(Kitco News)-- Palladium has been outperforming platinum so far this month, says a research note from Barclays Capital. "With the Pt/Pd ratio pushing below 3.00, we are expecting further palladium gains in the months ahead, with the potential for a return to the 2004 low at 2.74," Barclays says. For now, the main obstacle to further platinum gains is Fibonacci chart resistance at $535, Barclays says. "Range-trading above $507.75 is bullish, and following a daily close above $535, we would raise our sights to $573, the 2010 high, and $600 beyond that." Spot palladium is down $1 to $520 and platinum is up $3 to $1,549, putting the current platinum/palladium ratio at 2.98.

By Allen Sykora of Kitco News; asykora@kitco.com

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Editor’s Note: Meet the Kitco News Team at the upcoming Kitco Metals eConference September 12-13, 2010. A not-to-be missed event featuring Ron Paul, Marc Faber and other industry heavyweights. The eConference is free with Pre- Registration http://www.kitcoeconf.com/.