Russia and South Africa to form platinum cartel

[swissaustrian]

I don't have the time to do more research, maybe somebody amoung you will

Russia and South Africa are seeking to create a Platinum Exporters' bloc according to Russian Minister Sergey Donskoy

http://ransquawk.com/headlines/russ...to-russian-minister-sergey-donskoy-26-03-2013

 

[Unbeatable]

Russia and South Africa, which together control about 80 percent of the world’s reserves of platinum group metals, plan to create a trading bloc similar to OPEC to control the flow of exports.

http://www.bloomberg.com/news/2013-...-seek-to-create-opec-style-platinum-bloc.html

“We’re not really controlling the market,” she said in an interview in Durban. “We want to contribute without creating a cartel, but we want to influence the markets.”

“We are now forming working groups to work out joint actions on this market,” and aim to coordinate export volumes, Donskoy said. “There will be a meeting in the summer to discuss mechanisms in detail.”

I think this is bullish for platinum, 80% of the market. I guess they will be managing supply to make sure the price stays as high as possible a bit like De Beers with diamonds.

 

[pmbug]

Really surprised it took them this long to do something like this.

 

[DoChenRollingBearing]

swiss, PMBug,

Yes, it will be interesting to see how this all works out. It seems kind of hard to see how Russia and South Africa could make such a cartel work out though.

Pt: the metal for optimists!

And just today I read that there is research in nanotechnology to find cheaper materials to do the catalyst work that platinum and palladium now do.