Not bizarre at all. Supply and demand, and to some degree, markets tend be cyclical in nature.
Global supply of Palladium is extremely limited and in high demand. Pd has replaced Pt in catalylic coverters as a more efficient means of pollution control in vehicles. Transportation uses are only going up, no matter if you drive a $80K Lexus SUV or ride the bus to work in China. There was a dip in Pd prices during 2015-16, otherwise it's seen a steady increase in price from ~$200 to ~$1250 on the 10-year chart. It has been on par with Gold for several weeks now.
Other than the blow-off top in 2010, silber has been trading in the ~$14-$18 for a long time with a gentle downward trajectory. Industrial metal that is mined largely as by-product of other industrial metals...it is not rare.
Platinum's 10-year chart is even worse than silbers. Went from a high of ~$1800 to the current low of ~$800 with no apparent bottom in sight.
Gold has been holding pretty steady in the ~$1100-1300 range the past few years. No longer a monetary metal, supply and demand are roughly equal, and the vast majority of people worldwide have no practical use for it nor the money to buy it as a financial hedge, insurance policy, bling or whatever.
Back when I signed up with GIM 1.0 (2004) it was a couple hundred bucks. Looked mostly like expensive silver to me, but there was a lot of chatter about cold fusion making the stuff priceless. Would have been good to load up the truck back then.
However, I won't play with industrial metals anymore. The one non-speculative reason for owning precious metals is protection against an economic (currency) collapse, and the one and only metal that matters is gold.
The basics on Pt and PL is ....they are both used in vehicle exhaust emmisions control......curently the industry can use PT-PL and Rhodium almost interchangeably with correct designs....Rhodium has historicly been not a very viable option due to cost.........and Historicly PT has been priced at a multiple to PL ......so designs have been moving to favor the use of PL over PT due to cost. Currently the industry is about 50/50 ussage PT/PL ......PL has been held low for 20+years due to a Russian Stockpile of PL held over from the cold war.....Demand for PL exceeds mine supply approx 25% year over year with the balence comeing from the russian (unknown quantity) stockpile.... It appears the Russian Stockpile is either depleted (most likely) or being purposefully withheld from the market Russia also has about Half the worlds mine supply of PL........ So the Russians are in control of the Supply side of the PL market.......Demand side will continue to be over supply until current designs of Emissions equipment are Redesigned to Favor PT again ....then the pendulum will swing the other way.....I do think PL is approaching a "BLOW OFF" top but how high is anyone's guess because at some point it will be worth while for designers to redesign equipment bringing PL demand levels back to supply levels equaling the playing field....
This is a rough thumbnail sketch of how i see the PL market with approx figures and a painted with a very broad brush but all this information is out there if researched.........wouldnt suprize me to see PL have a one day blowoff of 10k a oz but it would be impossible to catch for bullion holders
there are certainly some un-ordinary stresses on the PM markets right now.....the G/S ratio is very high and holding........PT/PL ratio is inverted from normal......will be intresting to see going forward if these ratios revert to the norms or set new standards....$$$ to be made when things get out of the norms usually
In 2000 Pd - Palladium went over $1000 while Au was still below $300. I worked for a chemical company at the time which used Pd catalyst, so our management sold our Pd catalyst and went to leasing the catalyst instead. I don't remember what caused the supply imbalance at the time.