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New Age Metals $NAM.ca – #Palladium roars to record $1,900/oz. on South Africa power cuts $WG.ca $XTM.ca $WM.ca $PDL.ca $GLEN

Posted by AGORACOM-JC at 2:35 PM on Tuesday, December 10th, 2019

SPONSOR: New Age Metals Inc. The company owns one of North America’s largest primary platinum group metals deposit in Sudbury, Canada. Updated NI 43-101 Mineral Resource Estimate 2,867,000 PdEq Measured and Indicated Ounces, with an additional 1,059,000 PdEq Ounces in the Inferred. Learn More.

Palladium roars to record $1,900/oz. on South Africa power cuts

  • “South Africa produces 40% of world’s palladium and the ESKOM outages are hitting some mines, giving palladium just that extra nudge above $1,900,” says Tai Wong, head of base and precious metals derivatives trading at BMO

By: Carl Surran

Palladium spot prices (NYSEARCA:PPLT) push past $1,900/oz. for the first time ever as South Africa’s power crisis halts mining production in the country, exacerbating supply concerns and extending the metal’s record run.

Spot palladium recently was +1% at $1,901.27/oz., after hitting an all-time high $1,903/oz.

“South Africa produces 40% of world’s palladium and the ESKOM outages are hitting some mines, giving palladium just that extra nudge above $1,900,” says Tai Wong, head of base and precious metals derivatives trading at BMO, but after 13 straight positive sessions, “it wouldn’t be surprising to see some consolidation, though the overall trend continues to look positive.”

Scarcity concerns over palladium already have helped lift the metal by ~50% in 2019, due to its large demand in the auto sector.

Other metals also gained on the South African outages, with platinum +3.1% at $922.40/oz., the highest since Nov. 21, and silver +0.4% to $16.66/oz.; spot gold only +0.1% at $1,463.66/oz.

Source: https://seekingalpha.com/news/3525230-palladium-roars-to-record-1900-oz-on-south-africa-power-cuts

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