Palladium was the only precious to be on the positive track on Monday, as the equity rally deteriorated the flight to safe haven investments. Palladium’s near term outlook remains bleak, as reports from Europe said that car registrations dropped 18 percent in February.
This week, palladium finally began to follow gold and lose some of its safe haven appeal. After holding steady and resisting gold’s sell-off, platinum and palladium have finally succumbed, dropping rapidly in this morning as poor auto industry numbers rolled in.
FNX Mining Company Inc. announces unaudited operating results for fiscal year 2008 from its 100% owned Sudbury Operations. For full story, click here
Canada’s FNX Mining Co Inc cut its 2009 production and expects lower capital expenditure for the period, hurt by weak commodity prices, and said it has sufficient cash in had to support all its development plans. For full story, click here
As less of the palladium is mined, the average production costs go up further since companies will have more difficulty covering their fixed costs without higher prices. For full story, click here
Exchange Traded Funds that deal in the precious metals have been seeing an increase in business, lately. ETF Securities said on Monday the amount of metal it holds to back its Physical Palladium exchange-traded commodity PHPD.L rose 12,628 ounces or 8 percent in the week to Feb. 6.
FNX Mining Company Inc. announces plans to extend the suspension of production at its Levack Mine and to also suspend production of nickel ore from its adjoining McCreedy West Mine, effective immediately. For full story, click here
In the first six months of ’09, palladium’s value could range from $125 to $300 per ounce. The outlook for palladium is positive in some of its applications, however, a worsening economic climate and the possibility of a stronger US dollar could send palladium to as low as $125/oz during the next six months.
On January 5 palladium tumbled nearly 6 percent as the strong dollar knocked down all the precious metals. The metal hit a daily low of $178.50 an ounce, but was quoted at $180.00. On January 12 the metal picked up some steam, and rebounded to $191 per ounce.
Prize Mining Corporation announced that it has closed a private placement offering of common shares of Prize issued on a tax flow through basis. A total of 600,000 Flow Through Shares at price of $0.10 per Flow Through Share were issued for total gross proceeds of $60,000. For full story, click here
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