It’s possible last week’s cascading selling rout in palladium ended its multi-year bull market. The formerly white-hot metal lost more than $200/oz (but is beginning to rebound).

For now, however, palladium prices remain in a long-term uptrend above the bullishly aligned 20-week and 50-week moving averages – and physical supply remains tight.

Regardless of whether the palladium market recovers to new highs in the weeks ahead, it is quite possible that it has peaked in relative strength terms versus its sister metal platinum.

A few days ago, platinum traded at a historically large discount of almost 50% versus palladium. That discount narrowed considerably last week with platinum managing to post a slight gain in dollar terms.

Another relative strength extreme that may be near a turning point is  ... Read more »