Switzerland Imports More Platinum
Source: Reuters (9/21/10)
"Most of its platinum/palladium exports went to Hong Kong in August."
Switzerland is a principal European clearer of the platinum group metals, used in auto catalysts to reduce vehicle emissions. In August, 1,981 kg. of its 3,094 kg. platinum exports went to Hong Kong, and another 252 kg. went to China itself.
Palladium exports to Hong Kong were 500 kg., a third of the Alpine country's palladium shipments last month. Imports of platinum came mainly from South Africa and the United States, while palladium was sourced principally from Germany.
Both platinum and palladium have been in heavy demand as China and other countries have built up their auto sectors.
A proliferation of ETFs backed by physical metal has also generated added demand.