Is a 'Palladium - Platinum price inversion' in the cards?
At the turn of the century, the days of cheap Palladium were numbered. Norilsk used to have ample Palladium supply after starting up its large Russian nickel mine. As the supply overhang disappeared in the late 1990′s, the Pd price surged. Remember that gold quoted at near its bear market bottom at that time. It didn’t take much time for Palladium leave behind gold. During 1999 Palladium was challenging the Platinum price, occasionally surpassing it on its rocky ride to the top.
At the turn of the century, Palladium ultimately overtook Platinum, though Pt was in an uptrend itself! Palladium was to spike over $1000 by Jan 2001, over 60% more expensive than Pt and about 3.5 times the gold price which just left behind its bear market bottom. The Pd surge ended in late autumn 2001 when the metal slid beneath the platinum price.
The economic recession that followed 9/11 and the tech stock crash caused industrial consumption of both PGM’s to dwindle. The fairly overvalued Palladium took the larger price hit. It only was a question of months before the rising gold price drew the final curtain on the Palladium surge.
(Preliminary version – graphs and data will follow)
Source: http://gwyde.blogspot.com/2017/06/is-palladium-platinum-price-inversion.html
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