valuations not recommendations, page-5

Thanks tgwm, I remain in for the optionn on Pt as you put it, also long-shot exploration potential and the fact that it is tightly held. I have held since float and traded in and out but now have a pretty high av entry price (45c), so I'm hoping Goldman Sachs are right on PGMs (see below)

"Commodities - Platinum Group Metals: Warming To The Outlook - We are warming to the outlook for the Platinum Group Metals (PGMs). For reasons of supply constraints, we continue to favour platinum over palladium, but the distinction has become a little more marginal, and we believe that a recovery in the global automotive sector over the next two years is likely to result in improved prices for both metals. As prices in 2008 eased, jewellery and investment demand increased to a level which prevented large market surpluses. Indeed, the latest data from Johnson Matthey indicates that the platinum market remained in deficit in 2008, while palladium recorded its smallest annual surplus since 2002. In 1H2009, discretionary demand has helped fuel a significant price rebound despite the continuing weakness in offtake for industrial purposes. Supply-side circumstances have also helped to avoid large market surpluses. Global platinum production fell by 9.5% last year, largely due to power shortages and labour issues in South Africa (which accounts for c.75% of global platinum production). South Africa's power shortage is
likely to constrain growth in PGM production for the foreseeable future. In the palladium market, Russian supply fell by 19% in 2008, due to lower primary production from Norilsk, and a reduced volume of sales from State inventory. Looking forward, we see broadly similar industrial demand outlooks for both platinum and palladium; weak in 2009, but picking up strongly from mid-2010, we suggest, as the global automotive sector improves. We assume that the development of ETF investment vehicles will boost discretionary demand for platinum over palladium. "