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 performed poorly in April, recording a loss of 14%. In contrast, the rest of the precious metals experienced strong gains last month, ranging from 6% (platinum) to 7% (gold and silver).
Source: Bloomberg, Orchid Research
The underperformance of palladium was attributable to the absence of safe-haven demand, relatively less exposure to supply disruptions in South Africa than platinum, and relatively larger exposure to the automotive sector than other