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Russia’s ore bodies contain both base metals and byproduct platinum group metals (PGM). Russia accounted for 28% of primary 2E PGM supply in 2023. We see a limited impact from the latest round of base metal sanctions; like after the April 2022 sanctions by the London Platinum and Palladium Market, metal will continue flowing. However, in combination with ...
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One of my core beliefs as a portfolio manager is that we get paid to worry so investors don’t have to. Several weeks ago, Brad wrote about what was worrying investors and whether those issues were worth worrying about. He also acknowledged that there are some real concerns out there as well. I want to build on that idea and provide insight into how ...