Table 10.

Predictability results.

		Palladium	Platinum	Silver
Pre-COVID Announcement	$\sum _{i=1}^5{\lambda }_i^{\mathit{adj}}$	0.0948*** (0.0065) [14.4949]	−0.2373*** (0.0672) [−3.5318]	0.0068 (0.007768) [0.872976]
Post-COVID Announcement	$\sum _{i=1}^5{\lambda }_i^{\mathit{adj}}$	0.0083 (0.0085) [0.9706]	0.05724*** (0.0041) [14.0426]	−0.0031* (0.0018) [−1.6886]

Note: *** and ** & * imply the rejection of the null hypothesis of no predictability at 1%, 5% & 10% levels of significance, respectively. Values in parentheses - () denote standard errors while those reported in square brackets – [] are for t-statistics.