We are not religious believers. We draw conclusion based on unescapable facts and logic. Just have a look at rhodium. Price raised to $7300 and there is no indication the price has peaked any time soon. Why? because it is price inflexible. Higher price neither brings about increased supply, nor does it curb industry usage.
There is no stopping of the current PGM metals price rally, until the price is high enough to curb usage. We have a long long way to go before that happens. Especially palladium. It's still dirt cheap in comparison to platinum.
Of course palladium will run to $1000 and higher, and pretty soon, too.
Unlike gold, which is a trading vehicle which means any one can both be a buyer or a seller. Palladium is mainly an industrial metal. It is sold by producers and bought by industry consumers.
For any commodity, when there is a shortage, the price will just have to keep going up up up until there is no longer a shortage, either because of boosted supply, or because of reduced demand due to demand destruction.
I do not see how South Africa's electricity crisis will be fixed to allow mines to resume normal production, just because palladium is a bit more expensive. I also do not see how industry users can stop using palladium just because of higher price. If they stop using palladium, fine, they will have to replace with the more expensive platinum :-)
And do not forget that investment demand will really jump in onto the opportunity, making the shortage worse.