Canada doesn't have much in the way of palladium production. However, the country plays host to some exploration activity and does produce a small amount of the metal.
Strikes at the operations of South Africa's major platinum miners, along with the news that the United States is prepared to enact trade sanctions on Russia, pushed palladium to an 11-month high yesterday.
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Frank Holmes, CEO of US Global Investors, says the growing demand for fuel-efficient cars, along with supply disruptions, will cause platinum-group metals to trade higher in 2014.
Both platinum and palladium are expected to make gains in 2014.
Johnson Matthey, Barclays and Norilsk Nickel believe the depletion of Russia's palladium stockpile is imminent, a claim that has been made in earlier years. Is the end really upon us this time?
Palladium has many diverse applications — it is used for industrial and medical purposes and can even be found in jewelry.
Absa Capital's platinum exchange-traded fund has achieved much success since its launch earlier this year. Now, the firm is making plans to launch a palladium equivalent by the end of 2013.
Palladium fell into a slump midway through August, but most analysts agree that it is still set to perform well this year.
Palladium continues to thrive as other precious metals struggle to make up the losses they have incurred since mid-April.