Historic spreads between the two PGMs from the Fed stimulus binge no longer hold.
Stay Long Palladium vs. Gold:
Bounce to continue. Trade the .2200 – .2300 range here.
As we see the US emerge from the winter hibernation (Retail Sales, Industrial Production, Jobless Claims), we are also seeing signs of Emerging Markets recovery on Macro.
The attached chart of the Russell 2000 shows a breakdown that many have been calling for but has yet to really unfold.