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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer -- Ignore unavailable to you. Want to Upgrade?

To: PHILLIP FLOTOW who wrote (651)	7/21/2000 5:32:57 PM
From: Sleeper	Respond to of 976

Jul. 21-MAR-- [B] NY Precious Metals Review: Palladium up 4% after 5-month high By Melanie Lovatt, BridgeNews New York--July 21--NYMEX September palladium futures settled up $29.55 or 4% at $765.40 per ounce after jumping to a five-month high of $780 on continuation charts. Palladium extended Thursday's gains on short-covering overnight on TOCOM. October platinum erased gains after a fresh 11-year high of $586 per ounce, while silver made a late slide to a 7-week low. * * * Palladium was run sharply higher in Asia overnight and hit TOCOM's limit-up on a torrent of short-covering. The firm tone was sustained throughout the session and into European trade although volume was light. U.S. traders said that palladium trade remained thin. "It's a volatile palladium market. There's not a lot of volume," said one trader. He noted that the lack of supply leaves an "open playing field" allowing the speculators to easily push it higher. One trader commented that there was no selling interest, which meant that the price is being ratcheted higher on very small pockets of buying. "Nobody wants to be short," he said. Both palladium and platinum have been in an uptrend over the past few weeks on concerns over supplies and continued strong demand. Russia's Norilsk said a couple of weeks ago that it would soon deliver material to Japan, but with none arriving yet many are starting to worry that the protracted delays seen over the last few years will be repeated. NYMEX active palladium is now pushing towards the $810 all-time high it made in February this year. Much of the jump in February on NYMEX was made when shorts became squeezed on TOCOM. Palladium prices surged about 70% in the first two months of this year from 1999 levels which, like the current price jump, was amid uncertainty surrounding the timing of a resumption in Russian exports. Investors holding short positions on TOCOM palladium suffered huge losses due to the price rise with the daily limit up requirement preventing them from covering their positions. As a result TOCOM had to step in an introduce measures to prompt longs to liquidate. Current palladium prices are expected to remain volatile, but some are predicting that these high levels are unsustainable. "When you've got historical highs I'm not optimistic these can be extended," said one trader. Platinum was initially pulled to higher prices by palladium, but gave up its gains to end the session lower amid profit-taking. "It had a quiet run up in Japan, but then was pushed lower by selling in Europe," said one trader. Platinum 1-month lease rates continued to slip slightly falling to 20% from the 25% seen a couple of days ago and levels nearer 40% in recent weeks. Palladium lease rates were slightly softer at about 7%. Some players noted the reason for the slip in platinum lease rates was the delivery of some Russian spot platinum into the market over the past few weeks. Estimates on the mag nitude of the deliveries range from 200,000 ounces to 500,000 ounces. However, traders noted that although the deliveries had dented lease rates they appeared to have only a temporary restraining effect on the price climb. Sleeper

To: PHILLIP FLOTOW who wrote (651)	8/1/2000 8:46:19 AM
From: Sleeper	Read Replies (2) \| Respond to of 976

Pd US $835/oz.! [B] Europe Precious Metals Review: Gold quiet, palladium strong By Gavin Maguire, BridgeNews London--Aug 1 Palladium's all-time high fix came on the back of a strong performance on TOCOM overnight where daily price limit-up was reached. Spot metal continued to hover in the $830 region this morning, and further gains are expected over the coming days as demand remains robust and Russian material remains scarce, dealers said. Platinum was dragged higher in palladium's wake, and spot metal hovered around the $587-590 area in thin trade this morning. Immediate resistance lies initially at $590, with $600 and all time highs lying beyond. Sleeper