In short: Paired with platinum throughout: tighter market and higher prices over the last 15 months ("that may continue"), supported by South African/Russian supply concerns but pressured by auto-demand shifts. A short-term follow-through move behind gold and silver, with profit-taking into any spike; for sophisticated investors only.
Palladium is platinum's sister metal, also mostly mined in South Africa and Russia and also used mainly in car catalytic converters, so he treats the two together.
Same verdict: tight supply supports prices for now, auto-industry changes weigh on demand, and any rally is a short-term follow-on to gold and silver that investors will sell into. Suitable only for sophisticated investors.
29:03You have concerns about Russian exports that are positive for platinum and palladium prices. But then you also have concerns about the auto industry's demand for platinum and palladium both because of cyclical weaknesses, economic concerns, the potential for a recession and also secular changes. You have the rise of electric vehicles.
In short: +76% in 2025 to $1,607/oz (3-yr high $2,022 in Dec) on supply-diversification/jurisdiction concerns (Russia + South Africa dominate) and strong catalytic-converter demand; sees upside plus diversified mining locations.
Palladium goes into the catalytic converters that clean gasoline and hybrid car exhaust. It jumped 76% last year because most of it comes from just two countries — Russia and South Africa — and any threat to those supplies (sanctions, US trade probes) sends the price up. With hybrids selling well and stricter Euro 7 rules requiring more of it per car, Prins sees more upside, and favors miners outside the risky Russia/South Africa concentration.
In short: Same jurisdiction-risk profile as platinum — overly concentrated in South Africa and Russia, so disruptions reprice it sharply given thin spare capacity.
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