Palladium (PALL) Feels Brunt of Metal Sell-Off

May 8, 2012 3:34 PM EDT
Palladium, as represented by ETF Physical Palladium Shares (NYSE: PALL), the red-headed step-child of precious metals, took a beating today. Palladium futures were down 3.63 percent. This compares to other precious metals such as gold and silver, which sold off 2 percent and 2.3 percent respectively. Platinum was also off today, dropping 1.44 percent.

Palladium is unique from other precious metals because the price tends to have a higher positive correlation with industrial growth in the U.S. and emerging markets. The fact that it sold off more sharply than other precious metals paints a picture of a market with real concerns about global growth.

Commodities sold off nearly across the board today on fears that problems in Europe will continue to be a drag on global growth.

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