by Craig Hemke
As you know, we’ve been following the palladium story for over two years now. It is very important to understand that this is NOT a speculative, COMEX story. Instead, this is a physical supply story that emanates from London. To that end, today let’s review the COMEX data to see how The Banks are responding in this futures-only market.
Let’s begin with the chart below. This is a weekly chart of spot palladium that goes back to early 2017. Back then, price had yet to eclipse the old all-time highs near $1100 that were set in 2001. Note the placement of the five arrows that we’ll explain below.