John D. Bruno Reflects On The 2018 IPMI Conference

The IPMI Conference, the signature event for the International Precious Metal Institute commenced on June 9, 2018. According to the IPMI website, “Delegates attend presentations given by industry leaders on topics ranging from Emerging Technologies, Financial Management, Environmental Management, Recovery, Refining, and Catalysis to Sampling & Analysis. Delegates come from member companies around the world.”

One delegate, John D. Bruno of Key Metal Refining LLC, recounts what he learned from the conference revealing “I got ideas about hedging strategies for the backwardation that we are experiencing right now with palladium.

Normally when you sell for forward delivery, that forward price is usually a little higher than the spot, because of the carrying costs. But when the metal is really short, the forward prices are less than the present prices–that’s called backwardation.”

He went on to say “Last year we had a spike in the lease rates of palladium because there wasn’t any available. That interferes with our business on a short-term basis, then corrects itself after a few weeks.”

Commenting on some exhibitions he attended Bruno noted “There were graduate students presenting research thesis papers. I attended some of the presentations.  These kids work hard. On a business end, there’s not a lot of practicality in their papers.  But I think it’s important to be there to support, engage, and encourage the students. I was once a graduate student too.”

When asked if he would consider attending the IPMI next year, Bruno said: “Yes, because it gives me the chance to have one-on-one conversations with people I’m doing business with.”

About IPMI

The International Precious Metals Institute (IPMI) was founded in 1976, as a collaborative effort of research professors from a wide collection of prestigious University’s; Cornell, NYU, Columbia, Brooklyn Polytechnic, MIT and others.

The IPMI’s mission is to collect, archive & share substantive, definitive and factual information regarding literally all aspects of the precious metals (gold, silver, platinum, palladium, rhodium, ruthenium, iridium & osmium).

Our members include corporations, universities, individuals involved in literally every aspect of the precious metals world. EG: exploration & mining / banking, trading & finance / refining & manufacturing / pharma & biomedical / automotive / electronics & other consumer goods.

We fulfill our mission by organizing and holding a variety of activities each year.

For more information visit

About Key Metal Refining

Key Metal Refining (KMR) buys scrap catalytic converters as the raw material source for its platinum group metal sales generated through its recovery and refining process. KMR’s controlling partner is DOWA Metals and Mining Co. America, a wholly owned subsidiary of DOWA Holdings Co, Ltd.

KMR de-cans catalytic converters at its plant in Hainesport New Jersey. The material is further refined and smelted by DOWA in Japan. 

For more information visit

Location Info:
Key Metal Refining LLC
5400 Delaware Ave, Hainesport, NJ 08036
(609) 261-1471


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