Russia is the world’s largest palladium producer.
“Holdings of physically-backed palladium exchange-traded funds hit record highs this week after heavy inflows into two products launched in South Africa in March pulled in half a million ounces of metal in less than two months,” reports Jan Harvey for Reuters.
Investors have also pulled money from gold miners ETFs, though to a much a lesser extent than they have departed physically-backed funds. The Market Vectors Gold Miners ETF (NYSEArca: GDX) and the Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ) have lost $198 million and $17.2 million, respectively since March 20.
SPDR Gold Shares
Tom Lydon’s clients own shares of GLD.