Gold now has a challenger for the mantle of most-precious metal

Bloomberg reports that the scramble for palladium supply has taken the precious metal within striking distance to its costliest cousin – gold.  Palladium for immediate delivery climbed as much as 1.8% to a record $1 204.71/oz on Friday, before settling at $1 181.09, according to Bloomberg pricing. Spot gold closed at $1 220.52. An ounce of the yellow metal bought as little as 1.013 oz of palladium, the least since 2002.

Hedge funds and other large speculators boosted their net-bullish position in palladium for a fourth straight week to 13 824 futures and options, according to data from the Commodity Futures Trading Commission published Friday.

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