Palladium

Few metals depend on a single industry the way palladium depends on the car. More than four-fifths of demand comes from catalytic converters, the exhaust-cleaning devices in gasoline engines, which makes it unusually reliant on one industry and on the rules governing vehicle emissions. That concentration cuts both ways: tightening pollution standards once drove prices to record highs, but the shift toward electric vehicles, which have no exhaust to scrub, threatens its biggest market over the long run. Supply is precarious too, with more than three-quarters of it mined in just two countries, Russia and South Africa, so sanctions or disruptions there can jolt the price. It comes out of nickel and platinum mining as a byproduct, priced in dollars per troy ounce. Palladium is one of the most volatile of the precious metals, caught between emissions policy, the electric-vehicle transition and the geopolitics of its narrow supply base.

On MyRWA, PALLADIUM trades tokenized across 18 on-chain venues - see the listings below.