Thomson Reuters GFMS' recently released Platinum & Palladium Survey 2013 reveals that palladium recorded its highest deficit in 11 years in 2012 and is likely to remain in deficit this year.
Nick Brooks of ETF Securities revealed that investors are moving out of gold ETFs to focus on more cyclical metals like palladium.
A brief overview of palladium price developments, supply and demand and significant market movers.
Data regarding key Russian palladium sources appears to support deficit forecasts.
Colossus Minerals Inc. (TSX:CSI,OTCQX:COLUF) announced a bought deal with aggregate gross proceeds of C$25,000,000 -comprised of 15,625,000 common shares of the Company at a price of C$1.60 per Common Share - with GMP Securities L.P. on its own behalf and on behalf of Dundee Securities Ltd. (together with GMP) and a syndicate of underwriters (together with the Co-Lead Underwriters).
Colossus Minerals Inc. (TSX:CSI,OTCQX:COLUF) announced voting results from the annual and special meeting of shareholders held on May 21st, 2013, and J. Alberto Arias, John Frostiak, David Garofalo, Greg Hall, Mel Leiderman, Claudio Mancuso, Douglas Reeson, and John S.M. Turner were elected as directors of the Company.
Colossus Minerals Inc. (TSX:CSI,OTCQX:COLUF) provided an update on its Brazil-based, 75-percent owned Serra Pelada gold-platinum-palladium mine, commenting that the mine is on track to begin production of 250 metric tons per day in Q3 2013.
The Globe and Mail reported that Raymond James analyst Alex Terentiew has downgraded North American Palladium Ltd. (TSX:PDL,AMEX:PAL) to "market perform" from "outperform," while Sam Crittenden, an analyst at RBC Dominion Securities, moved his rating from "sector perform" down to "underperform."
ETF Securities reported that palladium is rallying on the back of increasing expectations of a "meaningful" palladium deficit in 2013.
MetalMiner reported that the US palladium bar price increased by 4.6 percent this week, the third week in a row that the price of the metal has risen.
MetalMiner reported that yesterday, Chinese palladium bar prices fell by 5.7 percent, while prices for US palladium bars went up by 1.7 percent.
Mining Weekly reported that Norilsk Nickel OAO (MCX:GMKN), the world's top palladium producer, thinks that in 2013 the palladium deficit will rise 25 percent on the back of falling supplies. That will bring the deficit up to about 1 million troy ounces.