Domestic motor vehicle sales climbed in May to their highest level since U.S. companies combined to sell some 14 million vehicles in January 2006. ETF Securities U.S. research director Mike McGlone tells TheStreet's Joe Deaux that palladium, used for catalytic converters in U.S.-manufactured automobiles, and the other platinum group metals (PGMs) are poised for a stronger run than gold, which is currently stuck in a trading range. McGlone says that the precious metals with industrial applications -- platinum, palladium and silver -- should benefit from an increase in industrial production.

More from Video

REPLAY: Jim Cramer on How to Navigate the Stock Market Amid Tariff Worries

REPLAY: Jim Cramer on How to Navigate the Stock Market Amid Tariff Worries

Jim Cramer: 4 Stocks Could Get Throttled By a 'Knock Down Drag Out' With China

Jim Cramer: 4 Stocks Could Get Throttled By a 'Knock Down Drag Out' With China

Why Starbucks Latest Data Reveal Should Worry Investors

Why Starbucks Latest Data Reveal Should Worry Investors

Buick's $40,000 Tough-Looking Station Wagon Is a Worthy Driveway Addition

Buick's $40,000 Tough-Looking Station Wagon Is a Worthy Driveway Addition

Trump's Tariff Attack Hasn't Brought Pain to These Hot Stocks

Trump's Tariff Attack Hasn't Brought Pain to These Hot Stocks