: 03/01/2019
Amazing features:
Cover: © Guenter Menzl/shutterstock
• Company Facts Page 11: © 2017 Nils Thies, Flickr,
• Global Mining News creativecommons.org/licenses/
by-nc-nd/2.0/deed.de, Goldreserven der
• Push Notofications Deutschen Bundesbank (Gold reserves of
• Commodity-TV, Rohstoff-TV and Dukascopy-TV the Deutsche Bundesbank)
powered by:
• Live Charts All images and graphics are, unless
• JRB-Rohstoffblog otherwise stated, by the companies.
Back 1,2,3: © Endeavour Silver Corp.
Back 4:shutterstock/Aleksandar Mijatovic
Charts: 03/19/2019
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Preface
Dear Readers,
Now in its third year, we are delighted to pre- Swiss Resource Capital AG has set itself the
sent our special report on precious metals, task of providing commodity investors, inte-
which follows on from our successful Battery rested parties and those who would like to
Metals and Uranium Reports. We now regard become investors with up-to-date and com-
precious metals as indispensable for our own prehensive information on a wide variety of
(crisis) provision. Not to be forgotten is the commodities and mining companies. On our
unconditional use of precious metals as a website www.resource-capital.ch you will
store of value and money substitute, as well find about 20 companies and a lot of informa-
as to protect against extremely bad times. tion and articles about raw materials.
Because if the global financial systems can We would like to give you the necessary Jochen Staiger is founder and CEO
no longer withstand the money pressure or- insights through our special reports and provi- of Swiss Resource Capital AG,
gies of the central banks and it comes to col- de you with comprehensive information. In ad- located in Herisau, Switzerland. As
lapse, the one who owns gold and/or silver dition, our two raw material IP-TV channels chief-editor and founder of the first
ounces is clearly at an advantage in order to www.Commodity-TV.net & www.Rohstoff-TV.net two resource IP-TV-channels
be able to supply himself and his family with are always available to you free of charge at Commodity-TV and its German
the most necessary food. But we do not want any time. For on the go we recommend our counterpart Rohstoff-TV, he reports
to assume the worst, but physical precious new Commodity TV App for iPhone and And- about companies, experts, fund
metals reassure me of the possible coming roid which provides you with real-time charts, managers and various themes
distortions. The gold price unfortunately had quotes and the latest videos. around the international mining
to go through the valley of tears again in 2018, My team and I hope you enjoy reading the business and the correspondent
but now it looks like a successful turnaround. Special Report on Precious Metals and that metals.
At around USD 1,320 per ounce of gold, we we can provide you with lots of new informa-
d R o h s t o f f - T V get should have found solid ground and the chart tion, impressions and ideas. Only those who
an
Commodity-TV
technique indicates potential of around USD inform themselves in many ways and take
n e s s it d e s e r v es! 1,600 per ounce of gold over the next 18 their investment matters into their own hands
aware
months. We look positively into the future and will be able to win and preserve their assets in
c o m p a n y t h e take gold as a store of value and inflation pro- these difficult times. Precious metals have
your tection. Above all, however, precious metal
companies should be able to generate attrac-
existed for thousands of years and will conti-
nue to do so.
tive returns again if precious metal prices
continue to march north. Producers and pro- Yours,
spective precious metal producers in particu- Jochen Staiger
lar have an enormous leverage on the respec-
tive metal price and are excellently suited as
investments. In this precious metal report, we Tim Roedel is chief-editorial- and
present some interesting companies that are chief-communications-manager at
suitable for speculation on rising precious SRC AG. He has been active in the
metal prices. We also want to give you the commodity sector since 2007 and
necessary basic knowledge by means of our held several editor- and chief-
general part, so that you can make your own editor-positions, e.g. at the
decisions. publications Rohstoff-Spiegel,
Of particular interest is the interview with pre- Rohstoff-Woche, Rohstoffraketen,
cious metals expert Prof. Dr. Dennin, who gi- Wahrer Wohlstand and First Mover.
ves an insight into the processes in the preci- He owns an enormous commodity
ous metals sector and in a guest article on expertise and a wide-spread
global debt and the increasing loss of confi- network within the whole resource
dence in the stability of the financial system sector.
deals with the question of why investors
should take precious metals into account in
their long-term asset strategy.
9
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Precious metals –
irreplaceable for the economy and for investors at
the same time!
Precious metals - above all gold and silver - Most important characteristics: total annual production. The former absolute The reasons for a decline in gold
have held a high fascination since time imme- Appearance, corrosion resistance, leader in gold production until 2007, South production are manifold
morial. Already in the early Copper Age, when good workability, good contact Africa was in sixth place in 2017 and will soon
since about 7,000 BC people valued gold as be overtaken by Peru. Other important gold Several factors contribute to this.
a status symbol. While many (high) cultures Not only in the form of jewellery or coins, but producing nations are Mexico and Chile,
came and went - mostly gold, silver and Co. also in medical applications, gold scores par- where gold is mined mainly as a by-product First, more and more deposits are reaching
were one of the main reasons for the respec- ticularly highly with its yellow appearance and from silver mines. the end of their lifetime. Those that are not yet
tive decline of a society - one remained cons- corrosion resistance. For example, in dental fully exploited must be removed more and
tant: Precious metals! Even today, people prosthetics, where additional precious metals more elaborately in order to obtain further
cannot escape the fascination of precious such as platinum are added due to the relati- Gold production rises only margi- gold-bearing material. Some mines already
metals, although the industrial benefit has in- vely high softness of gold. In industry, gold is nally – Gold peak reached?! reach depths of 4,000 meters and more. A
creasingly come to the fore. used mainly in the construction of circuits as torture for man and machine at temperatures
an additive (gold plating) to wires, printed cir- Since the turn of the millennium, gold produc- around 50 degrees Celsius. In addition, pro-
cuit boards, switching contacts and connec- tion has risen every year until 2018, but this ducers are always having problems with tec-
What are precious metals? tors. has recently weakened more and more. Whe- tonic conditions. Smaller earth tremors often
reas around 2,380 tonnes of the yellow metal lead to burials and fatalities at such depths.
In purely chemical terms, precious metals are were extracted from the earth worldwide in The gold content continues to fall steadily.
metals that are resistant to corrosion, i.e. that [Xe] 4f145d106s1 79 2007, the figure was 2,844 tonnes in 2011 Currently, gold deposits are still exploited at
Au
are permanently chemically stable in a natural and 3,207 tonnes in 2015. Since then, pro- an average rate of more than 1 gram of gold
environment under the influence of air and duction has risen only marginally to 3,285 per ton of rock (g/t). However, there are alrea-
water. The group of precious metals primarily tonnes in 2016 and 3,318 tonnes in 2017. dy indications that this mark will fall to only
includes gold and silver, as well as the so-cal- Contrary to all forecasts, gold production about 0.9g/t in a few years‘ time in the case of
led platinum metals platinum, palladium, rut- Melting Point 1337 K rose again slightly in 2018 to 3,346 tonnes. deposits that have not yet been developed.
henium, rhodium, osmium and iridium. Mer- Boiling Point 3243 K Even though 2018 represented another re- A third point is the (lack of) discovery of new
cury is also a precious metal. There are also a GOLD cord year in gold production, it can be assu- deposits. While more than a billion ounces of
number of so-called semi-precious metals, med that the gold peak, i.e. the annual gold gold were discovered in the 1990s, from 2000
including copper. A third group consists of production, has reached its peak for the time to 2014 the figure was just over 600 million
the so-called short-lived radioactive precious being. ounces. Since then, the new discoveries have
metals, which play virtually no role in practice. Deposits and extraction
In the following, this report will deal exclusi-
vely with the four most common precious me- Gold is very rare in nature. The earth‘s crust
tals gold, silver, platinum and palladium. contains an average of only 4 grams of gold
per 1,000 tons of rock. In addition, it occurs
on earth predominantly dignified, i.e. in ele-
mentary, metallic form. It is found in primary
Gold: Everyone loves it, raw material deposits as gold-bearing rock Gold reserves of the Deutsche Bundesbank
everyone wants it! (gold ore) as well as in secondary deposits,
including soap deposits. Up to 20% of the
(photo: © Nils Thies, 2017, CC BY-NC-ND
2.0)
Gold is a chemical element with the element gold mined annually is extracted as by-pro-
symbol Au and the atomic number 79. It can duct, mainly from copper, nickel or other pre-
be machined very well (moderate melting cious metal mines.
temperature) and does not corrode. Not only
is it rare, but it is also heavy, and its yellow
shine is resistant, which is why it is regarded
as imperishable and is therefore used to a
Supply situation
large extent for jewellery or in the form of
coins or bars to preserve its value. Gold is The main gold mining areas are currently Chi-
also considered easy to alloy, which makes it na, Australia, Russia, the USA and Canada,
very attractive as a material. which together account for almost half of the
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Conclusion: Everything depends and therefore have the greatest demand
on the investment sector growth potential. Geopolitical factors played
less of a role recently, which scratched the
Although the technology sector in particular image of gold as a „safe haven in bad times“.
is likely to generate the highest percentage It will be exciting on the supply side. A lack of
growth in demand for gold in the coming ye- replenishment in the form of high-grade new
ars, everything depends on the investment discoveries as well as an increasingly cost-in-
sector. Assuming that the jewellery industry is tensive supply, as more difficult mining is li-
likely to remain at the same level in terms of kely not only to lead to a future supply deficit,
Goldprice US$/oz demand as in previous years, it is precisely but also to the necessity of a higher gold
(Surce: JS by amChart) the inflows into gold-deposited ETFs that price so that demand can be met at all in a
have recently been at a rather weak level, but cost-covering manner.
which have recovered since the end of 2018
again really collapsed. This is mainly due to decades of gold sales, they have been back
the fact that gold producers have concentra- on the buying side for several years. A total of
ted primarily on reducing mining prices in 23 central banks increased their gold reser-
recent years due to a persistent slump in gold ves in 2018. Russia (which has officially over- Silver: Gold‘s „little bro- [Kr] 4d105s1 47
Ag
prices. Particular savings were made on ex-
ploration, which meant that virtually no major
taken China in the meantime), but also Tur-
key, India, Poland, Egypt, Brazil and Kazakh-
ther“ is also the abso-
deposits were discovered in recent years. stan bought gold in 2018. Central banks lute star of the industry!
This means nothing other than that, as a re- increased their gold stocks by 651.5 tonnes
sult of the above points, there is a high proba- in 2018. This was 74% more than in 2017, Silver is a chemical element with the element
Melting Point 961,78° C
bility that production will decline in the co- which meant that a large amount of supply symbol Ag and the atomic number 47 and be- Boiling Point 2210°C
ming years. was taken off the market by the central banks longs to the so-called transition metals. It is a
alone, which once again appeared on the de- soft, easily deformable heavy metal with the
SILVER
mand side and not on the supply side. highest electrical conductivity of all elements
and the highest thermal conductivity of all
Demand situation metals. It is precisely these properties that 2016, however, production fell by about
Demand from jewellery sector and make it an indispensable metal for industrial 0.7%. In 2016 about 889 million ounces of sil-
Central banks have long been investment sector stable - techno- applications. ver were extracted from the earth‘s crust. In
back on the buying side again logy sector growing steadily But silver is much more than that: unlike gold, 2017 there was even a real slump to only 852
it is consumed, and the sheer number of pos- million ounces! With an annual production of
Goldsupply (blue) and -demand (gray) The central banks are „exacerbating“ the si- In 2018, there was demand for around 4,345 sible applications is constantly increasing 180 million ounces (about 20% of total world
(Source: own representation) tuation, albeit only marginally at present. After tonnes of gold worldwide. The lion‘s share of with technical progress. In addition to be an production), Mexico ranks first among the
this came from the jewellery sector, which industrial metal, silver is also a precious me- producing nations, followed by Peru and Chi-
consumed 2,200 tonnes. In second place was tal. Like gold it is in principle money and ser- na. Together, these three countries account
the investment sector, which demanded about ves to maintain value. It can also be seen as a for about half of global silver production.
1,159 tonnes. Demand from the technology kind of hedge against progressive inflation.
sector was strong, reaching 334.6 metric tons
in 2018. This showed that gold is being used Silver is above all a by-product!
more and more not only in smartphones and
game consoles, but also in the field of electro- Supply situation Only about 30% of the annual production co-
mobility. This is a circumstance which, in view mes from pure silver mines or from mines in
of the beginning electric (mobility) revolution, Mexico, Peru and China are which silver is the primary raw material. The
is likely to lead to continued strong growth in leading producer nations vast majority (70%), on the other hand, co-
demand from the technology sector in the fu- mes from mines in which silver is only a
ture. In 2015, global silver production reached an by-product, i.e. mainly from zinc/lead mines,
all-time high of around 895 million ounces. In but also from copper and gold mines.
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Weak base metal prices cause Silver companies set priorities on Main applications: Electronics,
silver production to stagnate and cost savings Alloys, Photography, Photovol-
supply to fall overall taics
The development of the mine pipeline has stal-
This high dependency primarily on base me- led in recent years with weak silver prices, part- Its peak values for important properties (hig-
tals such as lead, zinc and copper means that ly because the silver companies had to deal hest electrical conductivity of all metals, high
weakening base metal prices and the associ- primarily with getting their cost structure under thermal conductivity and pronounced opti-
ated closure of mines or at least a reduction in control. The high silver prices, mainly in the ye- cal reflectivity) make silver indispensable
the corresponding base metal production also ars 2010 to 2012, ensured that mines with all-in above all in the fields of electrics, electronics
have a negative impact on the production of costs of over US$ 20 per ounce were also put and optics or photography. These sectors
the by-product silver. Thus, price declines - into operation. These quickly became unprofi- also account for a good half of the total in-
above all for copper, but also for lead - in table after 2012. But instead of closing them, dustrial demand of about 600 million oun-
recent years have ensured that silver produc- the companies have been trying to reduce ces. In addition, there are applications as
tion only rose marginally and has even been in costs ever since. There was little time and even silver alloys (with copper, zinc, tin, nickel,
decline since 2016. Stagnating silver produc- less money left for elaborate exploration and indium), which are used in electrical en-
tion is to be expected in the coming years, as development programs. In the meantime, the gineering and soldering technology as sol- Like gold silver is in principle money
the output of new mines will only be able to vast majority of companies have been able to der alloys (so-called brazing), contact mate- to approximately 1.042 billion ounces in 2016 and serves to maintain value.
compensate for the loss of zinc/lead mines reduce their costs to an acceptable and largely rials (especially in relays) and conductive and 1.018 billion ounces in 2017. The main (Source: AdobeStock)
with difficulty. From today‘s perspective, silver profitable level. materials (such as capacitor coatings). Since reason for this was weaker demand from the
production is even expected to decline again 2011, the photovoltaic sector has also play- investment sector. Between 2015 and 2017,
from 2019 onwards, as is the overall silver ed an important role in silver demand. China, the demand for coins and bars fell by almost
supply (including recycling). This is primarily Recycling and central bank sales in particular, wants to significantly increase half to 151 million ounces. This was offset by a
due to the expected closure of several medi- should not contribute to an increa- the share of photovoltaic capacity. By 2020 slight increase in industrial demand, which
um-sized to large zinc/lead mines and further se in supply alone, the Middle Kingdom wants to achieve amounted to 599 million ounces in 2017.
to an enormous investment backlog which 110 gigawatts of cumulative photovoltaic
has accumulated in recent years due to the A further decline in the supply of silver recy- output. This means that more and more sil-
weak silver price development. Correspon- cling can also be expected. Sales by central ver is bound in corresponding solar modules Conclusion: Continuing supply
ding silver projects were put on hold and de- banks have hardly played a role since 2011 for at least 20 years! deficit
veloped only inadequately. The consequence and are unlikely to lead to a significant increa-
of this is that these projects will only be put se in silver supply in the coming years. The silver sector has been experiencing a sig-
into production after a long delay. In addition, Recent decline in physical de- nificant supply deficit for several years, culmi-
the recycling rate has been declining since mand nating in over 162 million ounces in 2016! Sin-
2011 and in 2017 amounted to only about 138 ce the year 2000, for example, there have only
Silverprice US$/oz million ounces. Demand situation Physical demand for silver reached a record been four years in which global silver pro-
(Source: JS by amChart) high of approximately 1.165 billion ounces in ducers have generated a surplus in silver sup-
Silver with hermaphroditic 2015 and dropped from an extremely high level ply. Since 2013, a total of 380 million ounces
function
While gold is mainly used as an investment,
to preserve value and in the form of jewellery Silversupply (blue) and
(only about 9% of annual demand comes Silverdemand (gray)
from industry), silver has a kind of hermaphro- (Source: own representation)
ditic function. This means that about 60% of
the total silver demand comes from industry,
while the rest is mainly demanded by inves-
tors in the form of bars and coins as well as
by the jewellery industry.
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more silver has been in demand than could be
produced. All in all, global silver demand is ex-
producers have concentrated in recent years
primarily on reducing mining prices due to a
Supply situation
pected to rise again in the coming years. In sustained slump in silver prices. Particular sa-
addition to expected rising ETF inflows and vings were made on exploration, which meant South Africa, Zimbabwe,
further physical demand, the Asian jewellery that virtually no major deposits were discover- the USA and Russia are the
industry and several industrial sectors such as ed in recent years. Price weaknesses in several leading producer nations.
photovoltaics, touchscreens and displays in base metals also caused the development of
particular are expected to see some drastic in- mines producing silver as a by-product to be Only the South African Bushveld Complex,
creases in demand. On the supply side, the postponed for the time being. the Great Dyke Complex in Zimbabwe and
same applies as for gold: most primary silver the Stillwater Complex in Montana as well as
Russia have extensive and significant pri-
mary platinum mining. Over 70% of the wor-
ld‘s platinum mined in 2017 came from South
African mines. Russia followed with about Platinum price US$/oz
Platinum: irreplaceable Almost infinite possibilities of use 12%, Zimbabwe with 8% and North America (Source: JS by amChart)
in the industry, mysteri- with 6%. Overall, platinum mining is a relati- Demand situation
Platinum finds its way into a whole range of vely small sector with only about 6.1 million
ous for many investors! different applications. By far the most com- ounces produced per year. Platinum has a hybrid function
mon use of platinum is in the automotive in-
Platinum is considered by investors to be an dustry, where it is used in the form of auto- Like silver, platinum has a kind of hybrid func-
absolute rarity and at the same time extre- motive catalysts. In addition to the classic High recycling rate tion. This means that about two thirds of total
mely mysterious. Platinum is a chemical ele- diesel oxidation catalysts, platinum is also platinum demand come from industry, while
ment with the element symbol Pt and the finding increasing use in catalysts in fuel Although a certain amount of gold and silver the rest comes mainly from the jewellery in-
atomic number 78. cells, which could be an enormous demand is recycled back into the cycle, platinum is dustry and from investors in the form of bars
driver in the future. The second major field of recycled to a very high percentage. In 2017, and coins.
application in industry is the chemical sector. about 1.89 million ounces were recovered
[Xe] 4f145d96s1 78 Platinum is also used in alloys, for glass pro- from recycling. Recycling thus accounted for
Pt
duction (crucibles), in electrical resistors and 23.5% of the total platinum supply of the Main customers: automotive
for medical applications and apparatus. year. industry and jewellery production
Another large field of application is the jewel-
lery industry, where platinum is often alloyed Expressed in figures, it is the automotive sec-
Melting Point 1768° C with other metals, mainly gold. The fourth Offer stagnates tor that has the highest demand for platinum
Boiling Point 3827°C major area is the investment sector. in 2018. 3.11 million ounces were mainly used
PLATINUM Overall, the global platinum supply has stag- for catalyst construction. In second place
nated in recent years. While in 2013 about was the jewellery industry, which demanded
Deposits and extraction 7.8 million ounces of platinum were available 2.40 million ounces of supply (including recy-
(of which about 5.8 million ounces from mi- cling). This was followed by demand from the
Main properties: Forgeable, Platinum comes in a dignified form, i.e. in ning and nearly 2 million ounces from recy- rest of the industry with 1.83 million ounces.
ductile, corrosion resistant elementary form in nature. Metallic platinum cling), in 2018 about 8 million ounces of pla- The investment sector collapsed from
(platinum soaps) is practically no longer tinum reached the free market (mining: 6.1 265,000 ounces in 2017 to only 125,000 oun-
It has an extremely high density and is at the mined today. Although a large part of the pla- million ounces, recycling: 1.9 million ounces). ces in 2018.
same time very easy to forge and stretch. Its tinum mined in a few places comes from pri- An increase in platinum production, on the
grey-white colour has always fascinated mary deposits, production as a by-product in other hand, is not in sight, as in South Africa
people, probably also because platinum has the production of non-ferrous metals (copper in particular platinum extraction is becoming Hydrogen storage technologies as
a remarkable resistance to corrosion and th- and nickel) is becoming increasingly import- ever deeper and therefore more expensive. future demand drivers
erefore does not tarnish. Due to its high dura- ant. There the platinum group metals are pro-
bility, tarnish resistance and rarity, platinum is duced as a by-product of nickel refining. Innovative hydrogen storage technologies are
particularly suitable for the production of already being researched in South Africa. Po-
high-quality jewellery. wer generation with platinum catalysts is the
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big issue here. Low-cost hydrogen storage i.e. in the form of bars and coins for inves- hydrogen and for cracking hydrocarbons. By
systems for fuel cell vehicles and portable ap- tment purposes, is highly volatile, but is
Palladium: not just a far the most important application for palladi-
plications are still dreams of the future, but declining overall. By 2013, 935,000 oun- platinum substitute! um is thus in the field of catalytic converters
China alone plans to produce two million hy- ces were in demand for investment purpo- for gasoline engines. About 83% of the palla-
drogen fuel cell vehicles by 2030. Germany ses. By 2014 it was only 150,000 ounces, Palladium is primarily a chemical element dium demanded in 2017 was needed for the
has just commissioned the world‘s first hydro- by 2015 305,000 ounces, by 2016 535,000 with the element symbol Pd and the atomic construction of catalytic converters. Palladi-
gen fuel cell train. A large platinum company is ounces, by 2017 265,000 ounces and by number 46. Many experts regard it as a subs- um is also frequently used for alloys in jewel-
already investing together with Shell Techno- 2018 only 125,000 ounces. titute for platinum in several applications, lery, especially in combination with gold, from
logy in the development of hydrogen com- Fourth, while there was still a supply defi- mainly in the production of catalysts, because which so-called white gold is produced. Palla-
pression technology. As the name suggests, cit of almost 400,000 ounces by 2016, in- it is very similar to platinum in chemical beha- dium removes the golden-yellow colour from
these so-called platinum electric vehicles cluding recycling, this turned into a supply vior. the entire alloy. Palladium is also used as an
need platinum as the basic raw material. surplus of 285,000 ounces in 2017. In electrode material for fuel cells and as a cont-
2018, 505,000 ounces more platinum act material for relays.
were offered than was in demand. The [Kr] 4d105s0 46
Pd
Industry demand increases, pure platinum production of 6.065 million
jewellery demand decreases, ounces in 2018 cannot keep up with the Deposits and extraction
investment demand collapses – demand of 7.47 million ounces.
current supply surplus Metallic palladium and palladium-containing
Melting Point 1828 K alloys are found mainly in river sediments as
Four things are particularly striking in the pla- Boiling Point 3233 K geological soaps but are largely exploited.
tinum sector. PALLADIUM Most of it is now extracted as a by-product
from nickel and copper mines.
First: Demand from industry is increasing
more and more. While demand from the
automotive and industrial sectors was still Most important characteristics:
at 4.655 million ounces in 2013, this figure Low melting point, reactive, ab- Supply situation
rose to 4.94 million ounces by 2018. sorbent
Secondly, the trend in the jewellery sector, South Africa and Russia dominate
on the other hand, is contrary. In 2013, Palladium has the lowest melting point among palladium production
2.945 million ounces of platinum were still platinum metals and is also the most reactive.
in demand from jewellery manufacturers. Platin nugget (Source: PicClick) At room temperature it does not react with In recent years, South Africa and Russia have
Platinum supply (blue) and By 2018, however, it was only 2.405 milli- oxygen. It retains its metallic shine in the air emerged as the clearly dominant palladium pro- Palladium supply (blue) and
Platinum demand (gray) on ounces. Conclusion: the key lies in recy- and does not tarnish, which makes it interes- ducing nations. In 2018, Russia contributed Palladium demand (gray)
(Source: own representation) Third: Demand from the investment sector, cling, investment demand and car ting for the jewelry sector and to a lesser ex- 41.3% of total production. South Africa followed (Source: own representation)
manufacturers tent for the investment sector. The low melting
point makes it easier to process than plati-
The demand for platinum can therefore only num. Palladium also has the highest absorpti-
be met because of the very large share of pla- on capacity of all elements for hydrogen. At
tinum recycling in the total supply. The recy- room temperature it can bind up to 3,000
cling rate has recently risen again slightly and times its own volume.
could accelerate again in view of the millions
of diesel vehicles that have been scrapped. If
the fuel cell becomes established in automo- Most important applications:
tive engineering alongside the purely electric Exhaust catalysts, alloys, electro-
car, an increase in demand can be expected de materials
from there. Much also stands and falls with
the investment sector, which should return to Finely dispersed, palladium is an excellent ca-
its former strength. The supply surplus is not talyst for accelerating chemical reactions,
expected to end until 2020 at the earliest. especially for the addition and elimination of
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