Investment case
After a stellar performance in June, we expect palladium prices to continue to move higher in the near term because the palladium market remains extremely tight (judging by its forward curve) and that ETF outflows are not enough to ease the prevailing tightness and substitution for platinum is not a near-term threat. As a result, a firmer palladium price may be warranted to either stimulate additional supply or to destroy demand.
Against this tight backdrop, we believe that the Aberdeen Standard Palladium Trust Physical Palladium Shares ETF (PALL), which replicates the