Comment: Russian Gold Reserves Up 8.5% In 2012 - Palladium Reserves Gone

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Russian Gold Reserves Up 8.5% In 2012 - Palladium Reserves Gone

[Remember that lying is the norm in the metals market. Who knows for sure.]

Russian Gold Reserves Up 8.5% In 2012 - Palladium Reserves "Exhausted" 1-28-13

Tightness in the platinum and palladium markets has begun to see prices move higher.

Palladium reserves in Russia, the world’s largest producer of the metal, are “pretty much exhausted” and sales this year may be only 3 metric tons, according to Johnson Matthey Plc.

Russian inventory sales dropped 68 percent to 250,000 ounces last year from 775,000 ounces in 2011, according to Johnson Matthey.

Shrinking Russian stockpiles at a time when output is falling helped send the metal into the biggest shortage in 12 years.

Output in South Africa, the second-biggest producer, was disrupted by labor disputes and strikes, while lower grades contributed to a decline in Russia.

Palladium for immediate delivery has risen again today and is trading at $741/oz. Palladium, last quarter’s best-performing precious metal, has risen 5.4% this year after advancing 7.5% in 2012.
http://www.zerohedge.com/news/2013-01-28/russian-gold-reserv...