I don't like rocks in ground , but for CHN intrinsic value, you have got to ask how much of that is palladium , when are they going to be a producer , how much it's gonna cost them to dig it out.
Palladium has gone from low of $1,550/oz in December, to $3,000/oz peak in March on Russia's tension as they account for 40% of world pd output. What happens once the war ends. China could still be buying from Russia but the lockdown sentiment hampers demand.
Then you have questions like, what happens when EV continues taking over ICE rapidly, with nations starting to ban ICE car sales in 10yrs. Catalytic converter currently accounts for 85% of Pd total output. You can almost say that's the entire use case of Pd. Couple that dwindling demand with further uptick on Pd cat recycling from ICE car retirement, that's double whammy. The only future left of Pd would be if fuel cell EV took the trends over battery EV, but looking unlikely on current trajectory.
Having said that, CHN may still go to $20 whilst my zip head to 0.
