Koan, another awesome night for palladium. Up $15 overseas. I am expecting the stocks to play catch up tomorrow as they didn't budge (went down, some) today. PDL seems to move with the metals but the juniors, well, beats me. MIght buy a little more ARQ or another one I have turned up with both similar property AND CASH.
Mike.
Here's a summary:
Commodities-Palladium storms to new high, gold
falters
By Marius Bosch
LONDON, Feb 8 (Reuters) - Gold's latest rally ran out of steam in late European business
on Tuesday, but palladium set another all-time high as the automobile industry chased after scarce Russian supply of the metal,
dealers said.
Palladium, used mainly in catalytic converters to clean up engine exhaust gases, was fixed at a record $567.00 an ounce, up
from $540.00 just 24 hours earlier and extending its gains since the start of the year to almost a third.
Analysts said the market might now be set for $600. That would be up from levels of $120 early in 1997, when Russian supply
problems first emerged.
''You have to look to Moscow, really. It is like a stuck record...they are not supplying enough,'' one dealer said.
The Russians supply around 70 percent of the world's annual palladium needs and 20 percent of its platinum, also used to clean
exhaust emissions.
But Moscow bureaucracy has delayed shipments to the West, where demand continues to boom in the motor industry, which
has yet to find substitute metals for making autocatalysts. |
