12 January 2011 - GoldMoney, the physical bullion provider which safeguards over $1.5bn of precious metals and currencies, announced today that it is now offering palladium to its customers. This new addition to its precious metals range means GoldMoney can now cater for growing investor demand for the rare metal, whose price has risen from $450 per ounce to $750 per ounce in the past 12 months.
Many investors believe that the outlook for palladium is very strong, particularly with a growing Chinese demand for the metal. Palladium is widely used in catalytic converters. With automotive production increasing to cater for the growing Asian consumer market, palladium is seen as a good investment and a cheaper version of platinum because of its similar properties. Last year the volume of car sales in China overtook that of America for the first time.
Speculation on future palladium supply has also grown. South Africa and Russia currently account for almost 90% of the world’s production and below ground stocks are depleting.
'Our customers buy gold and silver as the smart way to preserve their purchasing power, but they are also interested in buying palladium and platinum to diversify and optimise their investment portfolio. For this reason we have expanded our product offering to allow our customers to get a broad range of precious metals from a single source.' says Geoff Turk, CEO of GoldMoney.
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