Sentiment towards platinum group metals (PGM) stocks is extremely negative, and the sector has fallen like a rock down a mine shaft. The share prices of Anglo Platinum, Impala, Northam and Sibanye are all down between 58% and 75% from their 2022 highs. We can hardly remember the glory days of 20 months ago.

The dominant use for PGMs is in auto catalysts, which reduce the exhaust emissions of internal combustion vehicles (ICE), which power traditional petrol and diesel vehicles. So why have PGM stocks been this weak?..

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