Palladium Soars! Sell Now?

As I sit here, personally not making many precious metals moves other than purchasing some rhodium, I'm quite happy with my 2008 purchase of Palladium Canadian Maple Leaf coins. The price was $200 then; $600 now. This blog includes a lot of my opinion which I guess you could say is "investment advice" (though I don't view it as advice in the sense of advice of journalists who have never owned precious metals in their lives. Plus I blankly state when something is my opinion).

However, my idea of buying palladium in 2008 and selling when it reaches a high point, if implemented by selling today, would net the seller 200% profit. If you paid $250 for a coin in 2008 you could likely sell that coin for over $600 today. You make $350--nearly 200%. Multiply your earnings by the number of coins you bought and sold.

I'm really happy to see palladium soaring. Silver, platinum, and rhodium are all up, but palladium is three times up from its 2008 price. (Well, I guess rhodium is too, but rhodium wasn't available for purchase in 2008, so it doesn't count.)

I'm not envisioning palladium to jump much higher, though. I think silver breaking $21-22 will be needed to see palladium break $650-700. So if you're looking to make some money, sell your Pd now if you paid under $300 for it. Or, as I've been saying, sell ANY other precious metal and purchase silver. It's $18 per ounce, but a case could made that it should be at $50 per ounce or more. If I get some bucks I'll buy more for myself, perhaps even sell some palladium or gold to do so!

On gold, I don't see it moving anywhere but in the $1100-1200 range in the next few months, thus no more than 10%. Sell to buy silver? Not a bad idea! Would have been a better idea a few months ago!