Palladium futures price currently trades near $1,053 per ounce, supported by seasonal restocking from South African producers ahead of mid-year supply contracts. Finally, keep a close eye on those precious metals, as gold established its ninth consecutive quarterly record high on the first of October. Silver is within striking distance of the 2011 and 1980 highs around the $50 level. Meanwhile, platinum and palladium led the sector in September after posting bullish key reversal patterns in the second quarter, along with silver, and following through on the upside in September and the third quarter that ended on September 30. Precious metals have been on a bullish freight train, and time will tell if the trends continue. One analyst, however, referred to the move as a mere “news-driven spike,” as the metal looks to suffer from a long-term demand decline. Palladium futures price held at $1,048 per ounce amid mixed economic indicators. Strong North American truck sales may offset weaker European car production.
