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Russia, South Africa in talks to support platinum price
Why not? OPEC itself was formed in part to counter Western control of the currency markets, one cartel giving rise to a counter-cartel.
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By Yuliya Fedorinova and Andre Janse van Vuuren
Bloomberg News
Tuesday, October 7, 2014
http://www.bloomberg.com/news/2014-10-07/russia-south-africa-seek-to-sup...
Russia and South Africa, together holding about 80 percent of the world's platinum-group metal reserves, will meet to discuss ways to buoy slumping prices.
Officials from Russias central bank and OAO GMK Norilsk Nickel, the world's biggest producer of palladium, which is part of the precious-metal group, will attend the meeting next month, according to Natural Resources Minister Sergei Donskoi.
"This won't be a trading agreement, but the main aim of this cooperation is to put together the interests of the two countries in this field," Donskoi said in an interview last week at Bloomberg's Moscow office. One option is for the central banks to boost purchases of platinum and palladium, he said.
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Platinum prices have tumbled about 20 percent since Russia and South Africa agreed on a plan in March 2013 to set up a bloc to coordinate exports. While palladium is little changed in that period, both metals are down more than 10 percent since August. Platinum rose 1 percent to $1,258.56 an ounce by 12:51 p.m. in London, while palladium gained 0.4 percent to $770.75.
South Africa mines about 70 percent of the world's platinum and Russia 40 percent of its palladium. South Africa's central bank and Ministry of Mineral Resources didn't immediately respond to e-mails seeking comment. The country's Chamber of Mines isn't aware of the talks, spokesman Vusi Mabena said.
Norilsk has also suggested buying stockpiles and including those reserves in agreements between the five BRICS nations, Brazil, Russia, India, China, and South Africa, Donskoi said. Technological exchange may also be part of the pact, he said.
Norilsk and a group of banks and private investors are raising funds to buy palladium stockpiles from Russia's central bank, the company said Sept. 24. The Norilsk and Russian central bank's press offices declined to comment on Donskoi's remarks.
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