| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 4,500 | $16.49 | $74,205 | 3.03% | $15.08 | $6,359 | +9.4% | — |
| RLT | 1,310 | $16.49 | $21,602 | 1.29% | $21.50 | $-6,560 | -23.3% | — |
| ROTH | 250 | $16.49 | $4,122 | 1.61% | $19.33 | $-709 | -14.7% | — |
| Total | 6,060 | $99,929 | 2.22% | $-910 | -0.9% | — |
In short: The largest platinum ETF (~1.1Moz of 2.8Moz total). Its borrow rate to short spiked to ~12% annualized over two weeks — exceeding last year's spikes — evidence redemptions/ounce-withdrawals have run deep enough to create a borrow issue. Getting "closer to a significant move higher in platinum and copper," though "probably early — the tape is a mess."
PPLT is an ETF that holds physical platinum bars; buying it is a clean way to own the metal. It's the biggest such fund, holding about 1.1 million of the roughly 2.8 million ounces sitting in all platinum ETFs. Two clues make Paulo constructive. First, these ETFs have quietly lost more than 500,000 ounces since January — real metal leaving the vaults (probably heading to China, where "it's never coming out"). That echoes what happened to palladium in 2016-18 right before its price suddenly woke up in 2019. Second, the cost to borrow PPLT shares in order to short them has spiked to nearly 12% a year — unusually high, which suggests so much metal has been redeemed that shares are getting scarce. He thinks platinum (and copper) are getting closer to a real move higher, while admitting he's "probably early" in a messy tape.
In short: His newer platinum instrument: "I diversified my large holding in Valterra with calls on platinum, more recently via the PPLT fund." The physical-platinum ETF he's using to add exposure/optionality on top of the miner. Notes he doesn't normally trade near-dated options for a fundamental view but is "very constructive for the next few weeks" with seasonality into Feb-20 expiry.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.