In March 2022, NYMEX palladium futures soared to a record $3,380.50 per ounce. On January 26, the price was 71.3% lower at the $969 level. In a November 22, 2023, Barchart article, I wrote, “I believe the plunge in palladium is a buying opportunity, and PALL is an ETF that could have a significant upside over the coming months.” Nearby palladium futures were trading at $1,056 per ounce, with the PALL ETF at the $97.13 level on November 22. At $88.55 on January 29, PALL declined 8.8%, while nearby futures were 8.2% lower. The ETF does an excellent job tracking palladium, which continues to be a falling knife in late January 2024.
The worst-preforming traded precious metal in 2023
