Palladium Market Update (January 24, 2013)
Palladium was the top performer of 2012′s closing quarter. With strong speculative interest driving the market, the metal was able to breach the $700 level in December, a feat that it had not accomplished since Q1. Precious metals came under pressure as the year approached its end, but palladium held up well, ending 2012 at $699, with gains of about $11.
The metal got caught up in negative sentiment sparked by the release of December's Federal Open Market Committee meeting minutes, which raised questions about the longevity of the Federal Reserve's bond-buying programs. Prices were down to $685 by January 4.
The market quickly recovered, however, latching onto positive sentiment associated with improved trade data from China the following week. Palladium also benefited from platinum's upward moves and renewed optimism about 2013 autocatalyst demand. Those factors allowed the the metal to rise back above $700 by January 11.
The palladium market received more benefits from news that Anglo American Platinum's (OTC Pink:AGPPY) plans to shutter two mines in South Africa could lead to 14,000 job cuts, The Globe and Mail reported. With supply deficits already in the forecast, this announcement boosted bullish sentiment.Not only did open interest and net speculative length increase, but last week, holdings in ETFs also rose over 94,000 ounces. This addition, which is a 12-month record, is the first bold foray into the metal that has been seen in ETFs since the end of November last year, a Standard Bank market note states. Palladium ended the week breaking above $730. Palladium Market Update (January 24, 2013) from Palladium Investing News
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV