Palladium is primarily found and mined in Russia and South Africa, which together account for the vast majority of global production. It is largely extracted as a byproduct of nickel and copper mining (specifically in Russia's Norilsk complex) and within platinum-group metal (PGM) deposits (like the Bushveld Complex in South Africa).
Palladium can be found as a free metal alloyed with gold and other platinum-group metals in placer deposits of the Ural Mountains, Australia, Ethiopia, North and South America.
Yes, palladium has often been more expensive than gold, especially in recent years, driven by high demand for catalytic converters in the auto industry, its rarity, and limited supply from major producers like Russia and South Africa, though prices fluctuate and can fall below gold's price, as seen in late 2023/2024. Its value is closely tied to automotive trends and economic shifts, unlike gold, which serves more as a traditional store of wealth and jewelry.
In the United States, palladium is primarily found and mined in Montana, specifically within the Stillwater Complex (Stillwater and Sweet Grass Counties) by Sibanye-Stillwater, which hosts the nation's only significant platinum-group metals (PGM) operations, with other locations like California and North Carolina showing some deposits but not primary production.
Palladium is not magnetic. Use a strong magnet to check whether the item is attracted. If it sticks, it is likely not palladium. However, the magnet test alone cannot confirm purity, as other non-magnetic metals may mimic palladium.
Although the palladium market has been in a physical deficit for the past few years, that deficit is expected to shrink from 566,000 ounces in 2024 to 367,000 ounces in 2025 before narrowing even further to 178,000 ounces in 2026.
Palladium is currently the most expensive of the four major precious metals - gold, silver, platinum and palladium.
Choosing the Right Selling Method
When considering the appropriate selling method for palladium coins, sellers are presented with several options, each with advantages and disadvantages. Firstly, selling to a local coin dealer or pawn shop is a common choice.
A shiny, silvery-white metal that resists corrosion. Most palladium is used in catalytic converters for cars. It is also used in jewellery and some dental fillings and crowns. White gold is an alloy of gold that has been decolourised by alloying with another metal, sometimes palladium.
In an ionic form and at sufficiently high concentrations, palladium has toxic and allergic effects on biological systems. Palladium allergy almost always occurs in individuals who are sensitive to nickel.
How much palladium is in a catalytic converter? The amount of palladium in a catalytic converter varies depending on the type and size of the converter, as well as the specific manufacturer and the year it was produced. However, typically, a catalytic converter contains between 3 to 7 grams of palladium.
That's because catalysts with palladium atoms at their core have an unmatched ability to help stitch together carbon–carbon bonds. This kind of chemical reaction is key to building organic molecules, especially those used in medications.
A major source of health concern is the sensitization risk of Pd as very low doses are sufficient to cause allergic reactions in susceptible individuals. Persons with known nickel allergy may be especially susceptible. Workers occupationally exposed to Pd include miners, dental technicians and chemical workers.
Palladium has one notable characteristic working in its favor compared to other precious metals. It's much rarer than gold or silver, which can potentially drive up the price through imbalances in supply and demand. The downside, however, is that palladium prices tend to be more volatile than gold or silver prices.
Over the three years from 2021 to 2024, US palladium supply from mining has declined by 27% and recycling supply has declined by 30% (Fig. 1). Over the same period, US palladium imports from Russia have increased by 34% (Fig. 2), with imports in 2025 up a further 30% YTD.
As of mid-January 2026, the palladium price per gram fluctuates but generally hovers around $58 to $61 USD, with specific live prices varying slightly by the minute and provider, such as $58.71 (JM Bullion), $58.66 (APMEX), and $59.70 (Monex). Remember that these are spot prices for the raw metal, and actual purchase prices will include dealer premiums and potentially differ from the live market rate, so always check a real-time chart.
Color: Palladium has a silvery-white color, similar to platinum, but with a slightly darker hue. Texture: Raw palladium can have a smooth, shiny surface or appear rough and granular, depending on how it's found. Shape: Found in irregularly shaped nuggets or grains embedded in rock formations.
Tony Stark used palladium in his Arc Reactor because it was the most effective, readily available material he could find to power the electromagnet that stopped shrapnel from reaching his heart after his injury in Afghanistan, but it slowly poisoned him, forcing him to synthesize a new element for a permanent solution. He repurposed it from Stark Industries weapons, and it provided the immense energy needed to sustain his life, despite its eventual toxicity.
The automotive sector is the primary end user of palladium. The metal is a key component in the catalytic convertors of internal combustion engine vehicles, where it is used to reduce emissions. Like platinum, palladium is used in jewelry and valued as an investment.