Commerzbank: Palladium Posts Gains Despite Outflows From Exchange-Traded Funds
Johannesburg-South Africa (Oct 30) Palladium has been able to overcome outflows from exchange-traded funds so far this month, says Commerzbank. ETFs for precious metals trade like a stock but are backed by metal put into storage. “The exodus from palladium ETFs continues; a further 27,000 ounces were withdrawn yesterday, putting total outflows at 76,000 ounces in the last two days and at 177,000 ounces since the start of the month,” Commerzbank says. “The palladium price appears unimpressed by this today and has climbed by a good 2% to just short of $690 per troy ounce.” Nymex December palladium earlier peaked at $689.95 an ounce, after ending September at $650.95.