(Bloomberg) -- Palladium prices surged more than any commodity in November, capping their biggest monthly gain since 2008. So, why are holdings of the precious metal in ETFs dropping at the fastest pace in more than a year? Some analysts are scratching their heads.

"It's quite surprising to see investors selling at a time when prices are rising," said Bernard Dahdah, an analyst at Natixis in London. "This isn't a mystery that's easily explained."

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