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My relationship with palladium over the past month or so has been complex. On the long-term hand, I’m dying to own an absolutely ton of this stuff, while on the short-term hand, it concerns me that PALL will just get dragged down by any general asset washout (as has indeed been the case with recent equity weakness). I’d like to address this, and share my conclusion, with all paying members here on Slope.
Electric car maker RIVN continues to thrive; if we can get above $19, I think this thing is going to supercharge.
Over the years that I’ve mentioned Rivian (RIVN), I’ve always noted how good-looking they are. Lately, however, only in the past few months, I’ve started to see them all over town. Based on that, I bought a thousand shares for my little girl’s account, and it seems to finally be doing something.
It is entirely possible I’m doing this too soon, which is why I’m only entering half the position, but I have re-entered my long palladium position. The palladium futures themselves peaked fifteen trading days ago, and in my estimation, $1363 represents an important level of support for the metal. Should this be breached, I’ll take a loss on my long and be out of there like a shot.
Last Wednesday, before Powell spoke, I dumped my IEF long position for a minuscule profit. I’m glad I did, because the price sank in the days that followed. I have re-entered the position, pushing the entirety of one of my portfolios into IEF. This is just a place to wait for PALL to work its way down to a good price, at which time I’m convert all my IEF into PALL instead. As it is now, I just want a boring place for my cash to hang out while (hopefully) precious metals pound their way to an attractive price point.
