Palladium has become the precious-est of precious metals in 2019...

Up a stunning 89% from its August 2018 dip lows...

Even as auto sales in key markets slow around the world, Bloomberg reports that demand for the metal - mainly used in auto catalytic-converters in gasoline vehicles - has remained robust as manufacturers scramble to get hold of palladium to meet more stringent emissions controls, particularly in China.

"Though there are concerns that auto sales are falling, the supply deficit problem is offsetting it," said Ajay Kedia, director at Kedia Commodities in Mumbai, adding the market is highly overbought.

The metal's rally is even stirring debate about whether automakers can make the switch to cheaper platinum to help control their costs.