“Platinum has many factors supporting a positive outlook including higher gold prices, stable South African Rand, rising global industrial production, and anticipated higher Chinese demand for diesel ahead of tougher emission standards,” Gold said.

Related: Where’s Global Gold Demand Coming From?

Palladium has also enjoyed a strong rebound this year, and investors have been a major factor to the trend.

“A key factor is the continued physical deficit driven by rising demand and weak mine supply,” Gold said. “Above ground supplies such as exchange-traded funds continue to be sourced to meet demand, with tightness in the palladium market sparking 3 month lease rates to surge over 20% in June. Despite attractive fundamentals and performance, investors remain absent. If investors begin to move into the market, prices may move higher creating a new leg in the current rally.”

Investors interested in gaining exposure to the two precious metals may look to physically backed commodity-related ETFs, like the ETFS Physical Platinum Shares (NYSEArca: PPLT) and ETFS Physical Palladium Shares (NYSEArca: PALL).

For more information on the metals market, visit our precious metals category.