The metals got hit along with the general market in New York last night but the price drop in the PMs in USD wasn't anywhere near as dramatic in AUD. There is a tendency for the Aussie market players to look only at the quoted USD price and ignore the AUD price. The USD strengthened significantly against all the other currencies (including the precious metals) but for Aussie based mining companies it's the AUD price that counts. Apart from a few nervous nellies who ignore that the bid on palladium is still around $3,000 AUD an ounce, I don't anticipate any prolonged sell off as long as the exploration news is positive.
Feeder zone bullseye target, page-53
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