PLAA was the second largest holding in the fund at 13.1%
Comments of the fund manager:
"According to Johnson Matthey, platinum demand rose 8.6% in 2007, moving the world to a deficit of 480,000 oz. That is 80% more than they had forecast last November and it is close to Rene Hochreiter's forecast. Rene sees a deficit of over 1 million oz for 2008; almost double that of the JM projection. Rene also predicts the Pt price to be closer to USD 3000 than to USD 2500 at the end of the year. Those figures do not include ETFs."
"Despite a 7.3% drop in Q1 auto sales for the North American market, global car sales rose 0.8% year-on-year. Diesel penetration continued to expand. PGM free electric vehicles will not reach mass market status for at least 10 years according to the latst quarterly survey of Mitsui."
If he's right and the Pt price shows signs of movement towards another 50% increase from the current c.$2000, IMO the ETFs will be in serious demand, contributing to a mighty bubble. If Pt goes, I don't see Pd hanging around the $430 mark for long either.
sourced from http://www.bacfund.ch/BAC_Mining_Regions_Managed.php (click on the latest factsheet available)
PLA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
