| This was a tongue-in-cheek description of platinum group metals in a recent overview of PGM supply, demand and pricing by Macquarie analysts. Clearly it’s apt. The PGMs have performed miserably in the past year. Platinum, worst in class, is off 30% relative to early 2014 and trading well under the price of gold now. That’s the past.
But Macquarie, with some conviction, views the point of maximum pain as behind us. It draws a scenario for a short term rally in PGMs, palladium especially, followed by slower price-building beyond. And in saying so, Macquarie was a little humble, admitting that prices could build off a “lower base” than it had once expected. Indeed, palladium at $600/oz is a far cry from the numerous analyst predictions in the past year that put it a couple hundred dollars over that mark...............................................Full Article: Source
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