Don't neglect this news as reported on Bloomberg yesterday!!
"Mitsui Mining & Smelting Co. reported developing a silver-based
diesel exhaust catalyst, replacing the more expensive metal. Palladium also
declined. Mitsui, a partner in Japan's biggest copper smelter, plans to
start selling the silver-based devices in Japan, the U.S. and Europe in
2012, according to a statement yesterday. Platinum has jumped 54 percent in
the past year, partly on expectations that demand for automotive catalysts
will rise as governments impose tougher pollution controls. Mitsui Mining
follows Japanese automakers Nissan Motor Co., Mazda Motor Corp. and
Daihatsu Motor Co., which last year announced plans for parts that reduce
platinum usage to cut costs. Mitsui said the silver-based technology is for
use in farming and construction machinery, rather than car engines.
Consumption by automakers accounts for more than 60 percent of global
platinum demand, according to estimates by Johnson Matthey Plc, which makes
about one-third of the world's auto catalysts."
This is
huge news for long term Silver Bulls and will lower demand of both Platinum
and Palladium! Accumulate Silver in your IRAS.
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