Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit
Focus on Gold: Challenges of gold mining in the US – reopening the Drumlummon Mine in Montana
20 May 2010
by David Wilson - Societe Generale
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit
Panel Discussion: Outlook for the Precious Metals Markets
20 May 2010
by David Wilson - Societe Generale
Bill Fisher - RX Exploration
David Hargreaves - Fair Trade Gemstones
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit
Panel Discussion: Outlook for the Precious Metals Markets
20 May 2010
by David Wilson - Societe Generale
Bill Fisher - RX Exploration
David Hargreaves - Fair Trade Gemstones
Sustainable growth in a sustained crisis - the business model as a tool to in...Kasper Roldsgaard
Research Festival 2012, April 19-20. Copenhagen, Denmark
Includes some examples of business model innovation and examples of companies that haven't innovated their business model.
Sustainable growth in a sustained crisis - the business model as a tool to in...Kasper Roldsgaard
Research Festival 2012, April 19-20. Copenhagen, Denmark
Includes some examples of business model innovation and examples of companies that haven't innovated their business model.
The first 2012 edition of our quarterly magazine, TechTalk, exploring current trends, issues and market developments affecting technology organisations today. In this edition we take a closer look at the customer purchase journey for technology products, with a particular focus on retail.
Development of Twitter Application #7 - SearchMyungjin Lee
This series of slides describes how to develop a twitter application.
This slide describes how to search tweets using Twitter Search RESTful Open API and how to implement it using Twitter4J.
Gear Up for Solvency II & IFRS 4 Phase II with the Right Partner WNS Global Services
Divergent reporting standards in the insurance industry lead to discrepancies and confusion in comparing accounting results from different geographies. Solvency II and IFRS 4 Phase II will soon address this problem. Article is also available here - http://bit.ly/15p6jhy
By David J. Spielman, Fatima Zaidi, and Kathleen Flaherty. Presented at the ASTI-FARA conference Agricultural R&D: Investing in Africa's Future: Analyzing Trends, Challenges, and Opportunities - Accra, Ghana on December 5-7, 2011. http://www.asti.cgiar.org/2011conf
Presentation to Institute of Supply Management Steel Forum. Graphs Covering: North American Blast Furnaces/US Housing Starts/Seasonally Adjusted Annual Rate/Auto Production since 2000/Architects Billings Index/Carbon - Flat Rolled
Actual Shipments/Flat Rolled
Inventory (EOM)
Century Iron Mines Corporation | Corporate Presentation | November 2012
Speaker: Sandy Chim, C.A., Director, President and Chief Executive Officer
Company Information:
as of Nov 2012
TSX Venture: FER
52-Week high/low: C$0.92-C$2.50
Market Cap: C$97.0m
Recent Price: C$1.02
Shares: 94.9 million
Fully Diluted: 103.8 million
Website: www.centuryiron.com
Century Iron is Canada’s largest holder of iron ore land claims in a public company, with interests in several properties in the Provinces of Quebec and Newfoundland & Labrador. Century’s vision is to exploit its large property asset base to become one of the country’s largest iron ore producers.
Century has structured a unique strategic formula to pave the way to achieving its vision: It has attracted
WISCO and MinMetals, two of the largest Chinese state-owned enterprises, as equity investors and strategic partners (25% and 5% respectively). WISCO is a further 40% JV investor in individual projects, and these partners have committed to 60‑70% off-take agreements for future product. They will also procure to provide up to 70% of production capex on positive feasibility, in the form of nondilutive debt financing for the Canadian company.
Objective Capital's Industrial Minerals & Metals Resources Investment Forum 2012
Ironmongers' Hall, City of London
6 November 2012
Speaker: Alan Cruickshank, Gensource
Objective Capital's Industrial Minerals & Metals Resources Investment Forum 2012
Ironmongers' Hall, City of London
6 November 2012
Speaker: Catherine Feore, Adroit Resources
Objective Capital's Global Resources Investment Forum 2012
Ironmongers' Hall, City of London
25 September 2012
Speaker: Richard Williams, Helio Resource
Objective Capital's Global Resources Investment Forum 2012
Ironmongers' Hall, City of London
25 September 2012
Speaker: Gary Billingsley, Great Western Minerals
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
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USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Objective Capital Precious Metals, Diamonds and Gemstones Investment Summit: Outlook for the Precious Metals Markets - David Wilson
1. PRECIOUS METALS,
DIAMONDS & GEMSTONES
INVESTMENT SUMMIT
2.00 – 2.40
Panel Discussion: Outlook for the Precious
Metals Markets
David Wilson – Director, Metals Research,
Société Générale
THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 20 MAY 2010
www.ObjectiveCapitalConferences.com
2. An overview of Platinum
market drivers
May 2010
David Wilson
Director – Metals Research
david.wilson@sgcib.com
+44 (0)20-7762-5384
Important Notice: The circumstances in which this publication has been produced are such that
it is not appropriate to characterise it as independent investment research as referred to in
European MIF directive and that it should be treated as a marketing material even if it contains a
CONFIDENTIAL
research recommendation (« recommandation d’investissement à caractère promotionnel »).
3. 2
Platinum is still in surplus, but rising mining costs and improving
sentiment in autos in particular should support prices
000 oz 000 oz
10 000 1200
9 000 800
8 000 400
7 000 0
6 000 -400
5 000 -800
4 000 -1200
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010F
2011F
S upply Demand Balance, rh scale
Source: GFMS & SG Cross Asset Research
Platinum’s surplus (prior to ETF investment activity) is increasing due to:
A recovery in South African production.
Increasing supply from other areas including automotive scrap
The recent falls in automotive demand, which will take a long time to be recouped
Bullish longer-term fundamentals (non-OECD demand vs. maturing supply).
4. 3
Global platinum inventories are estimated to have fallen by 2.4 million
ounces since the start of 1999
0 35
-500
30
-1000
25
-1500
-2000 20
-2500 15
-3000
10
-3500
5
-4000
-4500 0
1999 2003 2007 2011F
000 ounces weeks' demand
Source: GFMS & SG Cross Asset Research
This is equivalent to roughly 24 weeks’ demand
But the market has been able accommodate new ETF instruments as the balance has shifted into surplus
And there is plenty of liquidity in the market
With one month lease rates below 0.5%, and twelve months below 2%
5. 4
ETF net investment has taken up over a third of a million ounces of
platinum so far this year, augmenting demand by an ~15%
000 oz
1 200
1 000
800
600
400
200
0
Apr-07 Apr-08 Apr-09 Apr-10
ETF ZKB ETF NY
Source: GFMS & SG Cross Asset Research
Although this interest has been distorted by the new ETF in New York
Platinum ETFs have absorbed approximately 330,000 ounces so far this year
With some small attrition in the ETF Securities London-listed funds, a slight increase in ZKB and over 330,000 ounces into the New
York ETF
If this rate of accrual were to continue then ETFs would more than absorb this year’s industrial surplus, but this looks doubtful
6. 5
Net speculative platinum positions on NYMEX reached a record in mid-
April at 1.38 million ounces
000 oz
1 600
1 400
1 200
1 000
800
600
400
200
0
Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10
-200
Source: CFTC & SG Cross Asset Research
This is starting to look top-heavy and may point towards a short term price correction
This position is equivalent to 18% of one year’s industrial demand
And the gross long position is just off a record level and comprises 41% of total open interest, vs a 38% average over the past
fifteen months
7. 6
South Africa remains the primary source of platinum supply with 76%
of mine production and 64% of total
Other
6%
Russia
13%
North America
5%
S outh Africa
76%
Source: GFMS & SG Cross Asset Research
South Africa’s major producers continue to watch the purse-strings
Although the major producers are running cost profiles lower than prevailing prices, their balance sheets have been under strain
And the Eskom price increases will contribute to roughly 10% per annum cost increases
This is unlikely – barring any extreme problems from external causes such as power loss – to affect output plans, but is likely to
continue to defer marginal expansion programmes
8. 7
Emission control demand remains the key to platinum, with jewellery
in second place for platinum
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2003
2004
2005
2006
2007
2008
2009
2010
J ewellery Autocats Other
Source: GFMS & SG Cross Asset Research
Platinum use in autocats contracted sharply in the global downturn
And while recovering, will lose market share to palladium as Europe, which is platinum-intensive, continues to struggle
Especially by comparison with the recoveries elsewhere and the strength in China
Jewellery demand has rebounded, but now needs to consolidate and may struggle at higher prices
9. 8
China remains key to platinum demand, especially in the jewellery
sector
000 oz %
1 800 90
1 500 75
1 200 60
900 45
600 30
300 15
0 0
1999 2001 2003 2005 2007 2009
China J ewellery As % of jewellery total
Source: GFMS & SG Cross Asset Research
China’s jewellery demand rebounded last year and was almost certainly the second highest year on record
But conditions slowed in late 2009 and the market is now consolidating in response to higher prices
The country’s robust auto sector is underpinning its platinum demand, but is more important for palladium
While the country’s economic growth is supporting demand in the glass and other sectors, suggesting that China is now likely to be
the world’s second largest platinum consumer behind Europe
10. 9
China’s automotive sector; palladium the primary beneficiary
000 oz
700
600
500
400
300
200
100
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
P latinum P alladium
Source: GFMS & SG Cross Asset Research
Palladium demand in the auto sector is likely to grow by more than 10% this year
The Chinese auto market is not yet mature and new emission control limits are being rolled out across the country
The industry is gasoline fuelled in the main and therefore much more reliant on palladium
While it must not be forgotten that palladium is also now taking market share from platinum in the diesel sector
11. 10
By late April, Platinum had unwound 63% of the fall from its 2009 high,
while palladium has unwound 84% of its fall
P latinum US $/oz P alladium US $/oz
2 800 600
2 100 450
1 400 300
700 150
08
08
09
09
10
08
08
09
09
10
Apr-
J ul-
Oct-
J an-
Apr-
J ul-
Oct-
J an-
Apr-
J an-
P latinum P alladium
Source: GFMS & SG Cross Asset Research
Price recoveries have been driven by an improving economic outlook
With palladium especially boosted by the auto and electronic sectors
While platinum has been boosted by improving jewellery (allied to reduced scrap return)
But the majority of the recovery is now out of the way and there is a case for a mild retraction in prices
12. Platinum market to remain in surplus in 2010 (excluding
investment demand)
PLA T INUM
000oz 2005 2006 2007 2008 2009 2010f
Non-Russian prim ary product ion 5,632 5,447 5,074 4,671 4,600 4,720
Russian product ion 960 948 917 835 840 860
Ot her 13 628 591 645 635 700
Fabricat ion dem and: - Aut ocat alyst ** 3,056 3,251 3,218 2,816 1,950 2,050
- Jewellery 1,792 1,682 1,329 736 1,800 1,700
- Indust rial 1,827 1,849 1,950 2,273 1,500 1,701
Invest m ent in ETF/ ETCs 194 104 384
Residual balance -70 241 -217 222 441 830
Pr i ce – p m f i x, $ / o z 897 1 ,1 4 2 1 ,3 0 3 1 ,5 7 8 1 ,2 0 9 1 ,6 5 0
* Nat ional Defence St ockpile, aut om ot ive indust ry, fut ures ex changes ** net of scrap
Source: SGCIB
11
13. Forecast risks
Upside risks
Further postponement/cancellation of expansion projects
Energy related disruption at South African operations
Faster than expected demand recovery in world outside China
Further and higher than expected investment flows (into ETFs)
Downside risks
Slower than expected global economic growth in 2010 / evaporation of positive investor sentiment
Further palladium inroads into the diesel auto cat sector
12
14. 13
Disclaimer
The information herein is not intended to be an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities and including any expression of opinion, has been obtained from
or is based upon sources believed to be reliable but is not guaranteed as to accuracy or completeness although Société Générale (“SG”) believe it to be fair and not misleading or
deceptive. SG, and their affiliated companies in the SG Group, may from time to time deal in, profit from the trading of, hold or act as market-makers or act as advisers, brokers or bankers
in relation to the securities, or derivatives thereof, of persons, firms or entities mentioned in this document or be represented on the board of such persons, firms or entities. Employees of
SG, and their affiliated companies in the SG Group, or individuals connected to them may from time to time have a position in or be holding any of the investments or related investments
mentioned in this document. SG and their affiliated companies in the SG Group are under no obligation to disclose or take account of this document when advising or dealing with or for
their customers. The views of SG reflected in this document may change without notice. To the maximum extent possible at law, SG does not accept any liability whatsoever arising from
the use of the material or information contained herein. Dealing in warrants and/or derivative products such as futures, options, and contracts for differences has specific risks
and other significant aspects. You should not deal in these products unless you understand their nature and the extent of your exposure to risk. This research document is not
intended for use by or targeted at retail customers. Should a retail customer obtain a copy of this report they should not base their investment decisions solely on the basis of this
document but must seek independent financial advice.
Important Notice: The circumstances in which this publication has been produced are such (for example because of reporting or remuneration structures or the physical location of the
author of the material), that it is not appropriate to characterise it as independent investment research as referred to in European MIF directive and that it should be treated as a marketing
material even if it contains a research recommendation (« recommandation d’investissement à caractère promotionnel »). This publication is also not subject to any prohibition on dealing
ahead of the dissemination of investment research. However, it must be made clear that all publications issued by SG will be clear, fair, and not misleading.
Analyst Certification: Each author of this research report hereby certifies that the views expressed in the research report accurately reflect his or her personal views about any and all of
the subject securities or issuers.
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Marchés Financiers).
Notice to UK Investors: This publication is issued in the United Kingdom by or through Société Générale ("SG") London Branch which is regulated by the Financial Services Authority
("FSA") for the conduct of its UK business.
Notice to US Investors: This report is issued solely to major US institutional investors pursuant to SEC Rule 15a-6. Any US person wishing to discuss this report or effect transactions in
any security discussed herein should do so with or through SG Americas Securities, LLC to conform with the requirements of US securities law. SG Americas Securities, LLC, 1221
Avenue of the Americas, New York, NY, 10020. (212) 278-6000. Some of the securities mentioned herein may not be qualified for sale under the securities laws of certain states, except
for unsolicited orders. Customer purchase orders made on the basis of this report cannot be considered to be unsolicited by SG Americas Securities, LLC and therefore may not be
accepted by SG Americas Securities, LLC investment executives unless the security is qualified for sale in the state.
Notice to Japanese Investors: This report is distributed in Japan by Société Générale Securities (North Pacific) Ltd., Tokyo Branch, which is regulated by the Financial Services Agency
of Japan. The products mentioned in this report may not be eligible for sale in Japan and they may not be suitable for all types of investors.
Notice to Australian Investors: Société Générale Australia Branch (ABN 71 092 516 286) (SG) takes responsibility for publishing this document. SG holds an AFSL no. 236651
issued under the Corporations Act 2001 (Cth) ("Act"). The information contained in this newsletter is only directed to recipients who are aware they are wholesale clients as defined under
the Act.
http://www.sgcib.com. Copyright: The Société Générale Group 2010. All rights reserved.
15. An overview of Platinum
market drivers
Date - Location
David Wilson
Director – Metals Research
david.wilson@sgcib.com
+44 (0)20-7762-5384
Important Notice: The circumstances in which this publication has been produced are such that
it is not appropriate to characterise it as independent investment research as referred to in
European MIF directive and that it should be treated as a marketing material even if it contains a
research recommendation (« recommandation d’investissement à caractère promotionnel »).