Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Palladium: Getting Ready for $1,250 per ounce?

IMG Auteur
Published : January 28th, 2013
416 words - Reading time : 1 - 1 minutes
( 2 votes, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...

The battle for $700 palladium took over a month, but as I expected, Palladium finally broke through this tough resistance level.
It’s still too early to say whether it will hold, as it could still retest that level.

However, when I was playing around a bit with Fibonacci levels (as I have done before, which is why I knew $700 was going to be a tough nut to crack), I came to a target price of $1,250…

Don’t believe me?
Look at the chart below:

- the bottom of 2008-2009 serves as the 0% line.
- as $700 has been very strong support as well as resistance, I assumed this would be a very important Fibonacci level, which is why I assumed it would be the 50% level.
- Based on the two points above, we immediately get the 100% line at $1,250.
- to make the point even stronger, look at where the other Fibonacci levels come in:
- the 23.60% level comes in at $415′ish, where palladium found initial support in 2008, and early 2010.
- the 38.20% level comes in at $575′ish, where palladium faced resistance in May 2010 and support in Oct/Nov 2011 and July/August 2012.
- the 61.80% level comes in at $835′ish, which is around the  2011 highs…
- and last but not least, the 76.40% level comes in just below $1,000, which could become a psychological resistance level…

If my Fibonacci retracement levels prove to be correct, and Palladium will rise towards $1,250, here’s a draft of what I think COULD (but of course not necessarily should) happen…

Palladium seems to be getting ready for $1,250. Are you?

Here is an excerpt of an article from Businessweek today:

Palladium reserves in Russia, the world’s largest producer of the metal, are “pretty much exhausted” and sales this year may be only 3 metric tons, according to Johnson Matthey Plc. (JMAT)

Russian inventory sales dropped 68 percent to 250,000 ounces last year from 775,000 ounces in 2011, according to Johnson Matthey. Sales from state stockpiles are expected to range from “zero to several tons” in 2013, Anton Berlin, deputy chief of ZAO Normetimpex, OAO GMK Norilsk Nickel’s sales arm, told RBC TV yesterday.

“Maybe 3 tons this year, and that will be it,” Peter Duncan, general manager of market research at Johnson Matthey, told reporters in London today. Three tons is equivalent to 96,452 troy ounces. “Russian state stockpiles have been dwindling and are now pretty much exhausted.

Read more: Businessweek

Data and Statistics for these countries : Russia | All
Gold and Silver Prices for these countries : Russia | All
<< Previous article
Rate : Average note :5 (2 votes)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
The Rediscovery of Men
07 Decaccording-1
and now bernie has a brand new house. i smelled that the fix was in when he said he was running against filthy hillery. then at the perfect moment...
The Rediscovery of Men
07 Decaccording
i suspect that georgie S and his goons will crash the coin and try to starve our guts and spirits with fears we havnt felt perhaps ever. it will be...
The Deepening Deep State
07 Decaccording
james this is a nice piece of writing. good to see you moving to the Right. its probably safer there for awhile at least.
Jack Kemp's Gold Standard Act Of...
05 Decsam_site
We were on a disastrous 40% Gold Standard from 1914 thru 1944 and this half-assed 40% standard enabled the globalists to create two world wars...
Dollar Reappraisal : Gold Vanish...
04 Decsam_site
Enjoyed the gold history lesson of 1965. Palyi's quote "where the Welfare State is on the march, the Police State is not far behind" is prophetic....
Indian ‘Gold Ban’ a Portent of M...
03 Decsam_site-1
You believe like Brandon Smith, that Trump was allowed to win or is a secret globalist puppet that will be "fingered as the scapegoat for this...
Lawrie Williams: Major gold pric...
02 Decian15171
Hmm. the first signs of the long talked about disconnect between paper and physical?
Trump Makes The US Stock Market ...
02 DecThe Recusant
I'm forever blowing bubbles, Pretty bubbles in the air, They fly so high, Nearly reach the sky, Then like my dreams They fade a...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS