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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Ron Struthers who wrote (2664)2/19/1997 9:23:00 AM
From: Bill Jackson   of 35569
 
Ron; This is true. The point I was making is that platinum is purely an industrial metal There is very little coin useage and zero store of national value in platinum. Thus the price reflects strict supply and demand. There is no national hoard of platinum, every nation has gold.
In the strict sense gold should be priced at 10-15 times the price of silver, and platinum around 100 times the price of silver. This reflects the relative abundance of those elements. If gold is fully demonetized it will head for the 10-15 times silver price. Platinum will stay where it is, more or less.
On top of this will be superimposed the relative amounts mined every year. If the IPM mine get going at 10M ounces of gold per year, and it puts out 5 M ounces of platinum, then it will depress platinum prices for the life of the IPM mine. This will be mitigated by other mines in USSR and SA closing down. Remember 85% of platinum is recycled every year, and as the pice drops there will be less recycling making it more scarce so a new balance will be struck. Who know where. The platinum futures markets will soon take IPM into account, once they get running, you will see the long futures fall a great deal.
Bill Jackson
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