Some precious metals and the relevant exchange traded funds struggled in November.

Don’t tell that to palladium and the ETFS Physical Palladium Shares (NYSEArca: PALL). PALL, the lone dedicated physical palladium ETF available to U.S. investors, surged more than 23% last month.

Palladium has been rallying over recent months due to improving car sales and signs of strength in the U.S. economy.

Earlier this year, palladium also found support from the ongoing surge in the precious metals group, led by gold, as global central banks cut interest rates and implemented more aggressive accommadative measures to stimulate growth – low borrowing costs help support precious metals since the hard assets don’t offer yields while depressing the U.S. dollar, in which the metals are priced.

The sensitivity of commodities to changes in the U.S. dollar makes PALL’s November surge all the more impressive. Consider this: As was noted above, palladium is denominated in U.S. dollars and the greenback has been on a tear since Election Day. The U.S. Dollar Index gained nearly 3% in November.

ETFS Physical Palladium Shares

ETFS Physical Palladium Shares

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