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PALLADIUM IS ROCKETING HIGHER AND GOLD HOLDS FIRM ABOVE $1,900

March 2, 2022 – Following a powerful move through $1,900, gold eased a bit early Wednesday and is now trading around $1,930 per ounce.  Front-month silver futures advanced 4.8% Tuesday to $25.54 an ounce on Comex and is up 6.4% so far this week. Silver surged 8.8% in February after dropping 4.1% in January. It fell 12% in 2021.

The big show in the precious metals complex is palladium.  Palladium continues to climb as a result of the worsening situation in the Ukraine.  As of this morning, palladium is extending its seven-month rally and trades around $2,640 per ounce.

Adding to the already difficult supply chain issues for the automotive sector, Russia produces about 40% of the world’s palladium, and the metal’s primary use is in catalytic converters for gasoline-powered vehicles.  Should the supply of palladium from Russia be curtailed, expect more pain in the auto market and shortages of finished product.

Following a price drop of 22% in 2021, palladium rallied 24% in January and 5.3% in February of 2022.  In just the couple of trading days this month, palladium has already jumped 5.2%.

The material impact palladium is having on the precious metals complex is registered and visualized via the PMC Index® – see chart below.  The PMC Index® and its companion investment product PMC Ounce® are tracking and capturing the incremental gains provided by the palladium rally.  Note that the chart below is showing the performance as of Tuesday’s close.

Performance as of Tuesday March 1, 2022 close.