"Twenty two or so years ago you helped me make a killing shorting the yen.

"Perhaps you recall as a token of my appreciation I sent you a T-shirt with some of your favorite quotes on it.

"Last year, I sent a quick e-mail asking if you still had your shirt. Not hearing back from you, I worried that you misunderstood that message as if to imply you had "lost your shirt in the market!" Not the intention at all!

"I have not speculated much since then, but recall your bullish call on palladium back then, when it was $135. I would be curious as to your current opinion, as there is currently a deficit of production vs. demand. I am holding for $1500."

David Fuller's view Great to hear from you and congratulations on seizing your market opportunities.

Unfortunately, I never saw the email. Perhaps it arrived while I was away for some plumbing repairs last year. I loved the shirt, as you may recall, and often wore it until the quotes eventually faded out.

Palladium (weekly & daily) shared precious metal leadership with silver (weekly & daily) recently, as you will know. Having accelerated upwards, it reached a peak of at least near-term significance on 9th November and a reaction and consolidation commenced. It may range for a while longer in this phase of partial mean reversion towards the MA but I do not think that the secular uptrend is over.

I do not have palladium at the moment and I am unable to verify the stories concerning either a shortfall or withholding of Russian supplies. Nevertheless the very narrow contango suggests that supply is tight. As with all fast moving markets, this is one to play according to the price chart action.