How is palladium making some new advances in an old field?
Materials science is constantly evolving. New applications come along everyday – and the trouble is that we tend to forget there are some very basic uses which are always being tweaked to make them better. Why reinvent the wheel?
One of these is palladium – and its use as a catalytic converter.
Now you may think that this is just used for cars because that’s the application which most of us have heard about. The truth is that there are thousands of industrial uses for palladium and its role in reducing pollution is increasing by the day.
With the world climate at the top of the majority of countries agendas – many scientists are re-examining how palladium can be rolled out to meet new standards.
This in-depth article, in Science Direct, says the major reason for palladium being used in industrial “scrubbing” or cleaning is down to its unique hydrogen absorbing properties.
These same properties are being adopted by pioneers of what has come to be known as “the hydrogen economy.” Using fuel cells, hydrogen purification, storage and detection – as well as palladium based nano-materials – major aspects of current research and potential applications will have huge consequences for major world industries.
Oil, coal, gas, and hydrocarbon fuels will all be phased out over the next few decades. Because the combustion of hydrogen does not generate carbon dioxide but only water vapour – if the scientists can perfect new sources of energy and transport using fuel cells – automobiles, industrial plants, and factories – even domestic heating and electricity will result in zero emissions of greenhouse gases.
Palladium is key in these developments because it’s the only material, currently available, which absorbs large quantities of hydrogen at room temperature and atmospheric pressure. Its physical, thermodynamic, and kinetic properties can’t be replaced or replicated by anything else out there.
The key to this, from an investment point of view, is that palladium is incredibly rare. In 2018, some 210 metric tons of palladium was produced worldwide. Compare this with the annual production of 2,500 metric tonnes of gold, and you can see how the palladium price reflects its rarity.
Now to the real question, did you know that you can put palladium into your IRA or 401(k) rollover and get a tax break on it? If you didn’t, contact us at noblegoldinvestments.com.