BBX getting more and more valuable every day. Palladium's resumed it's ascent after some consolidation, sitting nicely on top of that 14 day MA.
There's talk of a possible scrap metal export ban in Russia could impact already extremely stretched palladium supplies.PRECIOUS-Palladium soars to record, gold moves back up above $1,300
*Palladium hits record high of $$1,567.5/oz
* Goldeyes second straight weekly gain
March 15(Reuters) - Palladium hit a record peak on Friday, on expectations that Chinese economic stimulus would drive demand for the autocatalyst metal, while news that Russia may ban exports of precious metal scraps compounded worries of a supply deficit.
Gold also bounced back above $1,300 an ounce as the dollar slipped on weak U.S. economic data.Chinese Premier Li Keqiang said Beijing was open to additional monetary policy measures to support economic growth this year."The announcement of specific stimulus measures helped sentiment in China, which arguably is the global marginal consumer in automobiles, helping palladium climb quietly to new highs," said Tai Wong, head of base and precious metals derivatives trading at BMO.
Spot palladium surged to a record $1,567.5 an ounce earlier in the session. The metal was trading 0.1 percent lower at $1556.85, as of 11:17 a.m. EDT (1517GMT).
"There is (also) some concern that talk of possible scrap metal export ban in Russia could impact already extremely stretched palladium supplies," Wong said.
With the intention of promoting domestic refining of materials, Russia's trade and industry ministry is considering banning exports of precious metals scrap and tailings from the country, the world's largest producer of palladium, local newspaper Kommersant reported.
https://www.cnbc.com/2019/03/15/reuters-america-precious-palladium-soars-to-record-gold-moves-back-up-above-1300.html
