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Platinum & Palladium Survey 2013.pdf
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TABLE OF CONTENTS

1. Summary and Price Outlook 7

• Introduction 7 • Platinum in 2012 9 • Palladium in 2012 10 • Outlook for 2013 11

2. Platinum & Palladium Prices 12

• Introduction 12 • Platinum 14 • Palladium 16 • Outlook 18

3. Investment 20

• Overview 20 • Commodity Exchanges 24 • Retail Investment 26

4. Supply 27

• Mine Production 27 • Producer Hedging 33 • Production Costs 34 • Scrap Supply 37

• Above-Ground Bullion Stocks 40

5. Demand 46

• Autocatalyst Demand 47 • Jewellery 56 • Dental 66 • Chemical 67

• Electronics 68 • Glass 70 • Petroleum 71

6. Appendices 72

TABLES

• World Platinum Supply and Demand 7

• World Palladium Supply and Demand 8

• Estimated Movements in Stocks 42

• Fabrication by Region 46

• Highlights of Emission Standard Timetables 55

FOCUS BOXES

• Price Developments for the Minor PGMs 17

• Platinum and Palladium Price Correlations 19

• Platinum and Palladium Exchange Traded Funds 22

• 2012 Industrial Action in South Africa 30