Kitco News reported this week that further sanctions from the United States against Russia in the ongoing crisis surrounding Ukraine, together with a lower reported output of PGM’s from Russia, shot palladium prices to another 13 year high, according to analysts. The recent increase in sanctions has raised fears that clampdowns could eventually slow the output of palladium from Russia, according to Kitco.
As quoted in the publication:
Most look for further gains in palladium for the longer term, but caution about the potential for a sharp profit-taking correction lower in the near term, particularly if the metal hits the $900-an-ounce level. As of 10:46 a.m. EDT, most-active September palladium was $6.10 higher at $882.85 an ounce on the New York Mercantile Exchange. It peaked at $888, the strongest level since 2001, based on a futures continuation chart.