Palladium – Present and Future

• Current price firming

  • Shifting back to palladium
  • Visible inventories
  • Norilsk-Stillwater transaction completed

• Supply fundamentals

  • Supply to demand deficit of the 90’s
  • Expansions
  • Inventory wild card

• Demand fundamentals

  • Restore confidence in Palladium supply
  • Increase demand for Palladium
  • Tighter emission standards
  • Fuel cell technology
  • Safe hydrogen storage medium

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