Thesis
Welcome to Orchid's Palladium Weekly report, in which we discuss palladium prices through the lenses of the Aberdeen Standard Physical Palladium Shares ETF (PALL).
PALL is on track to post its worst monthly performance ever (its launch date was in June 2010), as the NYMEX front-month palladium futures has suffered its deepest monthly sell-off (-31% in the month to March 24) since September 2008 (-33%) during the Great Financial Crisis.
The palladium market has succumbed to the global COVID-19 panic, which hit all risk asset classes, including commodities.
Investors have readjusted their