This surprising metal is crushing gold

While everyone is staring at gold, one surprising precious metal is trouncing it: palladium.

The metal is up 22 percent this year, and earlier this week, it made 13-year highs as it broke above $900 per troy ounce. Gold, meanwhile, is only up 5 percent in 2014.

And according to David Seaburg, head of equity sales trading at Cowen & Co., the palladium run isn't over just yet.

"Depletion of the Russian inventory has been a big issue," said Seaburg. That country is the world's largest palladium producer.

Meanwhile, on the demand side of the equation, increasing auto sales in China and the United States are helping the metal. Car production is a hugely important variable for palladium, given that the metal is used in catalytic converters.

While Seaburg sees palladium prices "stalling out" in the short term, "in the long term it's going to go higher."

The technicals are also bullish, according to Steven Pytlar, chief equity strategist at Prime Executions.

Looking at a multiyear chart of palladium, Pytlar sees a long-term base that formed in late 2011.

"Given the range of that prior base, there is actually a technical case to be made that it could go higher," Pytlar said.

The technician believes palladium looks substantially better than the most famous of the precious metals.

"Relative to gold, it's obviously outperformed quite significantly," he said. "There does appear to be more upside, at least according to the charts, on the long-term time frame."

To see the full discussion on palladium, with Seaburg on the fundamentals and Pytlar on the technicals, watch the above video.

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