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Platinum and palladium are among the world's scarcest metals. Only about 4.5 million troy ounces of platinum and approximately 5 million ounces of palladium entered Western markets in 1994. By comparison, worldwide mine production of gold totaled approximately 70 million ounces in 1994, while supplies of newly mined silver totaled approximately 440 million ounces.
Palladium is the other major metal of the platinum group. It is mined with platinum, and resembles it in many respects, yet there are important differences between the two metals.
Palladium is also produced as a by-pro