North American Palladium Ltd (New) PALDF

Metals & Mining Industrial Metals & Minerals

North American Palladium Ltd is a precious metal mining company. The company operates the Lac des Iles palladium mine located in Ontario, Canada, which is one of only two primary producers of palladium in the world. The group believes there is exploration upside near this location, and the limited number of primary palladium production areas also offers investors exposure to palladium prices. The company generates the majority of its revenue from metal sales, including gold, nickel, copper, pall

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North American Palladium Ltd (New)

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Comment by Bigseeon Apr 09, 2013 8:16pm

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Post# 21234184

RE: RE: RE: Pd exchange traded products and flows

I see the situation differently. JPM already has a large cache of Pd. in London, possibly in Zurich, too. They are market makers of sorts in Pd. In addition to ETF custodial roles, they issue spot priced exchange traded certificates (P-ETC) which are collateralized by the Pd in their vaults. ETF MMs may come to them when they need to buy or sell Pd to settle net investment interest, but the other way around doesn't make any sense to me.

If you are referring more to off-the-books "borrowing" of Pd. from their custodial holdings, I can't comment on whether or to what extent that may take place. If it does, I would not expect that to be categorized as an ETF outflow, which tends to balance to net investor activity.

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