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Non-Tech : The Woodshed

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To: patron_anejo_por_favor who wrote (17305)	11/29/2004 8:16:34 PM
From: rolatzi	Read Replies (1) of 60899

I have two problems with PAL as an investment/speculation. First, there is the contract they have on sales of palladium in the $800 range which expires in the middle of 2005. So, their income will take a real hit after the contract expires. Also, their expenses are in Canadian dollars and their sales are in US dollars. If the Loonie continues to rise, their expenses will go up more rapidly than their income. On the other hand, the discrepancy between Pt ($800) and Pd ($200)prices favors the increased use of Pd and the replacement of Pt catalysts with Pd. These change overs, particularly in the auto industry will take some time to happen. It may take a few more years for the design cycle to switch back to Pd. I have the text of a recent CC which is worth reading: vcall.com. Let me know what you think of PAL. Also, I am considering SWC as an alternative to PAL but if I remember correctly, it is being bought out by the Russian company Norilsk. I have been in and out of PAL during the last year or two, have made a good amount of money trading it but am currently out waiting at least for a correction in precious metal stocks. ciao, rolatzi

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