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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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From: Proud Deplorable2/26/2008 2:46:24 PM
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If Palladium is now up 17.00 why is PDL down? Anyone?
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""Secondly, we note the strength in palladium and the
weakness this morning in platinum. What we think we are
seeing is the beginning of the switch from platinum to
palladium by the auto companies who have very little
choice but to do exactly that in light of the reports out of
S. Africa that the platinum mines there will not return to
the same level of production of late last year due to the
electricity generating problems there. The auto
companies, cognisant of the very real problems they shall
have if platinum really is not available and they cannot
continue to source catalytic converters necessary for
pollution control, have no choice but to substitute
palladium for platinum, even given the superiority of
platinum for that purpose. Four months ago, platinum
sold at 4.17 x's that of palladium. Even then, platinum
seemed inordinately expensive compared to palladium. It
is still 4.17 x.'s that of palladium, although the
dollar/ounce "spread" has widened materially. Were we a
US, or British, or Japanese or German automaker,
certainly we'd be looking at palladium at the expense of
platinum. We think we're beginning to see that now".

Dennis Gartmann
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