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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer
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To: Bruce Robbins who wrote (857)1/17/2001 1:50:03 AM
From: Elizabeth Andrews  Read Replies (1) of 976
 
Bruce, I think it's going to boil down to whether Norilsk can produce palladium or not. The deposit, which is a huge secret, has not been discussed with any accuracy in the geological press. I think there's only been a few western geos to visit.

Rumors are that there was a core of copper/palladium mineralization in one zone that was spectacular in grade, like a few millions of tonnes of 25% Cu and several ounces of Pd per tonne. But that was a long time ago and that high grade may gone. Since the motivation at the local level is not there to explore then there may be a real lack of Pd metal in Russia and the market could go much higher. If the system, as I understand it, is so corrupt then if the metal exists why isn't it being supplied? I mean think of it this way. If you have a zero cost of goods sold then if you get one dollar your gross margin is quite good. There's no reason to stop selling if there's no cost. Why is there no selling? No metal? It's a good bet here that the market (user) is being irrational and wants to buy but is giving caution signals to the speculators to keep them out. I only worry when the speculators are giving caution to investors like missing the new economy. Thank heavens I missed it (on the long side).
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