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Gold/Mining/Energy : Houston Lake Mining [HLM-ASE]
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To: WWS who wrote (85)2/2/1999 7:00:00 AM
From: DRT  Read Replies (1) of 364
 
The Pl/Pd price gap is now only $5.50 (U.S.) at $350.50 vs.
$345.00. This article may also be of interest:

Platinum Guild International: This Week in Platinum (Jan 29/99)

Platinum moved below the $350 level towards week's end as palladium continued up past
$330, as traders factored in the relative impact on the metals of Russian supply delays.
While less than 20% of the world's platinum is of Russian origin, nearly 70% of the world's
palladium comes from that country. Hence the relative impact delays bring to each metal's
market. According to Bridge News, funds positioned themselves out of platinum toward
the end of the week on mostly technical trading. The Bridge report said that there is little
indication of Russian material hitting the market, and there is a lack of news on when
shipments may commence. Reuters reported on Tuesday that, Stillwater Mining Co. Vice
President of Metals Marketing, Bob Lapple, said he didn't expect to see Russian
shipments of palladium in the first quarter, but added that consumer have now been
conditioned to expect such delays and have stockpiled "three to six months of inventory, as
has been evidenced in the the liquid lease market" to cushion against such delays." While in
the short term this is more bullish for palladium than platinum, the two metals compete in
some technological arenas. The diminished price-differential between the two metals,
sustained for the past two years, has done away with any advantages to be had in
price-based substitution.

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DRT
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