Platinum and palladium, also known as the white metals, are having an excellent year. Platinum has gained 10% to around $1,460 an ounce, while palladium is at a 13-year high of $850 an ounce. Rising demand and supply worries suggest there is plenty of scope for further gains.
The key source of demand for both metals is the car industry, where they are used in catalytic converters: platinum is used in diesel engines, for which the biggest market is Europe, while palladium goes into converters for petrol engines. In addition, both metals are used for jewellery.