It doesn't look expensive. It is simply uptrend. in fact, it is now in up channel. How far up it will go? no idea. In 1997, price went up from 120 to 1080 (ie up 9 times). price might collapse like what happened in 2001 where price dropped from 1080 to 160 ( ie down 7 times).
Way late on this reply- I was making the "expensive" argument on fundamentals/"fair value", not technicals. Either way, I got stopped out @ 1215. Tight inventories and declining diesel share of auto sales in EU are just pumping the market up and up. It's trading at over a 60% premium to platinum now, but I've read it takes about 18 months for auto producers to switch from palladium to plat, so there's not an immediate arbitrage available there to force a compression of that spread. For now, I'm back on the sidelines until I see another turn in momentum that might portend a healthy drop.. can't fight the technicals in the short/medium-term.