 Good day fellow investors. Now I have analyzed Norilsk nickel which is a Russian nickel, copper and palladium miner. And I said that I will look at the palladium environment because it's very important for the stock as the stock derives 20-30% of its revenue from palladium sales. So we have looked at the nickel environment, we have looked at the copper environment and it's very important to look at the palladium environment. So let's start with what is palladium, what it is used for, what is the supply demand situation, what is the outlook and what are the other ways to invest in palladium if you don't like a Russian investment like Norilsk nickel. So palladium is one of the platinum group metals also considered a precious metal, it's used in electronics dentistry, hydrogen purification, but most of the use is in freeway catalytic converters in car exhaust systems. If we take a look at the palladium price movement in the last 10 years, it was very cheap in 2009, then it increased 2011, dropped, increased, dropped in 2015 in the commodity slump and now it's reaching again all-time highs. The higher palladium prices are due to demand deficits. So there is not enough palladium mind in the world in order to satisfy demand and that's why the price goes up. In addition to the already present supply deficits, vehicle sales growth in 2016 and in the past five years have been increasing. On top of it, vehicle producers increased the palladium loading in their freeway catalytic converters. Just another bonus for palladium hybrids that are very trendy use more palladium per vehicle than conventional gasoline engines. Very interesting. On the supply side we see here that there is a structural decline in production, so there really haven't been any additional projects in the palladium world to satisfy global demand. The future is expected to get even better for the palladium price because demand is expected to grow and there isn't enough production. So the palladium net market balance is negative and that deficit is expected to grow. If we look at the cost curve, the average cost curve is around $750 per ounce. The current price is a bit above $800 per ounce but with the increased deficits we can certainly see higher palladium prices and I wouldn't be surprised if palladium breaks $1000 given that already some global producers have costs above $1000-$1100 per ounce. So the outlook for palladium and therefore for Norio's to nickel which has nickel a positive outlook, copper a very positive outlook and palladium a very positive outlook is again positive. We have deficits, not so much projects coming online to satisfy global demand. Some say that there is the risk of electric vehicles taking over. Yes, I expect electric vehicles to be very very significant in the future. However, I still expect gasoline vehicles to also grow so the demand for palladium is not going to go away. If there isn't a disruptor coming that changes the world then we immediately switch to electric vehicles. Somehow I see that difficult. I expect much higher electric vehicles market share but I also expect a much larger market for vehicles because they develop the growth and there increases in demand for vehicles. How to invest in palladium? Well the biggest palladium miners are Norio's nickel, Sibania Gold, an African miner that acquired a platinum palladium mine in the States and a pure palladium play not a diversified one is North American palladium. So for those interested you might want to look at that. Of course you can also buy coins and bars of palladium which can be easily bought but you have to see how easy it is to sell them when you actually need to sell them. So a little bit more difficult what you can do for more liquidity is buy a palladium ETF where you buy a part of the palladium stored in some vaults around the world but you pay 0.5 to 0.6 fee on that so I think it's better to own Norio's than to own an ETF where you pay such a high fee for just keeping palladium you can buy Norio's which has which has a lot of palladium in the ground same thing no fee plus a 10% dividend interesting the risks there is always risk the risk for palladium is a recession a recession lower car production until the inventories are sold much lower palladium demand and the stock price might go very very low so that's always the risk because yes palladium is a precious metal but it's also an industry metal so I think it's not so precious as gold to increase when there is trouble and it's not so precious not to decrease when there is a problem in the industry so a little bit risky metal but the outlook is very positive so it's another plus for investments that are diversified and where one part of those is in palladium thank you for watching if you have any comments any insights on palladium palladium investments that I have missed that are very interesting low cost please share them below in the comments I always look forward to your comments if you like the content click like subscribe if you haven't subscribed yet and I'll see you in the next video