Meanwhile, another metal has more than doubled since bottoming. This performance should have been more than enough to catch the attention of metals investors, if only they were watching. The metal is palladium and, for those who haven’t paid much attention, it is time for a brief update.

Palladium is one of the platinum group metals (PGMs) and it has a lot in common with its higher profile brother.

Like platinum, palladium is a lustrous, silver-white metal. It has many of the same applications. The largest application is in automobile catalytic converters, but there are also uses in jewelry, dentistry, surgical instruments, and electronics.

Palladium also shares platinum’s troubled supply chain.

The top producers are Russia and South Africa. The latter nation has fallen deeper into turmoil in recent months.

Mines there have dealt with unreliable electricity and labor strife for years. Operators are now at great risk of the having mine properties seized by government officials.

PGMs represent a good way for bullion investors to diversify and gain exposure to different market fundamentals.

Diversification can reduce the volatility in any investment and can produce better results – particularly in weaker markets. Just consider the relative outperformance of palladium versus gold and silver over the past 30 months.

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