Russia’s platinum figures are tightly held state secrets so there are no reliable estimates available, but I think it’s safe to say that Russia’s platinum stockpiles have seen similar declines.
Most importantly, however, is the Putin factor. Putin will not hesitate a second to use platinum and palladium supplies in retaliation to economic sanctions from the West.
He hasn’t thus far, but he’s no dummy. Withholding those two metals from the global markets could wreak some pretty hard financial damage on several major European and U.S. multinational companies, particularly in the automotive and pollution control industries — so I am sure he is keeping those cards close to the vest and will use them when the time is right.
Bottom line: Platinum and palladium are shaping up to be major bull markets.
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