Palladium commercial hedgers just flipped net-short.
By Sam Gatlin, Jason Perz
December 8, 2025
Back in July, we laid out the case that Palladium was quietly finishing one of the most important bearish-to-bullish reversal patterns anywhere in global commodities.
At the time, sentiment was terrible, price action was washed out, volatility was compressed, and the commercial hedgers were still holding record net-long exposure.
We told you that this combination of extreme positioning, structural support, and multi-year base construction was exactly how real Palladium cycles begin.
Today, that idea is no longer a “developing” one. It's showtime.
The price action over the past several months suggests that the next major Palladium bull run is officially underway, just like we anticipated back in July.
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