Platinum Group Metals Price Bulletin - 19th July 2010 to 23rd July 2010

Johnson Matthey London Base Prices at 0800 hrs, $/oz:

	Pt	Pd	Rh
Monday 19th July	1513	455	2325
Tuesday 20th July	1518	450	2250
Wednesday 21st July	1507	449	2150
Thursday 22nd July	1512	448	2200
Friday 23rd July	1536	462	2250

Small gains for the dollar encouraged profit taking in commodity markets, gold falling as low as $1,175 - considerably below the all time highs seen just recently. With the global economic picture still very uncertain, however, investors view any dip in the gold price as an opportunity to buy the "safe-haven" investment and it duly recovered, moving back toward $1,200 at the end of the week.

Platinum

Prices for platinum drifted lower in thin trading conditions despite a new, unilateral safety directive from the South African government that would have severely impacted mine productivity. The directive was subsequently amended to allow the safest and most appropriate mining practices for each mine individually. Sadly though two more platinum miners died this week at a facility owned by Northam Platinum, production being suspended while the accident is investigated. Prices ticked up as world number three platinum producer, Lonmin, reported a significant drop in pgm production during Q3 as a result of the closure/repair of its main furnace.

Palladium

Also caught in the summer doldrums, palladium meandered around the 450s before picking up on Friday. Meanwhile total ETF holdings in the metal have fallen to the lowest level in two months, most of the disinvestment being in the Zurich Cantonal Bank and ETFS U.S. funds.

Rhodium

Sustained selling and a distinct lack of buying interest had rhodium under pressure for most of the week and, as offers continued to dominate the market, the JM base price reflected this, moving steadily lower.

Johnson Matthey,
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Royston,
Hertfordshire SG8 5HE,
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