Palladium, the silvery-white metal that has become indispensable to modern technology, emerged from scientific obscurity in the early 19th century to become one of the most valuable precious metals of the 21st century. From its accidental discovery in platinum residues to its critical role in automotive catalysis, electronics manufacturing, and the emerging hydrogen economy, palladium’s journey reflects humanity’s evolving technological needs and environmental consciousness. This remarkable element, named after an asteroid and shrouded in controversy at its birth, has proven to be far more than the “worthless gold” early miners once dismissed it as. Today, palladium stands at the intersection of industrial necessity and investment opportunity, commanding prices that have at times exceeded those of gold itself, while playing a crucial role in reducing global emissions and enabling the miniaturization of electronic devices that define our modern world.

Read about the six platinum group metals – Iridium, Osmium, Palladium, Platinum, Rhodium, and Ruthenium – as a group (PGMs) here. Find out about the other critical raw materials (CRMs) here. The complete history of platinum can be found here. Find the complete history of all platinum group metals here.

A History Of Palladium

Palladium spans just over two centuries, yet in this relatively brief time, palladium has transformed from a scientific curiosity to an industrial necessity. Palladium’s unique properties—exceptional catalytic activity, hydrogen absorption capacity, and resistance to corrosion—have made palladium irreplaceable in numerous applications. Palladium’s scarcity, concentrated primarily in Russia and South Africa, has created a volatile palladium market that has seen dramatic price swings influenced by geopolitical events, technological shifts, and changing environmental regulations. From the early anonymous announcements of palladium’s discovery to palladium’s current status as a critical component in clean energy technologies, palladium’s story is one of scientific achievement, industrial innovation, and economic complexity.

Chronology

• 1802 – William Hyde Wollaston discovers palladium while experimenting with platinum purification, dissolving platinum in aqua regia (nitric acid and hydrochloric acid mixture) and examining the residue containing palladium [1, 2, 3, 4, 5]
• 1803 – Wollaston announces the discovery of palladium anonymously, publishing a circular advertising the sale of palladium as “New Silver” at Mr. Foster’s shop in Soho, London; Chemist Richard Chenevix purchases samples of palladium and falsely concludes palladium is an amalgam of mercury and platinum, publishing his findings in the Royal Society proceedings; Wollaston anonymously offers a reward of twenty guineas to anyone who could artificially produce palladium; the reward goes unclaimed [6, 7, 8]
• 1805 – Wollaston publicly reveals himself as the discoverer of palladium and gives a full account of palladium and palladium properties to the Royal Society of London; After palladium’s discovery, palladium becomes popular as a treatment for tuberculosis but causes many undesirable side effects and palladium medical use is eventually discontinued [3, 7, 8]
• 1831 – The Geological Society of London begins awarding the Wollaston Medal annually, made of palladium to honor Wollaston’s discovery of palladium [1]
• 1966 – Sierra Leone issues the first palladium coin, a proof commemorative piece made of palladium [9, 10]
• 1967 – Tonga issues palladium coins for King Taufa’ahau Tupou IV’s coronation, achieving a world first in palladium coinage with edges inscribed “Historically the First Palladium Coinage” [9, 11, 12, 13, 14, 15, 16, 17]
• 1968 – Tonga issues a counterstamped version of palladium coins for the king’s 50th birthday [9, 13]
• 1970 – Catalytic converters containing palladium come into widespread use following the U.S. Clean Air Act requirements; Three-way catalytic converters are invented, combining platinum, rhodium, and palladium for more effective filtration of automobile fumes; Automobiles equipped with palladium-based catalytic converters are introduced [18, 19, 20, 21, 22, 23]
• 1975 – All vehicles manufactured after this year in the United States are required to have catalytic converters that use palladium and other platinum group metals to pass emissions tests [18, 22]
• 1978 – Palladium prices begin dramatic increase during commodities boom period [24]
• 1980 – Palladium prices reach peak of 6X increase from 1978 levels during commodities boom [24]
• 1989 – Soviet Union issues palladium commemorative coins made of palladium [10]
• 1990 – MLCCs manufactured before this period contain 2-5% palladium and up to 10% silver; Low palladium prices lead to palladium replacing platinum in gasoline autocatalysts at a 2:1 substitution ratio; Surge in palladium prices greatly increases MLCC manufacturing costs, accelerating shift from palladium to base metal electrodes [23, 24, 25, 26, 27]
• 1993 – TDK Corporation succeeds in displacing palladium-bearing electrodes with cheaper nickel electrodes in MLCCs, significantly reducing palladium use in electronics [27]
• 1995 – Major shift in electronics industry begins from palladium and other precious metals to base metals for standard components [26]
• 1999 – Electronic fuel injection systems, oxygen sensors, and microprocessor control enable more efficient use of palladium in catalytic converters [21]
• 2000 – Russian palladium supply disruptions cause market panic for palladium [24, 28]
• 2001 – Palladium reaches all-time record high of $1,094.00 per troy ounce; Palladium demand in electronics collapses to 0.7 million troy ounces from 2.16 million the previous year following palladium price spike and technology shifts [24, 28, 27]
• 2002 – Russian palladium supplies resume, causing palladium price to fall over 60% from record high; Ford Motor Company declares $1 billion loss on palladium stockpile purchased without hedging [24, 29, 28]
• 2005 – Royal Canadian Mint begins issuing Palladium Maple Leaf coins made of palladium [9, 16]
• 2008 – Palladium and other platinum group metals prices spike during commodities boom before financial crisis [24]
• 2015 – Volkswagen emissions scandal creates backlash against diesel vehicles, increasing demand for palladium used in gasoline catalysts [23]
• 2016 – Palladium begins outperforming gold in price comparisons [28]
• 2017 – Palladium automotive demand exceeds mined supply, creating sustained deficits; Palladium exceeds platinum price for first time in 16 years; Palladium briefly surpasses $1,000 per ounce for first time since 2001 [23, 24]
• 2018 – Palladium reaches new record highs, surpassing the 2001 palladium peak [28]
• 2019 – Palladium overtakes gold as most expensive precious metal per ounce; Palladium reaches $1,604 per ounce before stabilizing; Automotive sector accounts for approximately 85% of total palladium demand at 8.6 million ounces [8, 22, 24]
• 2020 – COVID-19 pandemic disrupts automotive production and palladium demand [30]
• 2021 – Palladium reaches new all-time high in US dollars at $3,000.50 per ounce in April; Palladium becomes worst-performing major commodity in second half of year due to semiconductor shortage impact on car production [24, 31]
• 2022 – Ukraine tensions drive palladium price to near six-month peak at $2,451.87 per ounce; Russia invades Ukraine, causing palladium to spike; Palladium rises above $3,000 per ounce for first time since May 2021; Palladium reaches all-time record high of $3,440.76 per ounce; Record palladium price in pounds sterling set at £2,608.70 per troy ounce; London Platinum and Palladium Market de-lists two Russian refiners from good delivery list affecting palladium supply [24, 31, 32, 33, 34, 35]
• 2023 – Average closing price of palladium reaches $1,491 per troy ounce based on first four months, showing continued volatility in palladium markets [36]
• 2024 – Global MLCC shipments containing palladium expected to reach 5.9 trillion pieces, with palladium MLCCs continuing to serve high-reliability applications [37]
• 2025 – Research continues on palladium applications in hydrogen fuel cells, storage, and detection technologies; Breakthrough research on palladium nanosheets for affordable hydrogen production advances palladium’s role in clean energy [38, 39, 40, 41]

Final Thoughts

As we look toward the future, palladium’s story is far from complete. The metal that William Hyde Wollaston quietly extracted from platinum residues over two centuries ago has become a linchpin of modern civilization, essential to both our current industrial infrastructure and our aspirations for a cleaner future. The dramatic price volatility that has characterized palladium markets—from the Ford Motor Company’s billion-dollar loss to the record-breaking peaks during the Russia-Ukraine conflict—underscores both its critical importance and the fragility of its supply chain.

With the automotive industry transitioning toward electrification and the hydrogen economy emerging as a potential solution to climate challenges, palladium finds itself at another crossroads. Whether serving as a catalyst in the last generation of internal combustion engines or enabling the hydrogen fuel cells of tomorrow, palladium continues to demonstrate that sometimes the most valuable discoveries come from examining what others have overlooked. Its journey from “worthless gold” to precious commodity reminds us that true value often lies not in what something appears to be, but in understanding what it can become.

Thanks for reading!

References

[1] William Hyde Wollaston – Linda Hall Library – https://www.lindahall.org/about/news/scientist-of-the-day/william-hyde-wollaston/

[2] William Hyde Wollaston (1766–1828) | High Altitude Observatory – https://www2.hao.ucar.edu/education/scientists/william-hyde-wollaston-1766-1828

[3] William Hyde Wollaston – Wikipedia – https://en.wikipedia.org/wiki/William_Hyde_Wollaston

[4] William Hyde Wollaston | British Chemist & Physicist | Britannica – https://www.britannica.com/biography/William-Hyde-Wollaston

[5] William Hyde Wollaston, a great unknown, discovered palladium and rhodium – Rincón educativo – https://rinconeducativo.org/en/recursos-educativos/william-hyde-wollaston-discovered-palladium-and-rhodium/

[6] Bicentenary of Four Platinum Group Metals | Johnson Matthey Technology Review – https://technology.matthey.com/article/47/4/175-183/

[7] William Hyde Wollaston – New World Encyclopedia – https://www.newworldencyclopedia.org/entry/William_Hyde_Wollaston

[8] Lateral Science: Wollaston’s Discovery of a Controversial Element – Palladium – http://lateralscience.blogspot.com/2018/02/wollastons-discovery-of-controversial.html

[9] Learn about the History and Uses of Palladium | Provident – https://www.providentmetals.com/knowledge-center/collectible-coins/palladium-history.html

[10] Palladium coin – Wikipedia – https://en.wikipedia.org/wiki/Palladium_coin

[11] Palladium: Properties, Uses and Investment | BullionVault – https://www.bullionvault.com/platinum-guide/palladium

[12] 1967 Tonga Palladium 3 Coin Set | Chards – https://www.chards.co.uk/1967-tonga-palladium-3-coin-set/9519

[13] Tonga 1967 Palladium 3 Coin Set – M.R.Roberts – Wynyard Coin Centre – https://wynyardcoins.com.au/products/tonga-1967-palladium-3-coin-set

[14] Palladium Coin Melt Values | NGC – https://www.ngccoin.com/price-guide/series-detail.aspx?MVDetailID=185&Series=Tonga-Palladium-Hau

[15] 1967 PALLADIUM TONGA 1/4 HAU | Rare Coin Collector – https://www.rarecoincollector.com/1967-PALLADIUM-TONGA-1-4-HAU-1-2-OZ-NGC-MS-68-ONLY-1700-MINTED/

[16] Exploring the World of Palladium Coins | First National Bullion – https://firstnationalbullion.com/coins-produced-using-palladium/

[17] Palladium | Currency Wiki | Fandom – https://currencies.fandom.com/wiki/Palladium

[18] Catalytic converter – Wikipedia – https://en.wikipedia.org/wiki/Catalytic_converter

[19] Automotive History: The Dawn of the Catalytic Converter – Curbside Classic – https://www.curbsideclassic.com/automotive-histories/curbside-tech-who-put-the-cat-out-the-dawn-of-the-catalytic-converter/

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[21] The Evolution of Catalytic Converters – Hailey Auto Clinic – https://haileyautoclinic.com/the-evolution-of-catalytic-converters-advancements-in-emissions-control-technology/

[22] Invention of The Catalytic Converter – Noble6 – https://noble6.com/the-invention-of-the-catalytic-converter/

[23] Substitution among Platinum Group Metals – CME Group – https://www.cmegroup.com/education/articles-and-reports/substitution-among-platinum-group-metals.html

[24] Historic Precious Metals Price Spikes – APMEX – https://learn.apmex.com/learning-guide/history/historic-precious-metals-price-spikes/

[25] MLCC Chips and Precious Metal Recovery – Specialty Metals – https://www.specialtymetals.com/blog/2024/7/26/the-value-of-mlcc-chips-an-insight-into-precious-metals-recovery

[26] Rising Price of Palladium Could Impact MLCC Markets – doEEEt – https://www.doeeet.com/content/eee-components/rising-price-of-palladium-could-impact-high-reliability-mlcc-markets-in-2020/

[27] What switch to nickel means to MLCC buyers – EE Times – https://www.eetimes.com/what-switch-to-nickel-means-to-mlcc-capacitor-buyers/

[28] Palladium Price Above $1,000 per Ounce | INN – https://investingnews.com/daily/resource-investing/precious-metals-investing/palladium-investing/palladium-above-1000-per-ounce/

[29] Ford in bullish mood for 2001 – Fleet News – https://www.fleetnews.co.uk/news/2001/1/23/ford-in-bullish-mood-for-2001-as-earnings-rise/8539/

[30] Platinum group elements study in automobile catalysts – ScienceDirect – https://www.sciencedirect.com/science/article/abs/pii/S0269749119331914

[31] Palladium price hits 6 month high | MINING.COM – https://www.mining.com/palladium-price-hits-6-months-high-as-russia-invades-ukraine/

[32] Palladium sprints to $3,000/oz | CNBC – https://www.cnbc.com/2022/03/04/gold-markets-palladium-russia-ukraine-conflict.html

[33] Palladium price highest in four months | MINING.COM – https://www.mining.com/palladium-price-highest-in-four-months-amid-ukraine-russia-crisis/

[34] Palladium catches breath after record rally | Reuters – https://www.reuters.com/markets/europe/palladium-scales-record-high-gold-hits-2000-russia-ukraine-war-2022-03-07/

[35] Record Palladium Price and Historical Highs | Chards – https://www.chards.co.uk/guides/highest-palladium-price-history/755

[36] Worldwide palladium price 2023 | Statista – https://www.statista.com/statistics/254520/average-palladium-price/

[37] Palladium MLCC: A Shining Star – openPR – https://www.openpr.com/news/3717235/palladium-mlcc-a-shining-star-in-the-electronics-industry-bids-2022-02-23/

[38] The role of palladium in a hydrogen economy – ScienceDirect – https://www.sciencedirect.com/science/article/pii/S1369702111701432

[39] Unlocking Hydrogen’s Potential – Advent Research Materials – https://www.advent-rm.com/en-GB/Articles/2025/02/Unlocking-Hydrogen-s-Potential-Why-Palladium-is-th

[40] Palladium at the forefront of new hydrogen economy – Ahead of the Herd – https://aheadoftheherd.com/palladium-and-palladium-one-at-the-forefront-of-new-hydrogen-economy/

[41] Breakthrough in Clean Energy: Palladium Nanosheets | Fuel Cells Works – https://fuelcellsworks.com/2025/03/05/clean-energy/breakthrough-in-clean-energy-palladium-nanosheets-pave-way-for-affordable-hydrogen