From: Eric Neilsen (e.neilsen@worldnet.att.net)
Date: 05/19/00-06:36:42 PM Z
Yes Richard, Palladium is quite expensive now, even more than platinum.
"Richard M. Koolish" wrote:
> http://dailynews.netscape.com/news/Business/05_19_2000.robtz1101-story-bcbusinessgmpalladium.html
>
> GM to Cut Back Palladium Use 30 Percent
>
> DETROIT (Reuters) - General Motors Corp. (GM.N), the world's No. 1 automaker,
> expects to cut its use of palladium by 30 percent by 2002 because of
> instability in supplies and prices of the precious metal, a company executive
> said on Friday.
>
> GM will replace palladium, used in catalytic converters to cut down vehicle
> pollutants, through a combination of improved technology and increased platinum
> use, said David Andres, GM's purchasing director.
>
> ``I can see platinum coming up about 10 percent from where it is,'' he said in
> an interview.
>
> In physical bullion markets, palladium fetched about $575 an ounce Friday
> morning. Platinum cost about $537 on Friday, after a sharp rally Thursday.
>
> Automakers last year used about 5.9 million ounces of palladium, about 63
> percent of all the metal purchased in 1999. A substantial amount was
> accumulated in inventories, according to precious metals refiner Johnson
> Matthey.
>
> Russia produced about two-thirds of the world's 8.06 million ounce palladium
> supply. But it has starved the market of exports for months because of delays
> in issuing annual export quotas, driving prices to record levels over $800 an
> ounce in February.
-- Eric J. Neilsen 4101 Commerce Street, Suite #9 Dallas, TX 75226 214-827-8301 http://e.neilsen.home.att.net http://www.ericneilsenphotography.com
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