Palladium

[nipper]

record high

 

Spot palladium was 6.9 per cent higher at $US2,472.80 per ounce having earlier surged past the $US2,500 an ounce level to hit a record peak of $US2,537.06. The auto-catalyst metal was also pacing for its best week since December 2001, surging more than 16 per cent.

 

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“This is a structural deficit market that has been brewing for years and we donâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢t really see an increase in supply on the horizon to quell that,âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ said Ryan McKay, a commodity strategist at TD Securities.

 

Palladium has constantly been breaking records, rising more than 50 per cent last year, on a sustained supply squeeze and expectations for stricter emission laws across the globe.

[joules mm1]

https://www.washingtonpost.com/business/ene...60b1_story.html

 

#trade persepctive, odds are balanced for a larger rotation in palladiumonline chatter and hype surrounding the demand for palladium is fairly easy to find compared to several weeks and months ago

typically at a major swing high metals attract the most attention as "investors" decide to finally give in an join the ride

#repeatable

 

#patterns

[joules mm1]

almost ground me out my short, stop 2301 level as it's really the final level above which it's obvious the trend remains fully intact

 

meanwhile i stumbled across interesting read

 

https://www.sprottmoney.com/Blog/the-magic-...et-in-2020.html

 

excerpt:

 

"Why post all those links? Just to demonstrate that I know a little bit about this stuff. As opposed to the army of "analysts" on Twitter,

I didn't just stumble onto the monthly chart last week and now feel compelled to author an opinion.

Additionally, most of this new analysis and opinion misses the most important point:

The situation in palladium is unique, and it holds the possibility of exposing...and even threatening...the entire LBMA/COMEX fractional reserve and digital derivative pricing scheme.

[mullokintyre]

Sprott along with others such as Ted Butler , Chuck Casey and the usual bullion sellers have all been screaming about the manipulation of PM markets via the COT reports for as long as I have been investing.

Everything they say is true, its been well documented, and the head of the CFTC, Bart Chilton admitted on his death bed that JP morgan had manipulted rhe PM markets via paper derivatives for yeas.

 

The problem is, that Central banks throughout the world need this fractional market manipulation to keep going to stave off a currency collapse.

So although everything points to a collapse, I have my doubts as the rulers of the world (the big commercial banks) want the status quo to keep going.

Yes they will pay the occasional fine. Yes some of their employees will be thrown under a bus. But it will keep going.

Personally, I would love to see the collapse of the rigged COT markets get killed, I would make a lot of money. The problem is at that stage, money may well be worthless.

Mick

[mullokintyre]

looks like i am not the only one who doubts whether the squeeze on Palladium will transfer to the other PMs.

 

This is a quote from some opne commenting on the original Sprott article.

Craig, the Fed has little or no interest in palladium. That is the crucial difference. The Fed has an unlimited amount of money with which to create phony paper gold and silver. It will back-stop all of its bullion bank proxies to prevent them from failing. If the Fed has to shut down COMEX long gold/silver ala Hunt brothers, it will. Liquidation only. You can sell but you cannot go long until Fed says so. Once prices are crushed back to where Fed thinks they should be, normal paper trading will resume. If some smartalek traders try to go long again, it will be wash, rinse, repeat until Fed completely kills gold and silver market. It cares not! Fed only cares about saving their Frankenstein dollar creation and will do anything to preserve the illusion of the mighty dollar. Sorry to be so cynical and pessimistic but I have been watching this charade since 2011 and cannot see why Fed would relinquish control of gold and silver price setting mechanism that is the COMEX.

 

Mick

[joules mm1]

have sold to open at 2750 front month contract (cfd)......looks like a blow off, requiring confirmation

considering the long positions by commercials we'll at least get a retest of todays high

 

 

[joules mm1]

i suspect i called that high too quickly, the COT report shows commercials want prices higher or at least chop around to give them enough new chasers for the "incontrovertible" uptrend

 

technically the chart called for a reversal and i suspect monday (tomorrow) will clearly show if the commercials can remain dominant, based on thin trade it's likely they do, the only question now is has there been a

significant enough sentiment swing in retail and managers to warrant a larger swing to test lower value zones

 

upto 8 weeks ago retail cfd were very keen to be short averaging 75-80% sell to open versus the last 3 weeks averaging 50-55% buy to open

 

 

 

timingcharts.com COT report