While recent news and worries of global macro growth certainly merit close attention, generally speaking, we believe that in the medium to longer term, both platinum itself and those equities where the carrying cost of reserves is not fully appreciated, will prove to be good value. While the events in Japan have certainly impacted auto production in the near term, medium to longer term auto production should be higher and resulting platinum and palladium demand should increase late in the year and early next year. With global demand fundamentals strongly in place in the automotive sector, prices should benefit.

And on supply:

What we can say is there is probably a significant supply disruption coming in the near to medium term. We believe this will be the catalyst that draws the world's attention to platinum.

David Fuller's view This report tallies with Fullermoney's hypothesis that the current corrective phase in platinum (monthly, weekly & daily) and other precious metals is on course to bottom in July and August prior to resumed strength in September 2011. That would be entirely consistent with the 10-year and counting secular uptrend. Meanwhile, we continue to monitor chart action for evidence that either confirms or refutes this possibility.

Recently, we have seen weakness as platinum fell back sharply from the higher side of its trading range before encountering some support from the lower side of the pattern this week.