My curiosity, though, has been piqued about palladium, the "other white metal." We last looked at the growing demand for palladium ("Platinum's Poorer Relation") on December 19.

Since then, NYMEX palladium futures, basis March, have shot up 17.2% versus an 11.5% upswell in the price for April COMEX gold and a 19.7% surge for April NYMEX platinum.

But what of the palladium miners featured in the article? How have they fared?

Despite sickening plunges in the equities market over the past six weeks, platinum group mining stocks have appreciated even more than the metals themselves. Well, some have anyway.

Stillwater Mining Co.'s (NYSE: SWC) stock was trading for $8.61 per share on December 19. Yesterday, it closed at $13.47 for a 56% gain over 33 trading days. North American Palladium (Amex:PAL) shares, at $3.70 on December 19, have now risen 28% to $4.73.

The American Depository Receipt (Pink Sheets: NILSY) tracking JSC MMC Norilsk Nickel, Russia's largest platinum/palladium producer, is dead even with its December 19 price. Dollar weakness can't be blamed for NILSY's flat price trajectory (the ADR's currency risk is unhedged). The Russian ruble appreciated a scant half-percent since December 19, so something else is afoot in Mother Russia, most likely the increasing likelihood of Norilsk slipping into the hands of a Kremlin-friendly company.

As for the dollar-denominated palladium trust traded on the London Stock Exchange (LSE: PHPD), its arc matched that of the NYMEX contract almost perfectly, rising 17.4%.

Palladium Stocks