Respectfully, I disagree. Dollar has a major influence in PM movement. Take a look at 5 year charts. Picking Dec 09 is strange because it was the turning point in a much larger trend line - itll take a bit to catch up. For example: ~Dec09: gold hit max, silver hit max, BDI maxed, dollar hit min, oil topped out, etc etc. The notable exceptions were Platinum & palladium, which only paused briefly in Dec09, rather than top. This is a largely because there arent large hedges on Pt & Pd, while Au and Ag have lots of hedges. In a way, Pt and Pd have become better indicators of true value of the dollar than gold. Relating back to PAL, we see dollar influence, as well as the very nice Pd influence, making PAL a strong performer.