Palladium price was up in gold's slipstream yesterday, despite further outflows from their respective ETFs. Ever since the pronounced inflow into the palladium ETFs tracked by Bloomberg in early October, their holdings have been reduced every day - and by nearly 30,000 ounces yesterday alone.
Outflows since the start of the year thus total 253,000 ounces. In its semi-annual review of the situation on the palladium market that it published in May, Johnson Matthey had been anticipating total ETF outflows of 400,000 ounces this year. Unless this trend is halted, it will pose a risk to the palladium price, notes Commerzbank.
