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 has moved still higher since our last publication, approaching our year-end target of $190 per share.
Although the macro is not uniformly positive for the broad-based precious metals space, palladium price strength is driven by its tight fundamental dynamics. Given palladium's light spec positioning (which is not the case for the other precious metals) and the renewed buying interest among ETF investors, we believe that palladium prices