“The chief reasons platinum and palladium are in a structural supply deficit are: A: As I mentioned last week, the ore grade of the platinum group metals, that is the amount of the metals found in ore, is declining rapidly, with a plunge of more than 50 percent in ore grades in Russia and South Africa combined since 1998. B. It takes as long as 10 years to open a new mine. C. Inventories are already being squeezed, with platinum demand expected to exceed available supplies this year by 705,000 ounces, while palladium demand is expected to exceed supplies by a huge 959,000 ounces this year, more than double the official 455,000 ounce deficit in 2013.”
http://www.moneyandmarkets.com/the-biggest-factor-in-the-platinum-and-palladium-markets-61227
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