There Is No Platinum Deficit, Just Declining Prices

Summary

杰弗里·克里斯蒂安代表CPM集团讨论了铂金市场的现状和未来。他指出，尽管市场上存在铂金供应短缺的说法，但铂金价格一直较低，这是因为市场实际上处于盈余状态，而非短缺。克里斯蒂安回顾了铂金价格的历史走势，包括2014年南非铂金产业罢工期间的情况，以及铂金价格从2000年初的400美元上涨至2008年的2300美元的历史高点。他解释说，铂金的工业需求并未如预期那样增长，特别是在燃料电池和电解槽的应用上。根据国际能源署的预测，即使在最乐观的情况下，到2050年，铂金在燃料电池中的使用量也不会很大。CPM集团的研究显示，铂金的主要用途仍将是汽车催化剂，用于减少内燃机的有害排放。克里斯蒂安警告说，基于不准确的市场信息进行投资可能会导致资源的误分配，并建议投资者和政策制定者关注准确的市场研究，避免基于误导性信息做出决策。

Takeaways

• 📉 **铂金价格波动**：铂金价格自2014年初的1400美元以上下降，尽管南非铂金产业发生了为期六个月的罢工，导致产量大幅减少，但价格并未显著上涨。
• 🔄 **市场供需**：尽管存在铂金供应短缺的说法，但CPM集团的分析显示，铂金市场在过去47年中有40年是供应过剩的。
• 💡 **投资者行为**：2014年铂金价格下跌后，许多在2002至2007年间购买铂金的机构投资者和富有投资者开始出售铂金，这影响了市场价格。
• ⚖️ **铂金与钯金**：铂金和钯金价格相近，两者经常被比较，但铂金目前价格略高于钯金。
• 📈 **历史价格回顾**：自20世纪90年代以来，铂金价格经历了多次波动，包括2008年的高峰和随后的大幅下跌。
• 🚗 **汽车行业需求**：铂金在汽车催化剂中的需求是影响其价格的关键因素，尽管电动车的兴起可能会减少这一需求。
• ⚖️ **市场误解**：市场对铂金供应短缺的普遍误解可能导致投资者和政府基于错误的市场观点进行投资，从而产生高昂成本。
• ⏳ **未来展望**：CPM集团预测，到2050年，铂金在燃料电池中的使用量将增长，但不会像一些人预测的那样成为铂金市场的主要驱动力。
• 🌐 **国际能源机构预测**：国际能源机构（IEA）的预测显示，即使在最乐观的情况下，燃料电池的铂金使用量也将远低于某些生产商的预测。
• 📚 **CPM集团的研究**：CPM集团自1981年以来一直是铂金集团金属研究的权威，提供准确无偏的研究和市场预测。
• 📅 **即将发布的报告**：CPM集团原计划在5月14日发布《银年鉴》，但由于后勤问题，发布日期将推迟到5月23日。

Q & A

杰弗里·克里斯蒂安是哪家公司的代表，他讨论了哪些贵金属的市场情况？

杰弗里·克里斯蒂安是CPM集团的代表。他讨论了铂金、钯金、黄金和银的市场情况，包括价格波动和市场供需关系。

根据杰弗里·克里斯蒂安的说法，铂金市场目前面临的主要问题是什么？

铂金市场目前面临的主要问题是价格疲软，尽管存在大量且持续的供应缺口。市场参与者对于铂金价格低迷和供应缺口之间的矛盾感到困惑。

CPM集团如何解释铂金价格的长期低迷？

CPM集团认为铂金价格的长期低迷可以通过正确的数据分析和市场研究来解释。他们指出铂金市场在过去47年中有40年实际上是供应过剩的，而不是市场所认为的供应不足。

杰弗里·克里斯蒂安提到了哪些影响铂金价格的历史事件？

杰弗里·克里斯蒂安提到了2014年南非铂金行业的长期罢工、2008年的全球经济衰退、以及2000年代初期铂金价格的大幅上涨等事件对铂金价格的影响。

CPM集团如何看待铂金在燃料电池和电解槽中的未来使用情况？

CPM集团认为，尽管有预测称燃料电池和电解槽将大量使用铂金，但实际上到2050年铂金在这些领域的使用量将有限。他们预计到2050年，铂金在燃料电池中的使用量将达到每年约10万盎司。

杰弗里·克里斯蒂安提到了哪些可能导致投资误判的风险？

杰弗里·克里斯蒂安提到，基于不准确的市场观点和对未来铂金供应缺口的预期，可能会导致私人和政府部门的投资误判。这种误判可能会导致资源的错配和潜在的投资失败。

CPM集团的市场预测和研究基于什么？

CPM集团的市场预测和研究基于他们自1981年以来对铂金集团金属的深入研究。他们的预测基于供需分析，并且他们有良好的预测记录，这表明他们的供需研究和市场平衡估计是准确的。

杰弗里·克里斯蒂安提到了哪些关于铂金市场的误解？

杰弗里·克里斯蒂安提到，市场上存在关于铂金市场持续供应缺口的误解，而实际上铂金市场并非处于赤字状态，而是供应过剩。这种误解可能导致价格和市场平衡之间的不一致性。

CPM集团如何看待铂金价格与市场供需之间的关系？

CPM集团认为铂金价格与市场供需之间存在直接关系。如果市场分析和数据收集得当，铂金市场长期供应过剩的情况可以解释价格为何较低，而不是市场所认为的供应不足导致价格高企。

杰弗里·克里斯蒂安提到了哪些关于铂金市场的长期预测？

杰弗里·克里斯蒂安提到了CPM集团对铂金市场的长期预测，包括铂金价格的预测、供需分析，以及铂金在不同应用领域（如燃料电池、电解槽和汽车催化剂）的使用情况。他们预计到2050年，铂金在汽车催化剂中的使用将是能源领域最大的用途。

CPM集团的哪些资源可以帮助投资者更好地管理他们对铂金等贵金属的风险敞口？

CPM集团提供了多种资源，包括年度报告（如黄金年鉴、铂金年鉴）、月度订阅报告（如贵金属咨询）、以及长期报告（对铂金的供需和价格预测长达27年）。此外，他们还提供咨询服务，帮助投资者有效管理他们对铂金等贵金属的风险敞口。

Outlines

00:00

📉 铂金市场分析与价格走势

Jeffrey Christian在视频中讨论了铂金市场的现状，指出尽管存在铂金供应短缺，但铂金价格仍然疲软。他提到2014年南非铂金产业罢工导致产量减半，但铂金价格并未显著上涨。从2016年初至今，铂金价格一直在800至1000美元之间波动。此外，Christian还回顾了2000年以来铂金价格的历史走势，并解释了铂金价格波动的原因，包括2008年的电力中断、汽车行业对铂金的需求变化，以及投资者的买卖行为。

05:01

📈 铂金市场供需与投资者行为

在第二段中，Christian分析了铂金市场的供需情况，强调铂金市场在过去47年中有40年是供应过剩的。他解释了铂金价格为何与市场预期的短缺不符，指出如果正确进行数据分析，铂金市场实际上是供应过剩的。他还提到了铂金价格在2011年达到高峰后，由于机构投资者和富有投资者的卖出行为，价格开始下降。此外，Christian还讨论了铂金在燃料电池和电解水制氢方面的潜在用途，但根据国际能源机构的预测，这些用途对铂金需求的增长将非常有限。

10:05

🚗 铂金在汽车催化剂中的应用

第三段中，Christian讨论了铂金在汽车催化剂中的使用，以及这一应用对铂金需求的影响。他指出，尽管电动汽车和混合动力汽车的兴起可能会减少对铂金的需求，但到2050年，铂金在汽车催化剂中的使用仍将是铂金需求的主要来源。他还提到，尽管铂金在燃料电池和电解器中的应用前景被广泛讨论，但根据国际能源机构的预测，这些应用对铂金的总体需求影响较小。

15:07

⚖️ 铂金市场的误读与风险

在第四段中，Christian警告了基于错误市场信息进行投资的风险。他指出，如果投资者和政府基于不准确的市场信息进行投资，可能会导致资源的误分配和经济损失。他特别提到了南非政府在铂金产业上的压力，以及他们对于铂金工业应用开发的投资可能不会取得商业成功。Christian强调了获取准确研究和数据的重要性，以避免基于错误的市场预期进行投资。

20:07

📚 CPM集团的研究与服务

在最后一段中，Christian介绍了CPM集团的研究服务和即将发布的报告。他提到了CPM集团计划发布的《银市场年鉴》和《铂金年鉴》，以及他们提供的长期铂金、钯金和铑的市场供需和价格预测服务。Christian还提到了CPM集团的《贵金属咨询》月度订阅报告，以及他们如何帮助客户有效管理对贵金属的敞口。他鼓励观众访问CPM集团的网站，获取更多信息和订购报告。

Keywords

💡铂金

铂金是一种贵金属，主要用于投资、珠宝制造以及工业应用，如汽车催化剂。在视频中，铂金价格的波动和市场供需是讨论的焦点，特别是铂金市场长期处于供应过剩的状态，这对铂金价格有显著影响。

💡市场供需

市场供需是经济学中的基本概念，指的是市场中商品或服务的供给量与需求量之间的关系。视频中提到，尽管存在铂金的所谓‘赤字’，实际上铂金市场在过去47年中有40年是供应过剩的，这对理解铂金价格走势至关重要。

💡价格波动

价格波动指的是资产价格在一定时间内的变动。视频中讨论了铂金价格的历史波动，包括2014年由于南非铂金行业罢工导致的生产下降，以及铂金价格从2000年的400美元上涨至2008年的2300美元的历史高点。

💡燃料电池

燃料电池是一种将化学能直接转换为电能的装置，常被视为清洁能源技术。视频中提到，尽管燃料电池被一些人认为将大量使用铂金，但实际应用和铂金需求并不如预期，这影响了铂金市场的预期和价格。

💡投资者行为

投资者行为涉及投资者对市场信息的反应和资产买卖的决策。视频中指出，2002至2007年间，许多机构和富有的投资者购买铂金，但在2011年底至2014年上半年开始卖出，这一行为对铂金价格产生了显著影响。

💡市场预测

市场预测是对市场未来走势的估计和预测。CPM集团在视频中提供了对铂金市场的长期预测，包括铂金价格和供需情况，这些预测基于详尽的供需研究，对投资者和决策者来说非常重要。

💡汽车催化剂

汽车催化剂用于减少内燃机排放的污染物。铂金是汽车催化剂中常用的贵金属之一。视频中提到，即使向电动车过渡，内燃机车辆仍将使用铂金作为催化剂，这为铂金市场提供了一定程度的稳定性。

💡氢经济

氢经济是指以氢作为能源载体的经济体系。视频中讨论了铂金在电解水制氢过程中的潜在用途，尽管目前氢经济的实际应用和铂金需求并不如一些预测那样高，但这一概念对铂金的长期市场前景有影响。

💡市场误导

市场误导指的是由于信息不准确或夸大其词导致的市场预期偏差。视频中警告投资者和决策者不要相信不准确的市场宣传，因为这可能导致投资资源的误分配，并带来高昂的成本。

💡CPM集团

CPM集团是一家专注于贵金属市场研究的公司，提供市场分析、预测和咨询服务。视频中，CPM集团的分析师Jeffrey Christian提供了对铂金市场的深入分析，并讨论了CPM集团的研究方法和市场预测的准确性。

💡年鉴

年鉴是一种定期出版的参考书，通常包含关于特定主题的详细信息和统计数据。视频中提到CPM集团出版的黄金、铂金和白银年鉴，这些年鉴提供了深入的市场分析和长期预测，是投资者和分析师的重要资源。

Highlights

杰弗里·克里斯蒂安（Jeffrey Christian）讨论了铂金市场的现状，指出尽管存在大量且持续的供应赤字，铂金价格仍然疲软。

铂金和钯金价格接近平价，钯金价格略高于铂金。

CPM集团的研究表明，铂金市场在过去47年中的40年里实际上是供应过剩的。

2014年南非铂金产业罢工导致当年产量减半，但铂金价格并未显著上涨。

铂金价格自2014年以来一直呈下降趋势，从1400美元降至800至1000美元之间。

2000年铂金价格仅为400美元，直到2003年才开始上涨。

2008年第一季度，由于南非停电导致铂金矿产业关闭，铂金价格飙升至2300美元。

全球经济大萧条期间，汽车行业减少，铂金价格从2300美元降至800美元。

从2002年到2007年，机构投资者和富有的投资者购买铂金，推动价格上涨。

2012年和2013年，许多投资者开始出售铂金，导致价格进一步下跌。

CPM集团的数据显示，铂金市场并没有出现赤字，这与价格低迷的情况并不矛盾。

CPM集团自1981年以来一直是铂金集团金属研究的权威机构。

CPM集团的供需研究和价格预测记录准确，表明其市场分析的准确性。

关于燃料电池对铂金需求的预测可能被过度夸大，实际使用量远低于预期。

国际能源机构的预测显示，即使在最乐观的情况下，燃料电池使用的铂金量也远低于一些生产商的预测。

到2050年，铂金在能源领域的最大用途可能是作为汽车催化剂，而非燃料电池。

CPM集团警告不要相信不准确的市场宣传，因为基于错误市场观点的投资可能导致资源的误分配。

CPM集团提供有关铂金、钯金和铑的供需、价格预测报告，以及咨询服务，帮助管理对铂金族金属的风险敞口。

CPM集团计划发布的《银市场年鉴》将推迟至5月23日发布，同时提供了参与在线简报的链接。

Transcripts

good morning it's Jeffrey Christian of

CPM group it's not quite 10:00 a.m. on

Tuesday May 7th here in New York um I

want to talk about Platinum

today the markets gold and silver are

off a little bit Gold's off about $7

silver off about 78 cents uh continuing

to trade in the range that traded in for

a couple weeks now I guess uh looking a

little bit vulnerable to the

downside um platinum and padium platinum

is 983 padium is 981 right now uh

they've been trading close to parody

Palladium Spite and palatinum got to a

premium last week one day uh a couple

days Palladium spiked up yesterday

Platinum is now higher than padium but

they're trading about the same uh the

title here is platinum is not in a

deficit and the origin of this you know

people have asked me to update our view

on Platinum uh for some time uh

and we will and the content of this

presentation is distilled from a market

alert that CPM group sent to its clients

last month um and this is an

abbreviation of of of what we were

saying

and if you want to receive Market alerts

or other valuable Research contact CPM

group and become a client the market

alerts are specifically for CPM groups

clients uh Market commentaries are more

broadly

distributed um but the origin

of this

presentation is that people have been

asking is how is it that platinum prices

can be so weak if there is a large and

persistent deficit it of newly refined

Platinum coming into the market relative

to fabrication demand and people ask us

to try to rationalize this uh seeming

discordance

and we have a very simple explanation

Tory first let's talk about platinum

prices you can see here platinum prices

were above $1,400 in early 2014 the

South African Platinum industry was on a

strike at that time it was about a six

month Tri

you lost half of the year's production

uh at the major Platinum producing

Nation uh and the price you can see was

pretty much flatlining between say 1400

and

1500 this was at a period when prices

had already dropped uh significantly to

1400 and a lot of people were looking at

the price and saying okay if the price

doesn't rise in 2014 when Russia and the

United States were becoming more

belligerent toward each other Auto

demand was picking up in Europe and you

had a major long-term strike the biggest

longest strike in South Africa Platinum

mining history and prices were

flatlining investors and others were

saying what happens when the strike gets

settled and what happens is the price

went to 1,200 and then it went to 800

and it's basically been between 800 and

a th000 for most of the period of time

since early 2016

so platinum prices have been down and if

you take a longer term view yeah I uh I

like a chart that goes back even further

but you can see in the year 2000 the

Platinum price was 400 and had been

trading between say 400 and 600 for much

of the 1990s and it continued to do that

for a couple years uh starting in

2003 it broke above that level it got up

as high as

$2,300 in the first quarter of 20 uh

2008 when there was a power outage that

closed down the Platinum uh mining

sector in South Africa for a while

Platinum Auto producers kind of got

really in a panic and they were buying

Platinum CL erodium because of the

interruption and force measure that was

declared at least at one at one at least

at at least one South African Platinum

Mining Company uh and Platinum Auto

industry was stocking up on Platinum

plaum that helped Drive the price up

from about 1600 to

2300 um into the second quarter power

was back on in South Africa production

was picking up but we were moving into

the we were actually uh six months into

the Great Recession and people had

stopped buying cars the Auto industry

woke up to that and they dumped a lot of

platinum padium and rodium inventories

into the market driving Platinum down to

$800 and also driving rodium and

Palladium lower for a while we got out

of the Great Recession prices picked up

they Rose into

2011 and then they sort of plateaued

gold and silver Silver Peak in April of

2011 Gold peaked in um September of 2011

I believe Platinum peaked in September

of 2011 to and it started to come down

and in 2012 2013 a lot of institutional

investors and very wealthy investors who

had bought platinum in the period from

2002 to

2007 started selling and we you you can

see this price increase where from 2002

to 2007 and you say well what caused the

price to increase it wasn't so much

fabrication to demand although

fabrication demand was strong at that

time it was investors buying

Platinum some of them got some really

good research early in the audies that

said hey this is the time to buy

platinum and they listened to

well-informed platinum research company

and they bought a lot of

platinum um and in 2000 late at the end

of 2011 beginning of 2012 they started

selling they sold to through 20 2012

2013 into the first half

2014 and there you can see the shter

term PR uh chart that I showed you when

the price fell below

1,400 a lot of those people stopped

selling Platinum the Platinum physical

Platinum that they had invested in and

they had hedged their remaining Platinum

with short positions on the NX and if

you look at a NX uh commitment of

Traders you'll see a very sharp increase

in the short positions held by

institutional investors on the NX

Platinum uh Market in the second half of

2014 which continued into around 2018

2019 by that point the price had been

trading in this $800 to $1,000 range for

a long period of time and they said okay

I still might want to sell my Platinum

but I am less concerned about the

downside risk so I don't have to roll

those sharp positions forward and you

saw a reduction in the sharp position by

institutional investors in the Platinum

uh Futures market around that

time but then you can see you know from

2015 2016 on to now you've basically

seen Platinum trading between 800 and a

th000 spiked up to 1300 uh in early

2021 came back down it's tested 12

12,000 and gotten up to a 1200 a couple

times since then but the price of

platinum has been basically flat and in

that

environment people have said I keep

reading about

deficits but why is the price so weak if

there are these large

deficits and CPN group please explain

this to us and we've said there's no in

congruity between lower prices platinum

prices and the so Platinum Market

balance because there's no deficit if

you do your data Ana uh Gathering

properly and if you do your analysis

properly Platinum has been in a surplus

for about 40 of the last 47 years there

have only been about seven years when

you've actually seen a real deficit of

newly refined Platinum Supply relative

to Fabrica ation demand where

fabrication demand has actually exceeded

newly refined production and that big

spike that you see that's the strike in

2014 couple times in two 1980 81 during

the Great uh the recession double dip

recessions back then couple times of uh

earlier but basically this Platinum

Market has been in a

surplus and the idea that pric is lower

should not surprise anybody if they're

getting good research if they're getting

good data and if they are um

also paying attention to the market in a

proper way I like this chart because the

price line here goes all the way back to

1976 and you can see the price was like

$140 $150 back then and then you can

also see this long period of time from

say 198 9 1990 until 2001 when the price

was trading in this 360 to 500

range and then it broke out around the

turn of the century and started be

higher but the Platinum Market's not in

a deficit Platinum markets in a surplus

so there's no in congruity between lower

prices and deficit because there's no

Surplus and we can't really well we can

explain it but we can't just ify or uh

the idea of seeing large deficits and

low prices because we don't see

that now while is in the CPM group we

have been the Platinum Group Metals

research Authority since

1981 we started all PGM research in the

late 1970s and early

1980s we've been the sole source for

accurate unbiased research ever since

that time other groups come out as

research groups but they're really

marketing and advertising and

promotional

groups our

research is used to project where we

think the price is going and here you

can see our buy and sell recommendations

since 19 since December

1980 uh when I moved from where I had

been working to the research department

at Cher

and I brought with me the research I had

been doing on Platinum grou Metals our

track record of price projections is

based on our supply and demand

research and we have a pretty good track

record as you can see here we generally

speaking picked the highs and picked the

lows and there have in periods of time

when you know the price was flat during

the '90s and we said hey things have

changed now now the the time for

investors to start buying

Platinum our research-based track record

tells you that we've probably gotten our

supply and demand research proper and

right all along because we probably

wouldn't have this kind of track record

if our research data had been wrong if

there had been a

deficit during this period of time we

wouldn't have been telling people hey

sell this stuff and go away

but there wasn't there was a

surplus so our track record and

projecting the price tells you that our

Surplus estimates our supply and demand

estimates our Surplus deficit balances

probably are accurate here's a couple

reports on the left hand side is the May

1981 uh J Aon uh Platinum Palladium

review and Outlook a lot of people think

that that was like the first big report

of uh on on the PGM markets that was

there J Aaron had done some PGM research

prior to my arrival there in the

research Department in 1980 but it was

relatively small we produced this report

um after I arrived and brought along my

research and then on the right hand side

is a 1998 version of CPM group's 10-year

projections of platinum padium and

rodium which we have been doing every

year since the

1980s uh I I I stand corrected we used

to do 10-year projections from the 1980s

until 2017 or so in 2017 we extended our

projections out to

2050 and I'll talk a little bit more

about that in a second looking to the

Future it's not that you know it's not

just that people have it wrong when they

say there's a platinum deficit and they

don't understand why the Platinum price

is so low they also go off into the

future and they say flat fuel cells are

going to use you know half a million a

million ounces of platinum and in fact

Platinum producers and their marketing

agents have been saying that since the

late

1970s yeah know it's going to platinum

fuel cell vehicles are going to use

300,000 500,000 600,000 a million ounces

of platinum a year was the most recent

one that I picked up for uh in 2022 by

2050 or actually I think they were

saying by 2030 you're going to be using

a million ounces a year in

Platinum and those black bars at the

bottom that's how much platinum is

actually used in uh fuel cells through

2022 2023 and our projections out to

2050 we do see growth in fuel cells we

expect Platinum about 100,000 ounces of

platinum being used per

year on in fuel cells by

2050 it's not going to be the great

Savior for the Platinum

industry fuel cells don't take our word

on it on the left hand side these are

the International Energy agencies

projections under two different

scenarios the yellow bars are what they

call I don't have what they're calling

it this the yellow bars are everybody

lives up to their pairs Accord

agreements and they go to a zero

emission World by 2050 and you can see

you know

189,000 20,000 ounces of gws uh not

ounces gigawatts of electricity being

produced by fuel cells under that

scenario the orange bars are what they

call a stem which is if we look at how

things have been going for the last 10

15 20 years and we say let's assume that

people fall short of their Paris Accord

uh agreements or promises and they do

what they've been doing since the Paras

aor then you're going to see much less

uh Platinum being used in fuel cells and

much lower output of fuel cells the

International Energy agency doesn't see

fuel cells as a major form of onroad

motive propulsion even out to 2050

and when you mention that to platinum

producers in South Africa they say well

the International Energy agency has

always been behind the curve but it's

not the case the International Energy

agency is like CPM group it's paid to do

research and get its projections right

it's not paid to promote precious metals

or anything else it's paid to try to

come up with good understanding of where

we are in the energy markets

worldwide so with fuel cells kind of

like perpetually

disappointing would be

investors then now are they're talking

about

electrolyzers uh they call them

electrolics

in England and South Africa we call it

electrolysis in the United States and

they talk about using Platinum the

Platinum idium electrodes to electrolyze

water to create hydrogen for a hydrogen

economy and here again you can see with

the Ia projections a lot of use by 2050

if everybody lived up to their Paris

support agreements and we move toward a

zero emission uh World by then but with

the little orange slivers at the bottom

very little in the most likely

scenario so

electrolyzers and and fuel cells

probably are not going to be large

Platinum users and in fact the Ia took

it a step further and said by 2050 we

think the largest use of platinum in the

energy complex will be in autocatalysts

cleaning up petroleum and other

hydrocarbon exhaust

emissions so they're in line with us we

think that you will lose maybe half of

the uh light duty vehicle Market between

now and

2050 uh to electric vehicles and hybrid

vehicles which will still use uh

Platinum to clean up the exhaust from

the IC engines in there but that you

know half or more of the vehicles will

still be using catalytic converters to

to oxidize and reduce uh harmful

emissions in vehicles that still burn

Patrol pum

products so there's good news on the

horizon platinum's not going away and

that good news is predicated on the bad

news which is that we are still going to

be using petroleum products as our major

source of energy in the year

20150 but you will see a diminution of

the amount of pgms being used in fuel

cells now you put all that together and

why am I talking about it there is a

real Danger to believing inaccurate

marketing hype the costs are very high

when and when Investments are

misallocated both in the private sector

and in the government sector based on

inaccurate current market views and

hopes that uh P platinum prices Will

Spring higher when quote the market

wakes up to the fact that there's this

ongoing

deficit you know and the government in

South Africa is getting a lot of

pressure to put money into what probably

will be failures of Industrial

Development and they're doing that

because they need the jobs that the

Platinum mining industry have has that

are

under severe pressure and have been

under severe pressure for a couple

decades now um platin the the South

African government society and economy

need those jobs

and the the South African government is

being encouraged to spend money on

Industrial application development that

probably will not turn into commercial

uses for

platinum and private investors are also

falling prey to that CVM group as I said

we have our long-term report we take the

projections for platinum padium and

rodium Supply demand and price out to

2050 if you're you're really interested

you can buy that

report uh you can ask us for a table of

contents and information if you are

really interested and you want that

report plus also other research at CPM

group produces as well as Consulting to

help you manage your exposure to pgms

effectively if you want to get on to

that price buy and sell

projection chart that I show you earlier

and you want to ride that wave contact

CPM

group one management note we had been

planning to release the silver year book

next Tuesday the 14th of May we will

still have the report done by that but

we probably will not have the briefing

and release the report until May 23rd

there are just some logistical issues

that have come up and we just decided to

give ourselves another nine days or so

uh to to get those logistical issues

behind us and then we'll do that if you

want

to attend the the online briefing here's

a link for the CPM group silver market

Outlook which will be on May 23rd you

can sign up to plug into that uh

webinar uh we released our gold year

book in March we will release release

our Platinum yearbook in the middle of

July yearbooks cost

$160 each uh they ebooks so you get them

upon purchase and you can print them and

have them bound if you wish uh and they

are the definitive source of accurate

unbiased research that's then goes back

decades the yearbooks have discussions

about where we see the markets going in

2024 if you want longer term projections

if you want two-year projections those

are in our precious metals advisory a

monthly subscription report and if you

want longer than two years you go to our

longer term reports platinum and uh

silver and gold go out 10 years Platinum

goes out right now 27 years 26 years to

the year

2050 that's all I have for now you can

go to our website you can order those

reports you can read some free reads and

download videos and PowerPoint

presentations over the years you can

send us an email at info cpmr group.com

and um we'll do what we can to help you

manage your exposures commodity prices

and precious metals

prices dear Friday in the meantime take

care of yourself and those around you

and be good to the world and we'll see

you then