Palladium is an interesting metal indeed. Not only can you buy palladium bullion in the form of coins and bars, the metal is used in numerous industrial applications as well.
The demand for palladium for these applications is rising faster than available supply can meet, which is leading to shortages. Over time, many analysts expect this will propel palladium to new heights.
But what exactly is palladium used in?
This soft, silver-white metal is actually an important element, and metal, that’s used in a whole host of items we use each and every day. As we’ll see below, some of these applications are quite vital in terms of health care, electronics and more.
Continue reading for a brief summary of some of the ways palladium is used besides being formed into beautiful coins and bars.
Uses of Palladium
1. Catalytic Converters
Perhaps the biggest use of palladium, the metal is useful in eliminating harmful emissions via the vehicle’s catalytic converter, which eliminates 90% of hydrocarbons, carbon monoxide and other noxious gases produced by internal combustion engines.
2. Electronics
The metal’s chemical stability and electrical conductivity make it a prime candidate for plating in electronic components. Palladium in fact can serve as an effective and durable alternative to gold for these purposes.
3. Dentistry
If you have a dental crown or bridge, it likely contains palladium-based alloys.
4. Jewelry
Since it’s lighter than platinum but has the same density, palladium is used as an alloy with platinum as well as white gold. Since palladium is only about ½ the price of gold, it’s becoming a more and more popular option for jewelry buyers.
5. Fuel Cells
Palladium-based alloys are also being used in fuel cell technology, which is in its nascent stage. As demand for these power generation devices continue to grow, demand for palladium will grow with them.
6. Polyester
Besides being used in dental crowns and bridges, and a critical component of removing harmful emissions from car exhaust, palladium is also a critical catalyst in the manufacture of polyester, which is common material found in clothing.
7. Medicine
Like platinum, palladium also has radioactive isotopes that are showing promise in the treatment of certain cancers.
Since its discovery in the early 1800s, the goods and services palladium is used for has grown tremendously. Investing in palladium bullion coins and bars is one way to take advantage of this versatile metal’s growth.
Did we leave any uses out? Do you know of any other uses of palladium besides the ones we listed? Please let us know if the comments below, or drop us a line on Facebook or Twitter today.
