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Short Hairs

Let's say you are General Motor's Purchasing Manager for platinum, palladium and rhodium, all essential ingredients in every single car's catalytic converter. How much should you have on hand? Hmn. Enough so you are never in the position of shutting down your company's entire production line! Do you have the budget for that amount? Have you communicated to management current pricing and the market's tightness? Are you willing to urge that you build rhodium inventories at all time highs of $20,000 plus per ounce? Do you truly understand how tight the market is? And in this already in deficit market, what if investors come into the market in a big way? How does that change things? Frankly, I wouldn't want...

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We are all watching extraordinary moves in the market, from Bitcoin, to Gamestop, to AMC, to remarkable flows creating huge dislocations.  My view? First, money flows are bigger than the market, creating distortions that I have never seen before. This is something to think about.  But the real point? Just as a driver for the massive bids behind GME, for example, is apparently a short position, the market is short platinum group metals, and doesn't even know it. All of the PGMs, platinum, palladium, rhodium, iridium and ruthenium, are in deficit. They are critical and essential to the functioning of our civilian and military economies, and are pervasive throughout as industrial, strategic and precious metals.  As I have expressed so...

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My Mom’s Money Is In Platinum Not Bitcoin

Billions of years ago, the earth was bombarded with asteroids that deposited platinum group metals (PGMs) deep in the earths core. There are only a few places on the planet where the PGMs have worked their way close to the surface. PGMs are the rarest commodities on earth. They include platinum, palladium, rhodium, iridium, ruthenium and osmium. These metals are industrial, strategic, and precious. They are essential for the functioning of the civilian and military economy. There is no substitution, outside of the group, and all are trading in deficit. Production can only be increased a few percentage points a year, and there is very little above ground inventory. Russia does have the only strategic stockpile and in many ways...

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Over the past 6 months I have regularly tweeted my views on the platinum group metals, gold, and the market, along with observations relating to our political environment. So some updates. I am very long gold. I truly believe that changing the way anything is done, whether it be in the market’s perception of something, or a person's habits or way of thinking, is much harder than the simple continuation of a trend. This theme of gold being primarily influenced by the dollar, rates, and inflation has been the typical view, and admittedly changing this mindset takes time. Gold is still trading either side of $1900 given this perspective. But a different view and what I believe is the correct...

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Megatrends Post Corona Virus

INTRO I have put together a random list of trends I believe will define how we live for some time to come. Overall perspective relates, in our personal lives, to less interaction with others and universal pervasive increases in online activities in every genre, supporting all the businesses providing these services. This theme of less interaction will have a corresponding negative impact on wellbeing given that we are social animals. Wellbeing is also hugely impacted by the financial and health uncertainties all of us have endured. This has been with enormous personal and business pressures on many, which in fact, unfortunately, will also be long lasting, and disheartening if not very disturbing and depressing to large segments of the population....

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