Make Palladium Your Pal

South Africa, Russia, and North America are the top producers of palladium, one of the precious metals alongside gold, silver, and platinum. Of course, we know Russia these days is a geopolitical risk when it comes to commodities. 

And that seems to be the case of late with palladium, seen below on the PALL ETF daily chart for the commodity. As you can see, palladium has been a notable laggard to gold and silver in recent quarters.

But a spike up late-last week on rumors of Russia cutting off palladium to the west is seeing more follow-through today. Liquidity for the ETF is decent. And now we see if technical progress is made by breaking and holding above the mid-$90s in the coming days and weeks for a potential meaningful bottom. 

Elsewhere, NVDA and many chips are unwinding today amid a mostly green tape. Oil stocks are among the best actors which speaks to a rotation attempt.