Platinum returned 81% over five years. Palladium lost 48%.
PLATINUM and PALLADIUM are usually discussed together. Over three years platinum returned +94.9% against palladium at +13.8%, and over five years the gap becomes an inversion. The shared label now hides more than it explains.
Two metals usually discussed together
Markets keep a category long after the prices have left it behind. PLATINUM traded at $1,750.10 on 7 August 2026, and PALLADIUM at $1,374.10.1 Both series are front-month NYMEX futures contracts rather than spot, stitched across contracts as each expires. Both are autocatalyst metals and both are commonly discussed in the same breath. Over twelve months platinum returned +30.6% and palladium +18.4%. Over three years the separation is much larger: +94.9% against +13.8%. Recent weakness has not closed it. Platinum fell 14.9% over the past three months and palladium 6.9%. The metal that ran further also gave back more. Extend the window and the divergence becomes an inversion. Over five years platinum returned +80.0% and palladium -47.7%. That is a spread of about 128 points, and palladium is the worst performer of the ten commodities we track over that window. The question is no longer why they separated. It is whether the pairing still carries information.
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