Quiver Quantitative, an alternative data trading platform, closely tracks the investment activities of members of Congress and other US government officials
Photo: freepik.com
While most are focused on US stocks delivering significant gains amid the market rally, a surprising discovery emerged on January 9th. Quiver has discovered that one US senator is breaking from the norm to bet on an unconventional asset: palladium, a very rare precious metal.
US Senator Bet on Palladium
Calling it a “suspicious deal,” Quiver Quantitative reported that US Senator John Boozman was buying up palladium.
I just caught a suspicious trade by a US Senator.
Senator John Boozman is buying up palladium.
Palladium is a metal that is mostly used in catalytic converters.
It’s the first time I’ve seen a politician buy it.
Boozman sits on the Senate Subcommittee on Transportation. pic.twitter.com/nLsr8gc3JZ
— Quiver Quantitative (@QuiverQuant) January 9, 2024
Valued, among other things, for its rarity and high melting point, palladium is the most expensive precious metal, more expensive than gold, silver and platinum.
Account X claimed that this was the first time a politician had invested in palladium. Palladium has many uses in the automotive and electronics industries, and Boozman serves on the Senate Transportation Subcommittee.
Palladium price analysis
Boozman bet on palladium amid a significant decline in prices for the metal. Palladium futures have lost more than 20% over the past year, falling from $1,800 to $987 as of January 9.
The rarest precious metal is clearly in a bear market. One of the reasons for this price drop is that manufacturers are changing the way they obtain materials in order to be less dependent on Russia, which contributes to an overall reduction in costs.
In the first nine months of 2023, the volume of palladium imported by Japan from Russia fell by 40% compared to the same period in 2021.
More recent price falls have been driven by concerns that growing adoption of electric vehicles (EVs) could reduce long-term demand. The decline partly erased December’s gains driven by increased UK sanctions on other Russian metals.
Previously, we wrote about 15 stocks most closely associated with the US government.
You might be interested in this:
2024-01-09 16:40:00
#politicians #actively #buying #palladium #reasons
