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In summary of what I know: They were once felt to have a great PGM deposit. This turned out to be perhaps not as great as previously thought and unfortunately was mostly Palladium and not so much Platinum. Combine this with apparently one of the worst managements in history and you have:
Merrill Lynch has a history of downgrading the palladium price, claiming that supplies are adequate, when they can really be quite unstable. It's official predictions missed the great PD price rise, completely.