It's a fascinating day! Palladium futures are now down $87 to $1429. My gut reaction? The Russians sold a few days ago and are selling again. Russia does control the world's Palladium market and Palladium has moved from a 2008 low of $160 all the way to $1600.
Frankly, as much as I am involved in this market, I have no insight from any participants who are actually traders at the major market makers, that in fact, Russia is selling. Remember, I am a private investor, though once a Wall Street General Partner at Lazard Freres, trading for myself, and not in the midst of any investment bank. it's just my intuition. And why not?! With such huge moves, the Russians are savvy traders.