Mining Weekly reports that the Russian palladium stockpiles have finally run out, and palladium prices are expected to soar as a result. The demand for palladium will undoubtedly grow substantially once the financial crisis in developed countries tones down and car sales start recovering.

Mining company African Rainbow Minerals (ARM) CEO Andre Wilkens told Mining Weekly that Russian miner Norlisk Nickel, ARM's partner in South Africa, is back to its normal monthly levels of palladium production.

Mining company Impala Platinum Marketing Executive Derek Engelbrecht called on Russia to stop destocking its palladium reserves.

In the beginning of the decade, palladium reached a price of $1,000 per ounce. Today its price is climbing towards $300 per ounce, after dropping to a level of $150 per ounce. However, Engelbrecht states that palladium prices will not rise back to $1,000 per ounce in the near future.

According to Engelbrecht, China and India both hold abundant palladium mines, and are expected to take the lead in this market in the near future.