With record automotive sales expected of 83 million globally this year, the industry will continue to weigh on already deficient palladium and platinum supplies.
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What we are seeing is an emerging market story based around the demand for precious metals, whereas gold is a global monetary policy story.
Gold doesn't have the same real end industrial demand as palladium, especially in emerging markets.
Stillwater Mining Co ( SWC , quote ) is the largest U.S. player and at one time was a significant holder of Russia's Norilsk Nickel until they recently divested.