Palladium is a silvery-white metal; it is in the platinum family, but is far less expensive than platinum. Its oxidation-resistance makes it useful in the manufacturing of car exhaust systems. It is also used as an alloy, especially in making white gold. It is one of the world's scarcest metals and its supply can be erratic, leading at times to volatile prices. It is mainly exported from Russia and South Africa.

Source:Investing in Palladium