ETF Securities, which offers physically backed precious metal ETFs – in addition to physically backed aluminum and copper ETFs, among others – expects the prices increases for the PGMs to stick.
“Looking forward, we continue to expect the white metals to outperform on the back of continued improvements in global growth data and supply side constraints on palladium and platinum,” the firm wrote in a recent letter. “Any signs of further labour unrest in South Africa have the potential to move PGM markets.”
On Wednesday, May 29, the day’s biggest mover was US palladium bar on our MetalMiner IndX℠, which saw a 4.0 percent increase. The price of Chinese palladium bar rose 0.6 percent after a two-day drop. The price of Japanese palladium bar held steady.
Indian gold bullion gained 0.7 percent. Chinese gold bullion closed 0.5 percent lower. Japanese gold bullion ended the day after a 0.4 percent drop on Wednesday. US gold bullion fell 0.4 percent yesterday.
The price of Indian silver fell 1.5 percent. The price of Chinese silver declined 0.9 percent after two days of improvement. US silver prices saw a 0.5 percent decline. Japanese silver saw little change in its price yesterday.