Palladium continues to benefit from speculative investing. This interest helped the metal once again cross the $700 mark last week, a feat palladium hasn’t managed since March. The metal has been bobbing above and below that mark, rising to a month-to-date high of $703 on Tuesday, but falling back to $696 on Wednesday.

With PGM still garnering investment interest, it is palladium that continues to be the most favored of the precious metals, states a recent Standard Bank market note.

The firm’s note indicates that the continuing build up of net speculative length in NYMEX palladium shows that the futures market is clearly convinced that there is further upside potential. However, Standard Bank notes that the market is far too stretched. ETF investors are apparently concerned about the strain, and the firm states that those investors are selling off their holdings, with outflows of over 26,500 ounces seen last week.