Patience is needed as you do not expect palladium price to fly overnight. It's the nature of this industry. The supply chain is very very long. It takes a long time for a piece of metal to travel from the mineral ore to refined metal to finished auto catalytic converter to finished new vehicles.
So that means the supply/demand takes a longer time to respond to the fundamentals. But it also mean that the bull run will be long lasting for many years to come.
For example, if Norilsk decided to mind the nickel rich and palladium poor ores in September. The metal from first piece of palladium poor ore could be just now hitting the refinery yesterday and it hasn't come out as refined metal yet. The production fall has not been fully reflected in the output yet.
Wait till later 2009 we will see Norilsk Nickel palladium output drop to 2M ounces per year versus a normal 3.05M ounces a year.