Comment: Almost, but not quite. While Gold gets all the hype, spot Palladium is by far the best performer, increasing in value by 240% over the last twelve months (as compared to bottom of the pile Gold at 124%). The only other metals that come close are Nickel (225%) and Copper (210%). Last week it closed at a new high for this year, but just below 75% Fibonacci retracement resistance, which is a pity really. Allow for several weeks of consolidation under the psychological $500.00 area, where dips should hopefully be limited to the 9-week moving average at $429.75. Then on up again to re-test March 2008’s massive ‘spike high’ at $590.00. We remind that the high of 2001 was $1095.00 so there is still scope for over enthusiasm. Rallies here and in Platinum should help Rhodium and Ruthenium higher, also propelling Iridium which at $475.00 per ounce is already at an 11-year high.
A weekly close below $400.00 forces us to review.
