• Add

Palladium reaches new ATH

Olymp Trade

Palladium has updated its historic high (ATH) near $1650 per ounce and is likely to continue to grow. Thus, the asset has grown by 11.8% since early September, and by 16.5% since early August. The next psychological level of $1700 will become the closest price target for bulls. Some analysts suggest that growth will continue up to $2000, with the price reaching $1700-2000 by the end of this year.

The main reason for growth is the lack of metal. The largest automotive markets will soon tighten environmental standards, and that will lead to increased production of gasoline-powered and hybrid cars, in which palladium is used. Johnson Matthey estimates the palladium deficit at the end of 2019 at 809 thousand ounces, while it was 121 thousand ounces in 2018. Norilsk Nickel believes that the excess of demand over supply will continue for the next three to four years. Palladium exchange traded funds respond to the demand, but their stocks are declining. According to Bloomberg, they have decreased by 145 thousand ounces - down to 576 thousand ounces since the beginning of the year.

Olymp Trade Review

Source: https://olymptrade.com/
!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}