Is the present value of palladium relatively cheap?

“A recent JPMorgan report forecast further increases in palladium demand from the car sector for at least the next four years.  More important, increased purchases of palladium by car, expecting the price ultimately to top $500 makers is helping to lift overall demand to a level roughly in line with supply, lowering the curtain on several years of oversupply.

JPMorgan says that palladium 'appears too cheap relative to platinum,' estimating that the normal price ratio of platinum to palladium is 2 to 1.

'The difference in price between platinum and palladium is not because platinum is overvalued, but it's because palladium is extremely cheap at these levels,' Balarie says. 'I actually expect both metals to head substantially higher as we continue forward in this metals bull market, but I also expect the spread to narrow.'"