Amid hope for reinvigorated auto production (after Hurricane Harvey’s destruction) and yesterday’s escalation in US-Russia tensions (Russia being the world’s largest producer), spot Palladium is spiking today, hitting its highest since record highs in January 2001.
While the entire gamut of industrial and precious metals have been rising recently (the latter on the back of Chinese demand hype), Palladium prices exploded today out of nowhere (biggest jump in 7 months).
Pushing the precious metal to its highest in 16 years…
There appear to be a few catalysts for the recent trend and today’s spike…
1. China’s commodity panic-buying trend
There just appears to be blind panic-buying momentum from China in any and every industrial metal and along with gold prices surging amid North Korea and debt ceiling drama, we suspect Palladium is catching a bid on the back of that.
This post was published at Zero Hedge on Sep 1, 2017.
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