⬤ Palladium has been on a strong run since January started, now trading around $2,158 per ounce with a solid 29% year-to-date gain. The metal has been climbing steadily throughout the month, moving up from the mid-$1,600 range to break above $2,150 by late January. This upward move is happening while the broader precious metals market experiences heightened volatility.
⬤ What's interesting about this rally is how it's been playing out—it's not a sudden spike, but rather a consistent climb higher. Palladium started January around $1,660-$1,680 and has pushed upward in waves, with only small pullbacks along the way. The price action over these few weeks has brought the metal close to levels we saw during previous peaks, though it hasn't quite reached its all-time highs yet.
⬤ The rally stands out when you compare it to silver's recent behavior. While silver has seen what many are calling a parabolic move with higher risk attached, palladium's advance has been more gradual. Even though both metals have delivered strong percentage gains, the way they've gotten there tells a different story about risk and market structure.
⬤ This matters because palladium plays a unique role—it's both a precious metal and an industrial one. The strong start to the year could influence sentiment across the whole precious metals complex while highlighting how different supply and demand factors drive each metal. As these metals continue to move in different patterns, we might see more divergence in how traders and investors approach risk across the sector.
