Andrew Hecht
6 min read
I examined why palladium was struggling at the $1,000 per ounce level in a March 6 Barchart article when I concluded:
Palladium remains inexpensive compared to gold and silver at below the $1,000 per ounce level. Accumulating palladium at the current price and lower could be optimal, as the odds favor higher prices over the coming months and years.
On March 5, 2025, nearby NYMEX palladium futures were at the $949.50 per ounce level, with the Aberdeen Physical Palladium ETF product (PALL) at $86.28 per share. In late June 2025, the futures and ETF were higher, and the recent price action suggests that higher highs could be on the horizon.
NYMEX palladium for September delivery reached a $883.50 per ounce low on April 7 as U.S. tariffs gripped markets across all asset classes.
The daily chart highlights palladium’s 25.5% ascent to a high of $1,109 on June 9. Palladium futures for delivery in September 2025 remained above the $1,000 pivot point and closer to the June 9 high than the April 7 low in late June at nearly $1,090 per ounce.
The longer-term palladium futures chart indicates the precious metal’s current upside target.
Platinum and palladium are industrial precious metals with many applications. Their high melting and boiling points make them critical ingredients in the automobile, oil, and petrochemical refining industries, as well as in medical and other fields. As precious metals, they also have jewelry and ornamental applications, serving as long-term stores of value. While gold and silver are highly liquid precious metals and in significant bullish trends, platinum and palladium suffer from less liquidity in the futures and physical markets. Annual platinum and palladium production is significantly lower than that of gold and silver. Moreover, most of the platinum and palladium production comes from South Africa as primary production and Russia as a byproduct of nickel mining.
