The recent strike in South Africa and sanctions against Russia could create a potential shortage in palladium and platinum. In 2013, South Africa was responsible for approximately 2.4 million ounces of palladium and 4.1 million ounces of platinum last year, according to Johnson Matthey. "Overall, we continue to expect limited releases from Russian state stocks this year and reiterate our expectation for the palladium market to deliver a sizable deficit in 2014," says Barclays analyst Suki Cooper. Additionally, HSBC predicts palladium supply is expected to fall 1.06 million ounces short of demand in 2014, which is approximately double the shortfall in 2013. Prices for palladium and platinum have gained roughly 8.4 percent and 3.5 percent, respectively in 2014.
Franco-Nevada Corporation (NYSE: FNV) shares traded in the range of $46.09 to $47.08 Wednesday before settling to close at $46.70, an increase of 2.48 percent. The stock appears to be facing some resistance at the $47.16 and $47.98 levels with some support at $46.30 and $44.13. Shares of Franco-Nevada are up approximately 15.0 percent year-to-date.
More information on Franco-Nevada and access to the free equity report can be found at:
www.WallStreetFundamentals.com/FNV
North American Palladium Ltd. (NYSEMKT: PAL)(TSX: PDL) shares traded in the range of $0.48 to $0.50 Wednesday before settling to close at $0.488, an increase of 3.61 percent. The stock appears to be facing some resistance at the $0.53 and $0.56 levels with some support at $0.48 and $0.41. Shares of North American Palladium are down approximately 25.0 percent year-to-date.
More information on Dynex Capital and access to the free equity report can be found at:
www.WallStreetFundamentals.com/DX
Platinum Group Metals Ltd. (NYSEMKT: PLG)(TSX: PTM) shares traded in the range of $1.07 to $1.10 Wednesday before settling to close at $1.09, an increase of 2.77 percent. The stock appears to be facing some resistance at the $1.09 and $1.11 levels with some support at $1.06 and $1.05. Shares of Platinum Group Metals are down approximately 7.0 percent year-to-date.
More information on Platinum Group Metals and access to the free equity report can be found at:
www.WallStreetFundamentals.com/PLG
Stillwater Mining Company (NYSE: SWC) shares traded in the range of $14.95 to $15.38 Wednesday before settling to close at $15.15, an increase of 1.75 percent. The stock appears to be facing some resistance at the $15.84 and $16.08 levels with some support at $14.93 and $14.54. Shares of Stillwater Mining are up approximately 22.0 percent year-to-date.
More information on Stillwater Mining and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SWC
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