In case you missed it, ahead of a Russia-South Africa meeting a month or so from now, Sergei Donskoi, Russia’s Minister of Natural Resources, suggested the two countries buy the metal through their central banks to affect prices, according to a Bloomberg report on Tuesday.
Consider the main alternative: platinum and palladium miners getting together to form a true cartel.
Here the PGM houses would have to coordinate and control production, somehow addressing the politically thorny issue of unprofitable shafts; stick to said production plans; and then agree, presumably, only to sell for a fixed price.
Cue anti-trust battles, calls of market collusion and anti-competition suits.
You understand why the producers would never do it. It’s a regulatory non-starter in a world that has become increasingly bound by bilateral and regional trade regulations.