PGM market review 2Q24

The PGM thesis is one of my most controversial ideas. If you look at the charts of major miners and metal prices, there is no hope—at least at first glance. However, I believe the stars are aligned for a bull run in the coming 18-24 months. Russia's stockpiles have shrunk, China has started the bazooka, and automakers have moved to hybrid vehicles, to name a few.

This is a 2Q24 report discussing the PGM market and miners. A few of the companies reported results for fiscal year 2024. Sibanye Stillwater and Anglo-American Platinum reported 1H24 figures.

This week, China brought good news to all community investors. PBOC cut banks' RRR (reserve requirement ratio) by 50 basis points, resulting in $142 billion for a new landing. The seven-day repo rate was also reduced by 20 bps. PGM metals will benefit, too, from the PBOC liquidity injection. So, the Dragon is back. As an investor in miming and shipping, I am more than happy.

First, let‘s sketch the big picture.

PGM market overview

For PG…