Prophecy Platinum Corp. (CVE:NKL,PINK:PNIKD,FRA:P94P) reports an NI 43-101 compliant report and mineral resource estimate for its Wellgreen property.
The Australian reports that as the dollar rallied against the euro, precious metals fell again.
Benton Resources Corp. (CVE:BTC) reports it has intercepted significant gold, platinum and palladium from a diamond drill campaign on the Shebandowan Gold project.
Reuters reported that prices of palladium and platinum have risen due to higher demand from China.
Citywire.com reports that, because Palladium is a component of catalytic converters, demand for it is expected to increase.
Weak auto sales numbers and the fears of a double-dip recession hindered the price of palladium in early July. However the metal has been rebounding due to better than expected earnings in the US, as well as on the promising news of European bank stress tests.
Fears of a slowing recovery and a luke warm auto sales market have hurt the price of palladium over the past month. While sales in the largest markets mainly China and the US have improved year over year, data suggests a weaker outlook than predicted.
Political wrangling over the General Motor bailout could well be the silver lining for Stillwater Mining Co. Other automakers continue to use palladium, thereby ensuring higher prices.
Palladium prices climbed to an 11 month high of $274.50 an ounce on Tuesday, as dollar weakness and growing investor risk appetite boosted the precious metals complex.
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.
Thursday, July 14, 2011