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Russia, South Africa seek to create OPEC-style platinum bloc
By Ilya Arkhipov and Franz Wild
Wednesday, March 27, 2013
Russia and South Africa, countries that hold about 80 percent of platinum group metal reserves, plan to set up an OPEC-type trading bloc to coordinate exports.
"It can be called an OPEC," Russian Natural Resources Minister Sergey Donskoy said late yesterday in an interview in Durban. "Our goal is to coordinate our actions accordingly to expand the markets. The price depends on the structure of the market and we will form the structure of the market."
South Africa mines about 70 percent of the world's platinum and Russia 40 percent of its palladium, a metal from the same group used to cut car pollution, Johnson Matthey Plc said in a 2012 report. Other nations would be able to join the group. The United States, Zimbabwe, and Canada are among producers of the metals. The Organization of Petroleum Exporting Countries is an oil cartel.
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GoldMoney Reduces Storage and Exchange Fees
From April 1 GoldMoney will be reducing by a third its storage fees on gold stored at all VIA MAT vaults to just 0.12 percent per year and halving the cost of storing silver with VIA MAT Switzerland to bring it in line with GoldMoney's silver storage fees at other vault locations: 0.49 percent per year as the standard fee and 0.39 percent per year for more than 50,000 ounces of silver. In addition, GoldMoney's minimum storage fee will be reduced to only 0.001 grams per month for gold, platinum, and palladium, and 0.001 ounces per month for silver. In April GoldMoney also will be simplifying and reducing its metal-to-metal exchange fees. For the full details of these significant fee reductions, please visit:
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