This year's Nobel Prize for chemistry was awarded for decades-old breakthroughs in the use of palladium to help synthesize useful compounds — a process that took the Royal Swedish Academy of Sciences 13 pages to explain. The easy way to explain it is to say palladium is a rare metal that acts as a catalyst or "matchmaker," marrying ingredients to produce all sorts of useful things for flat-screen displays, cancer drugs, asthma medicines and more.
via msn.com
Palladium for December delivery jumped as much as 2.8 percent to $606.25 an ounce on the New York Mercantile Exchange, the highest price for a most-active contract since June 2001.
via Bloomberg
There you have it. Palladium hit a 9 year record high. It has dropped a bit and is now worth $586 per ounce.
Ah, it is good to be right. I wrote on Nov 4, 2009:
"At this time, I recommend buying some palladium. It is cheaper than gold and has great potential based on its uses in alternative energy technologies. You want to buy low and sell high, and the price of palladium is currently low, but it has been much higher in the past. The 5 year high is $579/oz. Palladium is currently around $329 and has been climbing all year." - xeno
Neat. My investment has nearly doubled in a year. If I'd bet the farm, I could have retired years early, but I'm risk averse, so I just took the risk I could afford. I really only made enough to give me a little emergency buffer, but it has been exciting.
Am I selling? No, it still has potential. The dollar is dismal and in Dec 2000 palladium passed $1,100 per oz. Will it get that high again? What do I look like, a fortune teller?
1 comment:
NICE ONE XENO - lets hope youre equally right with the LHC! :-D
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