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The PART act. If this passes it could be very bullish for PGM's

GoldminersGoldminers Posts: 3,917 ✭✭✭✭✭
in Precious Metals

The Senate is currently considering amendments to the proposed "Preventing Auto Recycling Theft Act" (PART Act), which could restrict the recycling of platinum, palladium, and rhodium—three critical precious metals used in catalytic converters to reduce harmful emissions from gasoline and diesel-powered vehicles (and electric hybrids).

According to updated projections from the World Platinum Investment Council (WPIC), the platinum market is expected to see a one-million-ounce deficit this year. Recycling is expected to reach 1,581 koz for the full year, a 2% year-on-year increase.

If PGM recycling is reduced in the US, get ready for these PM's to make a move.

My US Mint Commemorative Medal Set

Comments

  • dcarrdcarr Posts: 8,422 ✭✭✭✭✭

    On the face of it, that sounds like a stupid law.
    There may be some hidden agenda behind it.

    Moonlight Mint
  • GoldminersGoldminers Posts: 3,917 ✭✭✭✭✭

    @dcarr said:
    On the face of it, that sounds like a stupid law.
    There may be some hidden agenda behind it.

    There is always a hidden agenda when it comes to government overreach.

    My US Mint Commemorative Medal Set

  • jmski52jmski52 Posts: 22,800 ✭✭✭✭✭

    It's the war on carbon-based fuels. Crazy, absolutely crazy garbage.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,776 ✭✭✭✭✭

    Don't forget the black market

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • tincuptincup Posts: 5,110 ✭✭✭✭✭

    I've come to expect that type of legislation from our government. No doubt there is some sort 'inside' profiteering getting set up?

    Or, in line with what jmski52 posted.... designed to make it even more expensive to own a gas powered ve3hicle.

    ----- kj
  • Manifest_DestinyManifest_Destiny Posts: 6,896 ✭✭✭✭✭

    I stopped trusting the government when I got a no seat belt ticket from a guy on a motorcycle.

  • RobMRobM Posts: 549 ✭✭✭

    How would passing this legislation (introduced nearly two years ago) be bullish for PGMs? And, what effect would it have on PGM recycling?

    The main thing it appears to do is make it easier for law enforcement to track stolen converters across state lines, and make it a federal crime to illegally possess or sell them. New car manufacturers shouldn't have an issue stamping VIN#s on converters, and the amount ($7M) in grant money was negligible to have law enforcement, car dealers, or service centers do the same for existing vehicles. With a die set and some high temperature paint, an individual could do the same. I would imagine that most catalytic converters get recycled at some point. From that perspective, it doesn't really matter if a converter was stolen, unless it was from your vehicle and you have to pay $2500 for a new one (made partially from reclaimed PGMs).

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