Van Simmons

Speaker states he has been telling clients to buy platinum for a couple of years because it is "too cheap." Notes it used to take 2.4 oz of gold to buy 1 oz of platinum, and now the ratio is inverted (approx. 2.4 oz of platinum to buy 1 oz of gold). He states it is "80 times rarer than gold" and mined primarily in South Africa and Russia. The extreme price dislocation relative to gold and its fundamental rarity creates a asymmetric value opportunity. Its industrial uses and constrained supply base support its strategic value. LONG. It is presented as a "very safe bet" and a "really good performer" within the metals complex, positioned for mean reversion against gold. Platinum prices could still decline in a broad market downturn, as with all commodities. Production could increase, or demand from automotive (catalytic converter) use could wane.