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Palladium zooms past $1,860/oz
- Palladium was up 0.3% at $1,845.80 an ounce, after hitting a new high of $1,861.71 earlier in the session.
- The metal has been breaking records daily since Nov. 25.
“Palladium positioning is slightly counter-intuitive to the price action, implicitly confirming heavy OTC interest from the long side,†INTL FCStone analyst Rhona O’Connell said in a note. “After weak longs were shaken out in early November another push to the upside is now approaching resistance from the uptrend.â€
Concerns that supply of the metal used in car exhaust systems could run out has helped to lift prices by more than 47% this year alone, despite a weakening auto sector.
Silver shed 0.4% to $16.95 an ounce and platinum gained 0.4% to $903.51.
Source: https://www.cnbc.com/2019/12/02/gold-markets-us-dollar-china-economy-in-focus.html
Tags: clean energy, CSE, palladium, PGM, PGM Demand, stocks, tsx, tsx-v