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The Palladium chart look like Bitcoin at the height of FOMO

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Palladium prices surged to a record on Tuesday, bolstered by worries about shrinking supply of the auto-catalyst metal.

The demand has been an ongoing narrative for a while. So, the fundamentals are strong and there is an ongoing supply deficit problem.

Expectations for more economic stimulus by China, the world's biggest auto market, could also be a short-term catalyst for the market.

Prices have nearly doubled since the mid-August lows and have already surged about 26 percent for the year.

Palladium has continued to firm despite weak car sales as news that Russia is mulling a ban on scrap and tailing exports threatens to further tighten an already tight market.

Source: CNBC


 Trader Georgi Bozhidarov

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