Palladium’s price has advanced from $2995 above $2390 last trading week, and the current price stands around $2361. Investors’ attention is focused currently on the U.S. stimulus, and the U.S. Congress will vote on a $900 billion coronavirus aid package this week.
Fundamental analysis: Investors’ attention is focused currently on the U.S. stimulus
Palladium has seen a significant rise in price since June 2020, and this precious metal differs from gold or silver in terms of investment. Palladium price is expected to continue to be supported over the long-run, and any positive news on vaccines and fiscal stimulus will support this precious metal.
The Food and Drug Administration authorized the Pfizer-BioNTech coronavirus vaccine for emergency use in the U.S., which is undoubtedly positive news for Palladium because it is mostly used in the automotive industry, where it acts as a catalytic converter. The automobile industry has been affected by the Covid-19, and many automobile companies have seen sharp revenues drop.
In only several months, Palladium’s price has advanced from $1830 above $2500, and the current price stands around $2361. Investors’ attention is focused currently on the U.S. stimulus, and the U.S. Congress will vote on a $900 billion coronavirus aid package this week.
“Investors want to see something come through on the stimulus front sooner rather than later as COVID cases continue to rise and economic data has shown that it is beginning to deteriorate,” said Lindsey Bell, chief investment strategist at Ally Invest.
Early this Sunday, Donald Trump said that a stimulus deal had not been reached and complained because of this. “Why isn’t Congress giving our people a Stimulus Bill? It wasn’t their fault; it was the fault of China,” Trump said on Twitter. “Get
