From the Desk of Ian Culley @IanCulley
I left gold bugs an urgent message last week.
“This mess could turn downright ugly for the entire precious metals space if buyers don’t step in and support higher prices in palladium – and fast.”
I am many things, but “alarmist” isn’t one of them. I simply find it hard to believe gold will post new all-time highs while palladium falls to fresh five-year lows.
Call me crazy, but those two puzzle pieces don’t seem to fit.
Perhaps we’ll never know for sure, as buyers showed up right on cue, driving palladium higher ahead of the three-day weekend.
Last week’s strength bodes well for all metals, industrial and precious. So I’ll reiterate critical levels to trade against in palladium.
But I also want to share a strong correlation between this multifaceted metal and a market I would never have guessed…