Reasons for this position on a fundamental basis were outlined in mid April [Apr 15, 2010: ETFS Physical Palladium a Superstar Since Inception]. The recent pullback has allowed a more more attractive opportunity for entry for those of us not of the momo crowd variety. I'll begin with a modest stake of 1.1% in ETFS Physical Palladium (PALL) and reconsider on any break of recent lows of $49 which would also be a break of the 50 day moving average.

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Main risk here are any of the sundry Chinese slowdown, Americans are actually forced to make payments on homes rather than cars etc. On the other hand if (when?) the market breaks over the 50 and 20 day moving averages and the move to S&P 2500 is back on, I'll add more.

Long ETFS Physical Palladium in fund; no personal position