Technical analysts at Barclays in New York say palladium may increase to $600 an ounce as favorable technical indicators shine upon the autocatalyst metal.
Palladium prices turned around and began to move higher again in May from $425 an ounce. Since that time the price of palladium has increase almost 30% to $550 an ounce. Barclays’ technical analyst MacNeil Curry says these gains have completed a pennant formation and may mean palladium prices could rise to as high as $600 an ounce.
A pennant is formed when upper and lower trend lines meet to form a triangle. Advances above the formation are viewed as bullish.
typical pennant formation
I recently completed a palladium report of my own with details a new junior mining stock with over 100,000 hectares of exploration land located smack-dab in between two of the largest palladium deposits in North America.
To the west is North American Palladium’s Lac des Iles Mine, one of the largest palladium mines in North America. Lac des Iles has 3.7 million ounces of palladium resources and is projected to produce 140,000 ounces next year.
To the east is Marathon PGM’s Marathon Mine — containing 2.4 million ounces of palladium reserves plus 3.0 million ounces of palladium resources, which was just bought by Stillwater. Take a look for yourself:
These are two of the most important palladium mines in North America. Every junior palladium explorer wants land around them, especially after the recent Stillwater acquisition.
This junior company has already a mineral discovery that includes 730,000 ounces of palladium-equivalent resources…
But it is actively working to upgrade and increase this resource base.
The target: 2.6 million ounces of palladium-equivalent resources.
This is worth 12.6 times more than the company’s current market cap.
And it means that — once this company becomes the resource-heavy firm their aiming for — share prices could increase 1,163%.
I just finished putting the final touches on a new report that discusses the investment highlights of this new junior palladium stock. You can read this report for free now simply clicking here or copying and pasting the following link into your internet browser’s address bar: https://www.angelnexus.com/o/web/23291
Editor, Wealth Daily
Investment Director, Hard Money Millionaire and Underground Profits