Christopher Wallace
Long/short equity, special situations

The Impossible Situation For North American Palladium

North American Palladium (NYSEMKT:PAL) is one of two North American producers of palladium and platinum. Palladium and platinum are both predominantly used by the automotive industry in the manufacture of catalytic converters which are used to control exhaust emissions. Both metals are also used in jewelry, in electronics as well as being subject to a growing amount of investment demand. These similarities lead to similar demand characteristics; both metals are typically mined together and therefore have similar supply characteristics. An overview of the platinum market can be found in my article The Case for Platinum ; the case for palladium is nearly identical, with demand increasing and supply reducing for both metals leaving each in a supply deficit....

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