How To Build An Empire With Palladium
Sublime Trading Ltd | Oct 30, 2019 15:25
Over 80% of Palladium ends up in your car exhaust pipes yet this commodity is currently more expensive than the most popular precious metal, gold.
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Not many people would have thought that a precious metal used in cars and other industries like dentistry would have soared to record highs but the shortage of Palladium has helped to push price above $1,800 on October 28th, with price peaking at $1,808.
Palladium is used in catalytic converters in cars due to the fact that it can clean up harmful gases before they exit the exhaust pipe, the skyrocketing of price has even seen thefts of this equipment increase dramatically.
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Some thefts are even taking place in broad daylight and in under 3 minutes. Thefts in London were only at 173 in 2017 and so far in 2019 they are at over 2,800 emphasising the sudden urge to profit from this rising, lucrative commodity.
At the beginning of 2016, the price of Palladium started to rise from a low of $454. We could see a gradual rise in price over the next 2 years until January 2018, seeing price successfully break through $1,000 which it hadn't done since January 2001.
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After slowing down at that point and pulling back until August 2018, price formed a new low at $833. It was from that point where we saw a strong surge to the upside, climbing 93% from August 2018 until March 2019. Breaking through the $1,500 round number and forming a high at $1,615.
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It appeared as though Palladium had reached its limit for some time as price went into consolidation for 6 months, from March to September 2019.
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Despite what it appeared like, Palladium had its own agenda and has continued to soar on to make record highs and is still climbing. This is the importance of technical rule-based analysis. It takes the trader away from thinking about the 'what ifs' and forces traders to make decisions based on what price is actually doing.
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At the moment, Palladium is flying high and may continue to do so, and for the longer-term traders, it shall continue to deliver profits and exponential profits for traders that apply compounding to multiply profits.
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