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<p>[QUOTE="Juan Blanco, post: 1658369, member: 41665"]<font size="3"><font face="arial">In 2010, by allocation Rhodium "Investment" was insignificant or <1% (if this chart is correct.)</font></font></p><p><font size="3"><font face="arial"><br /></font></font></p><p><font size="3"><font face="arial">[ATTACH]243587.vB[/ATTACH]</font></font></p><p><font size="3"><font face="arial"><br /></font></font></p><p><font size="3"><font face="arial">In 2011, launch of the first rhodium-backed exchange-traded product {db Physical Rhodium ETC - LONDON} accounted for 17,000 ounces by Year-End: "The rhodium market remains relatively small and niche, although looked at another way, rhodium investment accounted for almost all of the growth in rhodium demand," Johnson Matthey said.</font></font></p><p><font size="3"><font face="arial"><br /></font></font></p><p><font size="3"><font face="arial">If 2011 global demand was 906,000 and production was 645,000 Rh/ozt and "Investment Demand" is one Rhodium ETP, Investment was 1.88% of total demand but 2.6357% of total production (fwiw, the ETP sheet indicates the Rh is "Sponge" not ingot.)</font></font></p><p><font size="3"><font face="arial"><br /></font></font></p><p><font size="3"><font face="arial">As a baseline to watch for Rhodium as an investment, in early 2012 Norilsk reported (2011) percentages of PMs going towards "Investment Demand" presumably ETPs <i>and </i>coin/bullion:</font></font></p><p><font size="3"><font face="arial"><br /></font></font></p><p><font size="3"><font face="arial">35% of Au</font></font></p><p><font size="3"><font face="arial">14% Palladium</font></font></p><p><font size="3"><font face="arial">8% Platinum</font></font></p><p><font size="3"><font face="arial">[~36% Silver]</font></font></p><p><font size="3"><font face="arial">[~2-3% Rhodium]</font></font></p><p><font size="3"><font face="arial"><br /></font></font></p><p><font size="3"><font face="arial">Estimated production for 2012 was 720,200 ozt/Rh (2012) and 675,200 ozt (2013) a 5% increase from 2011. Increasing "Investment Demand" is seen in the ETP data:</font></font></p><p><font size="3"><font face="arial"><br /></font></font></p><p><font size="3"><font face="arial">2011 Rh ETF = 17,000 ozt (Year End) </font></font></p><p><font size="3"><font face="arial">2012 Rh ETF = 62,400 ozt (Year End) </font></font></p><p><font size="3"><font face="arial"><br /></font></font></p><p><font size="3"><font face="arial"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222">According to recent (Feb. 2013) Bloomberg data, global PM ETPs currently hold:</span></span></span></span></font></font></p><p><font size="3"><font face="arial"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222">19,594.3 metric tonnes Silver (Ag)</span></span></span></span></font></font></p><p><font size="3"><font face="arial"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222">2,506 metric tonnes* Gold (Au)</span></span></span></span></font></font></p><p><font size="3"><font face="arial"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222">67.2 metric tonnes Palladium (Pd)</span></span></span></span></font></font></p><p><font size="3"><font face="arial"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222">51.2 metric tonnes Platinum (Pt)</span></span></span></span></font></font></p><p><font size="3"><font face="arial"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222">51.2 metric tonnes Platinum (Pt)</span></span></span></span></font></font></p><p><font size="3"><font face="arial"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><b>1.94 metric tonnes Rhodium (Rh)</b></span></span></span></span></font></font></p><p><font size="3"><font face="arial"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><b><br /></b></span></span></span></span></font></font></p><p><font size="3"><font face="arial"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><b></b>(In December 2012, the GLD ETF held 1,353.3 mt, or 54% of all Gold ETPs. GLD is traded on several exchanges and widely used by non-US investors, but that's the Gold ETP used by American investors. There is no Rhodium ETP readily available to retail American investors. I suppose the creation of a US Rhodium ETP might likewise double global "Investment Demand" for Rh.) </span></span></span></span></font></font></p><p><font size="3"><font face="arial"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><span style="color: #222222"><br /></span></span></span></span></font></font></p><p><font size="3"><font face="arial">In late 2012, Scotiabank reported 6% Platinum was "Investment." If 2012 global production of Rh was 720,000, net ETP demand was 56,100 ozt and including NEW retail ingot demand (below), then <b>"Investment Demand" for Rh in 2012 was 56,100 ozt (7.8%)</b> Incidentally, by percentage, more Rh than Pt is now "Investment Demand" up from <1% in 2010. </font></font></p><p><font size="3"><font face="arial"><br /></font></font></p><p><font size="3"><font face="arial">Baird's ingot production for retail (still quite miniscule) accounted for ~1.5% of total Rh consumption: up from <i>nothing </i>in one year. This is what I'm talking about!</font></font></p><p><font size="3"><font face="arial"><br /></font></font></p><p><font size="3"><font face="arial">This recent Washington Post <a href="http://washpost.bloomberg.com/Story?docId=1376-MISAOW1A1I4H01-3F29CV5K6U8MK4UA2J161DHL0K" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://washpost.bloomberg.com/Story?docId=1376-MISAOW1A1I4H01-3F29CV5K6U8MK4UA2J161DHL0K" rel="nofollow">article</a> by Nick Larkin is informative: </font></font></p><p><font size="3"><font face="arial"><br /></font></font></p><p><font size="3"><font face="arial"><br /></font></font></p><p><font size="3"><font face="arial">Here is an interesting annoted chart for Rhodium Price since 1972: <a href="http://octafinance.com/wp-content/uploads/2011/07/rhodium-spot-1972-2011-modified-and-waves.png" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://octafinance.com/wp-content/uploads/2011/07/rhodium-spot-1972-2011-modified-and-waves.png" rel="nofollow">http://octafinance.com/wp-content/uploads/2011/07/rhodium-spot-1972-2011-modified-and-waves.png</a></font></font>[/QUOTE]</p><p><br /></p>
[QUOTE="Juan Blanco, post: 1658369, member: 41665"][SIZE=3][FONT=arial]In 2010, by allocation Rhodium "Investment" was insignificant or <1% (if this chart is correct.) [ATTACH]243587.vB[/ATTACH] In 2011, launch of the first rhodium-backed exchange-traded product {db Physical Rhodium ETC - LONDON} accounted for 17,000 ounces by Year-End: "The rhodium market remains relatively small and niche, although looked at another way, rhodium investment accounted for almost all of the growth in rhodium demand," Johnson Matthey said. If 2011 global demand was 906,000 and production was 645,000 Rh/ozt and "Investment Demand" is one Rhodium ETP, Investment was 1.88% of total demand but 2.6357% of total production (fwiw, the ETP sheet indicates the Rh is "Sponge" not ingot.) As a baseline to watch for Rhodium as an investment, in early 2012 Norilsk reported (2011) percentages of PMs going towards "Investment Demand" presumably ETPs [I]and [/I]coin/bullion: 35% of Au 14% Palladium 8% Platinum [~36% Silver] [~2-3% Rhodium] Estimated production for 2012 was 720,200 ozt/Rh (2012) and 675,200 ozt (2013) a 5% increase from 2011. Increasing "Investment Demand" is seen in the ETP data: 2011 Rh ETF = 17,000 ozt (Year End) 2012 Rh ETF = 62,400 ozt (Year End) [COLOR=#222222][COLOR=#222222][COLOR=#222222][COLOR=#222222]According to recent (Feb. 2013) Bloomberg data, global PM ETPs currently hold: 19,594.3 metric tonnes Silver (Ag) 2,506 metric tonnes* Gold (Au) 67.2 metric tonnes Palladium (Pd) 51.2 metric tonnes Platinum (Pt) 51.2 metric tonnes Platinum (Pt) [B]1.94 metric tonnes Rhodium (Rh) [/B](In December 2012, the GLD ETF held 1,353.3 mt, or 54% of all Gold ETPs. GLD is traded on several exchanges and widely used by non-US investors, but that's the Gold ETP used by American investors. There is no Rhodium ETP readily available to retail American investors. I suppose the creation of a US Rhodium ETP might likewise double global "Investment Demand" for Rh.) [/COLOR][/COLOR][/COLOR][/COLOR] In late 2012, Scotiabank reported 6% Platinum was "Investment." If 2012 global production of Rh was 720,000, net ETP demand was 56,100 ozt and including NEW retail ingot demand (below), then [B]"Investment Demand" for Rh in 2012 was 56,100 ozt (7.8%)[/B] Incidentally, by percentage, more Rh than Pt is now "Investment Demand" up from <1% in 2010. Baird's ingot production for retail (still quite miniscule) accounted for ~1.5% of total Rh consumption: up from [I]nothing [/I]in one year. This is what I'm talking about! This recent Washington Post [URL="http://washpost.bloomberg.com/Story?docId=1376-MISAOW1A1I4H01-3F29CV5K6U8MK4UA2J161DHL0K"]article[/URL] by Nick Larkin is informative: Here is an interesting annoted chart for Rhodium Price since 1972: [URL]http://octafinance.com/wp-content/uploads/2011/07/rhodium-spot-1972-2011-modified-and-waves.png[/URL][/FONT][/SIZE][/QUOTE]
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