21 May 2014 at 6:59 GMT
Palladium and to a certain extent platinum continue to create the bullish headlines that gold and silver been missing for a while now. Johnson Matthey, a PGM specialist, yesterday said that supply shortages for both metals will be the largest in more than three decades this year as demand from car companies continue to rise while supplies from South Africa are restricted due to the ongoing mining strike and Russia a key exporter may reduce supply. Palladium at 828 USD/oz is trading up by 15.7% year-to-date not far from the record of 861 USD/oz from February 2011. The near perfectly timed launch of new palladium ETFs by South African banks in March have boosted total holdings by 30 percent since April.
Gold meanwhile remain stuck below 1300 USD/oz and are struggling following news that the holdings in the world's largest gold ETF, the SPDR Gold Trust, has dropped to the lowest since December 2008.
The metal remain range-bound between a narrowing corridor between 1298 and 1303.