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Palladium Market Study

The United States Mint retained CPM Group LLC to produce a study defined in Public Law 111-303 as an analysis of the market for palladium bullion investments conducted by a reputable, independent third party that demonstrates that there would be adequate demand for palladium bullion coins produced by the United States Mint to ensure that such coins could be minted and issued at no net cost to taxpayers.

Through extensive discussions with coin dealers and others engaged in precious metals markets, research conducted by CPM analysts on the coin market, and revenue and cost models built to examine the potential profitability of bullion and numismatic palladium coin programs, CPM Group’s main conclusions are as follows:

  • It is unlikely that there will be sufficient demand for a U.S. Mint palladium bullion coin and such a program would most likely not be possible to undertake profitably. 


  • It is unlikely that there will be sufficient demand for a U.S. Mint palladium numismatic (proof or uncirculated) coin, but such a program could be undertaken profitably. 

1. Pursuing such a program alone, rather than in conjunction with a bullion program, may not be in line with the U.S. Mint's usual approach to precious metals coin programs.

2. Pursuing a numismatic program without a bullion coin program additionally may not be in the purview of Public Law 111-303, which directs the U.S. Mint to focus on "the production of palladium bullion coins to provide affordable opportunities for investments in precious metals, and for other purposes."

Palladium Market Study: United States Mint Palladium Market Study – In Accordance with Public Law 111-303, August 2012 (PDF 142 pages, 11,444 KB) 

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