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Outlook for the platinum group metals: Low prices and high utility

David Jollie, Mitsui and Co. Precious Metals Inc.
We are consistently told that the platinum price is unsustainably low. These are average prices over the periods listed and, if you compare them with today it is clear that although today’s prices have moved little in the last five years for platinum although palladium is more positive over this timescale.
One thing that we should acknowledge of course is that prices are above this level as of today for platinum and palladium. I have chosen not to adopt those prices in here because there is as yet no evidence that they are sustainable. The evidence of 2008 is that, although one imagines a risk premium should remain, the market can move more quickly than one would imagine.
So, we start from a position where most people in this room would agree that platinum is underpriced relative to gold or simply compared to its cost of production. Given the relatively low price sensitivity of platinum demand, this argument that platinum prices might be too low and should rise seems quite convincing.
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