Why Have PGMs Fallen Off a Cliff?

For the last three weeks our attention has been claimed by the extraordinary and ongoing events affecting financials in particular and the knock on consequences to markets in general.

To very briefly sum up, the irrational euphoria that greeted the Paulson/ Bernanke news last Friday was quickly replaced as worldwide markets opened deeply in the red on the realisation of the consequences of their bail out proposals.

The sector that was a significant exception was our very own favourites, gold and silver. The $900 an ounce level was breached before falling back to the mid eighties and as we write (06.30 ET) is again knocking on the door at $895 an ounce.

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