1 <h1>Forecast 2008</h1>
   2 <ul id="tables">
   3   <li><a onclick="showfcst('Gold')">Gold</a></li>
   4   <li><a onclick="showfcst('Silver')">Silver</a></li>
   5   <li><a onclick="showfcst('Platinum')">Platinum</a></li>
   6   <li><a onclick="showfcst('Palladium')">Palladium</a></li>
   7 </ul>
   8 <p>
   9 			These clickable tables show our analysts’ forecasts
  10 			and commentary for 2008.
  11 		</p>
  12 <ul id="comments">
  13   <li class="Biondi all"><img src="images/faces/AB.jpg" alt="Adrien Biondi"><span class="author">Adrien Biondi</span>
  14 			Last year was a very good one for bullion and the whole industry has 
  15 			profited from the move. Newcomers to the precious metals markets and the 
  16 			general public assume that this bull run will be an ongoing process, 
  17 			especially with the latest subprime crisis and the highs in oil, although 
  18 			we tend to have a more cautious approach. Of course the crisis is mainly 
  19 			limited to OECD countries, and the booms in China and India haven't shown 
  20 			any signs of weakening. The shift in consumption away from the traditional 
  21 			North American and European economies, which had been responsible for the 
  22 			lion's share of global consumption, to the new economies is also very 
  23 			bullish for precious metals. The constant demand from China and India for 
  24 			natural resources has added momentum to the precious metals market.We fear 
  25 			that a move lower during 2008 may stop this euphoria for a while, but a 
  26 			correction is healthy for any bull market: 2008 will be a consolidation 
  27 			period. <br><br>There is a potentially difficult year ahead for PGMs, 
  28 			with high prices sapping demand within the jewellery sector along with 
  29 			other bearish factors in the West such as diminishing car demand, although 
  30 			this may be partially offset by expansion in the Far East. Adding to this, 
  31 			some uncertainty over global supply levels for the coming year makes 
  32 			choosing the correct averages very challenging. But with recent record 
  33 			highs, again looking for some correction in 2008 would put more pressure 
  34 			on platinum than palladium. The larger amounts of platinum held in hedge 
  35 			funds and commodity-linked index products weigh on the more expensive 
  36 			sibling.
  37 		</li>
  38   <li class="Briggs gold"><span class="author">Stephen Briggs</span>
  39 			We approach this year's forecasting survey with even more trepidation than 
  40 			usual. Our bearishness last year was based mainly on the house view that 
  41 			the US dollar bear market would come to an end. Both were misplaced, but 
  42 			until very recently the house view still was that the US dollar would 
  43 			appreciate markedly against the euro in particular over the course of 
  44 			2008, and even now some recovery is forecast in the second half. This is 
  45 			not the consensus view and it is very far from that within the gold 
  46 			market. Yet there may be other reasons too to take a bearish stance. 
  47 			Although gold's internal fundamentals may remain broadly positive, they 
  48 			are much less supportive in the recent price environment, and it is only a 
  49 			matter of time before one factor, producer de hedging, loses its force. 
  50 			This leaves gold overly dependent on investors.
  51 		</li>
  52   <li class="Briggs silver"><span class="author">Stephen Briggs</span>
  53 			If gold does finally turn down, silver will, we believe, be particularly 
  54 			exposed. Its fundamentals are less solid, with, notably, photographic 
  55 			demand still in rapid decline and mine production showing clear signs of 
  56 			picking up, and its bull market has been even more dependent on investment 
  57 			in general and ETF demand in particular. Silver's legendary volatility 
  58 			suggests that prices could at some point fall very heavily indeed.
  59 		</li>
  60   <li class="Briggs platinum"><span class="author">Stephen Briggs</span>
  61 			In contrast, we share the strong consensus view that platinum has robust 
  62 			fundamentals, perhaps the strongest in the sector, especially after the 
  63 			big production losses of 2007 that tipped the market back into deficit. 
  64 			Even if the South African industry manages to get back on track this year, 
  65 			the market will remain tight, and after massive price-driven destruction 
  66 			there is much pent-up jewellery demand. Platinum appears to us fairly 
  67 			fully priced and it will not be immune to any weakening of gold, but the 
  68 			correction we expect should be relatively contained.
  69 		</li>
  70   <li class="Briggs palladium"><span class="author">Stephen Briggs</span>
  71 			On the face of it, palladium's prospects look more akin to those of 
  72 			silver. Inventories are high and supply has been more resilient recently 
  73 			than in the case of platinum. However, demand prospects are good, the 
  74 			price is, or at least is perceived as low compared with the other precious 
  75 			metals, investors appear happy to absorb Russian stockpile sales, and 
  76 			these may at some point dry up. Palladium could even make some independent 
  77 			progress, although it too cannot be impervious to any softness elsewhere.
  78 		</li>
  79   <li class="Butler silver"><span class="author">Tom Butler</span>
  80 			In 2007 the average price of silver rose by 16%, much less than the 58% 
  81 			increase seen in 2006, but nevertheless a relatively positive performance. 
  82 			Compared to the behaviour of the other precious metals, however, with both 
  83 			gold and platinum achieving new all-time record price levels, silver has 
  84 			been somewhat neglected. Fundamentally the outlook for silver remains one 
  85 			of surplus, with new industrial demand strong, but consumption in 
  86 			photography and jewellery is expected to decline. So long as the gold 
  87 			price continues to strengthen and the dollar remains under pressure, then 
  88 			silver can be expected to benefit as well. The real key to its price 
  89 			performance in the year ahead will be investment, mainly through ETFs. If 
  90 			enough investors can be persuaded that silver is cheap compared to other 
  91 			precious metals, then it could assume an inflationary hedge role and press 
  92 			higher once more.  			
  93 		</li>
  94   <li class="Christian gold"><span class="author">Jeffrey Christian</span>
  95 			Political, economic, and financial market concerns will cause investors 
  96 			to continue buying historically high volumes of physical gold. In 
  97 			December 2006 we said 2007 would be a year of great volatility across 
  98 			markets. It was. We expect 2008 to see even greater volatility, in 
  99 			currency markets, equity markets, and precious metals prices. Mine 
 100 			production will rise, as will scrap recovery. Central banks will 
 101 			continue to sell gold, but the key factor directing gold prices will be 
 102 			investment demand, as it always is. 
 103 		</li>
 104   <li class="Christian silver"><span class="author">Jeffrey Christian</span>
 105 			Silver prices will continue to rise, pushed higher by the same wave of 
 106 			investor anxiety that is driving gold, and will be even more extreme 
 107 			than those of gold. Prices could spike sharply lower, but the bias will 
 108 			remain toward higher prices. Industrial demand, especially in electronic 
 109 			applications, will apply additional upward pressure. The physical silver 
 110 			market is far less liquid than that of gold, which should lead to more 
 111 			volatile price swings. People speak of the fact that silver 'lagged' 
 112 			gold by 'only' rising $15.3% from end-2006 to end-2007, while gold rose 
 113 			31.3%. They overlook the fact that while gold prices rose 23% in 2006, 
 114 			silver rose 45.5%. Gold was playing catch up with silver last year. 
 115 		</li>
 116   <li class="Christian platinum"><span class="author">Jeffrey Christian</span>
 117 			Platinum prices may continue to trade around record levels during the 
 118 			first half of the year, but could sell off significantly during the 
 119 			second half. If South African production continues to be disrupted, 
 120 			platinum will remain high. Barring continued disruptions, South African 
 121 			output could rise in a year that sees slower growth in industrial use. 
 122 			Investors might sell in the second half of 2008, especially if they grow 
 123 			more fearful of either a 2009 recession, a shift away from platinum in 
 124 			auto catalysts, or both. 
 125 		</li>
 126   <li class="Christian palladium"><span class="author">Jeffrey Christian</span>
 127 			Palladium will participate more fully in the investor buying spree 
 128 			expected to continue in precious metals this year. 
 129 		</li>
 130   <li class="Cooper gold"><span class="author">Suki Cooper</span>
 131 			In our view, gold prices are set to post positive gains for the seventh 
 132 			consecutive year on an annual average basis. Following a significant swing 
 133 			into deficit last year, the market fundamentals remain tightly balanced 
 134 			and external drivers remain positive. Even with the dollar stabilising at 
 135 			its recent lower levels, investment demand remains strong. Gold prices 
 136 			were buoyed by investor interest and this is likely to remain the key 
 137 			price determinant this year. External factors such as higher inflation 
 138 			expectations, broader economic concerns, geopolitical tensions and Fed 
 139 			rate easing are likely to drive prices higher. On a fundamental basis mine 
 140 			supply remains constrained and physical and investment demand should 
 141 			emerge upon price dips providing a price floor.  
 142 		</li>
 143   <li class="Cooper silver"><span class="author">Suki Cooper</span>
 144 			Silver prices have benefited from the positive price evolution of gold 
 145 			rather than its own supply/demand balance, which appear unfavourable. We 
 146 			forecast the market will move into surplus this year given the strong 
 147 			growth in mine supplies exacerbating a period of weak demand growth. 
 148 			Speculative interest remains key and despite its own fundamental balance 
 149 			we believe prices will continue to track gold this year, benefiting from 
 150 			its price appreciation. 
 151 		</li>
 152   <li class="Cooper platinum"><span class="author">Suki Cooper</span>
 153 			Platinum was the strongest performer last year and in our view it will 
 154 			outperform again this year. Inventories remain at historically low levels 
 155 			and the impact of the mine supply disruptions last year is likely to 
 156 			extend into this year, especially as South Africa continues its audit of 
 157 			mines following the spate of fatal accidents.  After its sharp swing back 
 158 			into negative territory last year, the platinum supply-demand balance is 
 159 			staged to post another deficit, albeit smaller than the previous year. 
 160 			Limited growth in supplies is likely to be more than offset by robust 
 161 			demand. The demand growth trend is expected to stay intact for the 16th 
 162 			consecutive year, buoyed by growth in the auto-catalyst sector and boosted 
 163 			by the tightening emissions legislations and the limited substitution of 
 164 			palladium in diesel vehicles. After a slow start, demand for the ETFs has 
 165 			risen substantially, which further tightens the platinum supply-demand 
 166 			balance. 
 167 		</li>
 168   <li class="Cooper palladium"><span class="author">Suki Cooper</span>
 169 			Palladium prices posted the smallest gains within the complex last year as 
 170 			its weak fundamentals capped upside potential. Price appreciation was 
 171 			buoyed by the rest of the complex performing well and strong speculative 
 172 			interest. These factors are again likely to be key as palladium's 
 173 			supply-demand balance is set to post its sixth year of a surplus greater 
 174 			than 1Moz. Physically-backed ETFs were well received, but a key support 
 175 			for prices will be removed should palladium fall out of favour with 
 176 			investors. Growth in autocatalyst demand remains healthy but is likely to 
 177 			be outpaced by supply from both scrap and mine output and, coupled with 
 178 			large above-ground inventories, any significant price appreciation is 
 179 			likely to be limited. 
 180 		</li>
 181   <li class="Davis gold"><span class="author">David Davis</span>
 182 			Upward pressure on the gold price is likely being driven by the US 
 183 			economic environment, rising oil and commodity prices and a change in the 
 184 			dynamics surrounding supply and demand. These combined factors have 
 185 			resulted in a weakening of the US dollar, which in turn has driven gold 
 186 			higher.
 187 			<br><br>
 188 			Turning to supply-and-demand fundamentals, over the longer term, our 
 189 			studies indicate that global gold production (primary supply) will begin 
 190 			to decline as the diminishing number of new reserves fails to compensate 
 191 			for dying mines. The decline in production will likely be accelerated 
 192 			should the gold mining industry continue to incur significant year-on-year 
 193 			inflation rates which are not offset by similar or significantly higher 
 194 			gold price increases.
 195 			<br><br>
 196 			We believe central bank sales will likely wither going forward, and the 
 197 			banks could become net buyers. Producer de-hedging has accelerated in 
 198 			recent years. In particular, we expect that AngloGold Ashanti could enter 
 199 			the de-hedging market, contributing an additional 3 to 3.5 million ounces 
 200 			during 2008. We also believe investment demand (ETFs) will continue to be 
 201 			robust during 2008. Volatile and higher gold prices coupled with the 
 202 			expected economic slowdown in the US and Europe could, however, stem 
 203 			jewellery demand in these areas, but demand from China and India will 
 204 			likely remain positive. 
 205 			<br><br>
 206 			Geopolitical tensions, which generally lead to higher gold prices and 
 207 			price volatility, have heightened with the political turmoil in Pakistan 
 208 			after the assassination of Benazir Bhutto and the cross-border operations 
 209 			of Turkish troops to hunt down Kurdish separatists in Iraq. Tensions are 
 210 			also ever-present between the US and Iran and the US and North Korea.
 211 			<br><br>
 212 			Given this longer-term scenario, we believe the supply-demand imbalance 
 213 			going forward will begin to accelerate at an ever-increasing pace into a 
 214 			net deficit, which in turn will likely put significant upward pressure on 
 215 			the gold price. 
 216 		</li>
 217   <li class="Davis silver"><span class="author">David Davis</span>
 218 			Silver prices only rose 14% year-on-year (2006-2007), having put gains of 
 219 			25%, 38% and 42% over the previous three years. We believe silver prices 
 220 			will likely play 'catch up' when compared to the year-on-year increases of 
 221 			the previous years, but also and more importantly, silver prices will 
 222 			likely receive impetus from the upward trend in platinum and gold prices 
 223 			and the investment (ETF) market. In the long term gold and silver prices 
 224 			have been closely correlated. The fundamentals of the silver supply and 
 225 			demand dynamics are unlikely to have a major effect on driving the price. 
 226 			Silver has the potential to break through $20 by the end of the year.
 227 		</li>
 228   <li class="Davis platinum"><span class="author">David Davis</span>
 229 			Platinum will likely continue its upward trend on the back of the current 
 230 			economic environment just described for gold. In addition, GFMS and 
 231 			Johnson Matthey believe platinum supply will be moving into a deficit 
 232 			position in 2007, mainly as a result of a shortfall in supply from South 
 233 			Africa, which produces some 78% of global platinum supply. Anglo Platinum 
 234 			and Lonmin revised their 2007 and 2008 projections downwards during 2006. 
 235 			South African platinum production was also affected by a series of 
 236 			safety-related shutdowns, industrial action and project delays. We believe 
 237 			the deficit in platinum supply will be prolonged by at least three to four 
 238 			years, which in turn will likely put further upward pressure on the price 
 239 			and, thereafter, continued tight supply and demand dynamics will likely 
 240 			follow.			
 241 			<br><br>
 242 			Increased vehicle production from China and India, together with the 
 243 			increased likelihood of an ever-increasing switch to diesel powered 
 244 			vehicles in the US, will likely keep prices buoyant going forward. 
 245 			However, GFMS have observed that the recent record high prices have caused 
 246 			a renewed drive to substitute platinum with palladium. GFMS also report 
 247 			manufacturers incorporating palladium in diesel autocatalyst systems. 
 248 			Thrifting and substitution of platinum have been  common practices in the 
 249 			past, but they were, in the main, offset by tightening environmental 
 250 			legislation, which generally increases the demand of platinum used per 
 251 			vehicle. Tightened environmental legislation is to be enforced at the end 
 252 			of 2008 in Europe and in 2010 the US. 
 253 		</li>
 254   <li class="Davis palladium"><span class="author">David Davis</span>
 255 			Both Johnson Matthey and GFMS indicate that the demand for palladium is 
 256 			likely to increase by around 2% to 3% in 2007. Notwithstanding a predicted 
 257 			surplus of palladium in 2007, there are abundant stocks of palladium in 
 258 			Russia and Switzerland. The significant supply-demand surplus in the 
 259 			palladium market will likely mean a limited upside price potential for 
 260 			2008. The palladium price rose by 12% year on year (2006-2007). However, 
 261 			we believe the metal could find support with upside potential should 
 262 			autocatalyst manufacturers move swiftly into the substitution of platinum 
 263 			by palladium. Furthermore, palladium prices will likely follow the upward 
 264 			trends of gold and platinum.		
 265 		</li>
 266   <li class="De Wet gold"><span class="author">Walter De Wet</span>
 267 			The current global economic environment remains bullish for gold, but 
 268 			should ensure that volatile conditions remain.
 269 			<br><br>
 270 			We see the US economy coming under increased pressure during the first 
 271 			half of 2008. As a result credit spreads should widen further. Combined 
 272 			with sovereign and political risk on the rise in certain countries, we 
 273 			should see support for gold in 2008H1. 
 274 			<br><br>
 275 			The US dollar's woes are linked to US interest rates declining. The Fed is 
 276 			set to continue easing rates, while the ECB seems unperturbed by slowing 
 277 			economic growth, and is unlikely to cut rates for now. 
 278 			<br><br>
 279 			Although jewellery demand in major centres showed a decline towards 
 280 			end-2007, this must be a continuous trend before any real price impact 
 281 			will be seen. 
 282 			<br><br>
 283 			The new futures contract that started trading on the Shanghai Futures 
 284 			exchange is bound to renew interest in gold as an investment in China. We 
 285 			do believe this impact could be large. 
 286 			<br><br>
 287 			Continued portfolio diversification via commodity investment vehicles 
 288 			should provide support to the metal on the downside.	
 289 		</li>
 290   <li class="Fertig all"><span class="author">Peter Fertig</span>
 291 		There are three factors that play a dominating role as the driving force of 
 292 		precious metals prices. The price of crude oil serves as a good proxy for 
 293 		inflation fears. The next major fundamental factor is the US dollar exchange 
 294 		rate, as metals are priced in this currency. Here, either the US dollar 
 295 		index or the EUR/USD exchange rate has the closest correlation. And finally, 
 296 		precious metals are not necessarily a safe haven. If investors risk appetite 
 297 		drops due to crisis in financial markets, precious metals are often sold to 
 298 		cover losses. The US stock market provides a good indication of risk 
 299 		aversion.
 300 		<br><br>
 301 		Crude oil started the year with a bang as it traded at $100/bbl for the 
 302 		first time. However, much of the price increase is based on speculation 
 303 		rather than the underlying supply and demand balance. In 2008, demand is 
 304 		expected to expand less than the consensus view due to a slowdown of G7 
 305 		economies. In China as well, GDP growth is likely to be lower than last 
 306 		year. By the end of this year, Brent is predicted to be trading at $70/bbl. 
 307 		<br><br>
 308 		Demand from financial investors is far more important than demand from the 
 309 		jewellery industry for the development of precious metal prices. It is often 
 310 		said that investors buy gold as a hedge against rising inflation. However, 
 311 		empirical experience does not bear this out. US inflation has no significant 
 312 		effect on the gold price. Demand from financial investors is largely 
 313 		determined by the US dollar's performance in the currency markets. 
 314 		<br><br>
 315 		Since the subprime mortgage crisis broke out, what has driven the dollar's 
 316 		weakness is the expectation that the Fed will cut interest rates so that the 
 317 		dollar becomes less attractive relative to other currencies. Following the 
 318 		recent weak US economic data and the rise in the unemployment rate to 5%, 
 319 		our US economists anticipate that  the Fed will start lowering interest 
 320 		rates more aggressively, cutting the Fed funds rate during the first half of 
 321 		the year in four steps of 25bp each to 3.25%. This means that the Fed Funds 
 322 		target rate is well below the ECB refinancing rate.
 323 		<br><br>
 324 		The US dollar is expected to weaken against the euro to 1.53 in Q2, but in 
 325 		H2 the tables will be turned. US GDP growth should pick up again as early as 
 326 		Q2 and further accelerate after the summer, so that the market will no 
 327 		longer expect further interest rate cuts. In the Eurozone on the other hand 
 328 		weaker growth is expected, so that the ECB should reduce the refinancing 
 329 		rate by 25bp. The US dollar is likely to appreciate against the euro to 
 330 		1.43. Precious metals will then face a headwind from falling oil prices and 
 331 		a firmer dollar. They will not be able to withstand this pressure and prices 
 332 		should ease significantly. Silver is likely to perform better than gold in 
 333 		H1 but to perform worse in H2. Due to production problems in South Africa 
 334 		and the demand pattern of the automobile industry, platinum is expected to 
 335 		hold better than palladium.
 336 	</li>
 337   <li class="Hochreiter gold"><span class="author">Rene Hochreiter</span>
 338 		A slowdown in the creation of new mines, new production and exploration 
 339 		projects should support the price, as well as continued US dollar weakness.
 340 		</li>
 341   <li class="Hochreiter platinum"><span class="author">Rene Hochreiter</span>Continued poor production performances from 
 342 		South Africa's mines, SA government interference with production for safety 
 343 		reasons and inability of new exploration projects to be brought into 
 344 		production on time, together with legislated-driven demand will keep the 
 345 		price firm for some time to come.
 346 		</li>
 347   <li class="Hochreiter palladium"><span class="author">Rene Hochreiter</span>
 348 		Declining levels of palladium stocks will likely drive the price higher in 
 349 		2008.   
 350 		</li>
 351   <li class="Jansen gold"><span class="author">Michael Jansen</span>	
 352 		As we prepare our 2008 commentary for the LBMA annual survey, gold is 
 353 		trading around $875, well above the last official forecast we prepared in 
 354 		October 07 when we had expected gold to average $814 for 2008 (at the time 
 355 		spot gold was around $725). Gold is higher in non-USD terms as well, 
 356 		reflecting gold's own bullish intrinsic fundamentals (falling mine supply, 
 357 		rising cash costs, difficulties in ore body repletion), which continue to be 
 358 		as important as macro thematic drivers such as strong investor demand 
 359 		reflecting gold's store-of-value proposition as a hedge against inflation 
 360 		and USD weakness. With the EUR/USD projected to trade to 1.5500 over 2008, 
 361 		further upside towards $950-$975 is likely. Long liquidation (futures and/or 
 362 		physical) could see the range low tested, but dips are buying opportunities. 
 363 		Indeed, the risks around inflation pressures in 2008H2 are so skewed to the 
 364 		topside that a $975 range top could be seen as too conservative.
 365 		</li>
 366   <li class="Jansen silver"><span class="author">Michael Jansen</span>
 367 		Silver has less price bullish supply-side fundamentals relative to gold and 
 368 		less robust thematic appeal as well. Indeed, silver can be viewed as a very 
 369 		valuable base metal as opposed to a cheap precious metal given the degree to 
 370 		which it is produced as a by-product of base metal mining, not to mention 
 371 		that it is a less efficient store of value. One of the main reasons many in 
 372 		the market have favoured silver's outperformance in recent times is its 
 373 		lower level of liquidity relative to gold, but so far the OTC market has 
 374 		coped easily with the build in ETF inventory and we see no reason to expect 
 375 		that the physical market will tighten enough to engineer an outperformance 
 376 		in the year ahead. More mine supply (both primary and by-product) will 
 377 		represent a strong cap around $16 and higher. 
 378 		</li>
 379   <li class="Jansen platinum"><span class="author">Michael Jansen</span>
 380 		Regulatory-driven physical demand, a lack of ready substitution in certain 
 381 		applications (for instance diesel autocatalysts), a huge reliance on 
 382 		infrastructure-stressed South Africa for primary production and rising 
 383 		investor demand are stressing the residual volume of above-ground platinum 
 384 		stock and increasingly raising the risk of a significant increase in 
 385 		platinum prices over 2008. Jewellery demand also appears to be less price 
 386 		elastic at current levels (having contracted down to around just 1600-1800mt 
 387 		from around 2800mt 7-8 years ago) and is adding to a positive S&amp;D framework 
 388 		that appears to present limited opportunity for lower prices in 2008. Given 
 389 		liquidity constraints it is not difficult at all to see prices above $1,700 
 390 		in 2008, even if only briefly.
 391 		</li>
 392   <li class="Jansen palladium"><span class="author">Michael Jansen</span>
 393 			Palladium is to platinum as silver is to gold: too much supply and not 
 394 			enough demand to warrant an exceptionally bullish price outlook. However 
 395 			there is no doubt that the excess of above-ground inventory is dwindling 
 396 			and that palladium has significant scope to continue to take market share 
 397 			off platinum in diesel applications, already having significantly 
 398 			displaced platinum in the gasoline sector. The market though is wary about 
 399 			trading the "ifs" in palladium, as recent rallies have struggled for 
 400 			momentum and lagged the more bullish (from an S&amp;D perspective) 
 401 			platinum market. We are wary though that any slowdown in destocking from 
 402 			Russian producers could easily see palladium catch up, especially if ETF 
 403 			demand continues to build, albeit off a low base. 
 404 		</li>
 405   <li class="Kendall gold"><span class="author">Tom Kendall</span>
 406 			Most key drivers for the gold price will remain bullish in 2008. Interest 
 407 			rate differentials between the US and Europe will turn negative, putting 
 408 			further pressure on the dollar. Inflation is rising, credit contagion is 
 409 			spreading to bond insurers, and geopolitical instability is rife. In 
 410 			addition, commodities remain very much in vogue with almost every category 
 411 			of fund: hedge, mutual, pension, trust, sovereign wealth…as well as with 
 412 			individual investors. The expected launch of an ETF in the Middle East will 
 413 			further broaden investor access.
 414 			<br><br>
 415 			On the bearish side, the influence of producer de-hedging will diminish and 
 416 			high and volatile prices will see bouts of weakness in jewellery demand, 
 417 			whilst a US recession could see the oil price  fall back into the $70s. We 
 418 			also remain wary of sharp corrections in emerging market equities that could 
 419 			be replicated in gold. Nevertheless, for now at least the multi-year bull 
 420 			market is intact and $1,000 gold is a realistic target.
 421 		</li>
 422   <li class="Kendall silver"><span class="author">Tom Kendall</span>
 423 			Gold's schizophrenic sister will increasingly be torn between its industrial 
 424 			and precious personalities this year, but the latter is likely to win more 
 425 			often than not. 
 426 			<br><br>
 427 			On the face of it, the fundamentals are less than encouraging: slowing 
 428 			economic growth rates are likely to affect consumption in electronics, 
 429 			demand from the photographic sector is expected to fall further, and there 
 430 			is little to support an upturn in silverware fabrication. At the same time a 
 431 			meaningful supply response to record prices will start to be felt. The 
 432 			influence of the gold price, however, is likely to outweigh all of these 
 433 			factors.  
 434 			<br><br>
 435 			There will almost certainly be short periods when the silver price 
 436 			out-performs relative to gold. However, over the year as a whole the white 
 437 			metal may well lag behind, with the gold:silver ratio widening towards 60 as 
 438 			a result.
 439 		</li>
 440   <li class="Kendall platinum"><span class="author">Tom Kendall</span>
 441 			The supply/demand fundamentals have a very direct bearing on the platinum 
 442 			price and the fundamentals remain highly supportive. 
 443 			<br><br>
 444 			South African producers should, on paper, be able to deliver a significant 
 445 			boost to output this year, but the kind of problems that were seen 
 446 			throughout 2007 - strikes, process-equipment breakdowns, shaft closures for 
 447 			safety reasons, etc. - are again likely to prove disruptive. The situation 
 448 			in Zimbabwe is hardly reassuring either. 
 449 			<br><br>
 450 			On the demand front, tightening emissions limits plus vehicle sales growth 
 451 			in Asia and central Europe should see use of platinum in autocatalysts 
 452 			continue to rise in 2008, despite ongoing substitution in both diesel and 
 453 			gasoline catalyst systems. 
 454 			<br><br>
 455 			As a result, CTAs, hedge funds and the general public in Japan are expected 
 456 			to remain very friendly towards platinum, and platinum exchange traded funds 
 457 			are likely to suck at least another 100,000 oz of much-needed metal out of 
 458 			the market.
 459 		</li>
 460   <li class="Kendall palladium"><span class="author">Tom Kendall</span>
 461 			Bearing in mind its not-too-distant history, it is perhaps a little 
 462 			dangerous to forecast a year of relative stability for the palladium price, 
 463 			but that is the most likely outcome. We see no reason for patient long-term 
 464 			investors in the metal (of whom there are many) to abandon their support; 
 465 			neither do we foresee any marked change in fundamentals that would lead to a 
 466 			tightening of availability. Onwards and slowly upwards then, with just an 
 467 			occasional and slightly nervous glance back at 2000/2001.
 468 		</li>
 469   <li class="Klapwijk gold"><span class="author">Philip Klapwijk</span>
 470 		The credit markets crisis has provided fresh impetus to the gold bull 
 471 		market, with the yellow metal benefiting from the ensuing flight to quality. 
 472 		The second order effect of the strains the crisis is placing on the 
 473 		financial system is looser monetary policy, particularly in the United 
 474 		States. The Fed also is being forced into making interest rate cuts because 
 475 		the US economy is headed towards the rocks, a development in no small 
 476 		measure related to fallout from the sub-prime debacle.  Recession in the 
 477 		United States means lower stock prices and a weaker dollar - gold's two 
 478 		largest competitors are therefore likely to under-perform. Throw into this 
 479 		mix a nasty rise in inflation, related high oil prices and continued 
 480 		geopolitical uncertainty, and it is easy to see why investment demand is 
 481 		likely to grow in 2008. A broadening of the gold investment market should 
 482 		more than cope with the headwinds coming from what is likely to turn out to 
 483 		be a very difficult year for fabrication demand, especially its jewellery 
 484 		component.     
 485 		</li>
 486   <li class="Klapwijk silver"><span class="author">Philip Klapwijk</span>
 487 		Silver is likely to be pushed in two opposite directions during 2008; the 
 488 		metal will face upward pressure from investment demand but worsening 
 489 		supply/demand fundamentals will at the same time militate for lower prices. 
 490 		Investors are likely to have the upper hand, although strong growth in mine 
 491 		production and a slide in fabrication, especially industrial demand due to 
 492 		slower economic growth will act as a considerable drag. Overall, it is 
 493 		difficult not to see silver following gold's lead higher this year. However, 
 494 		this is likely to be accompanied by continued high price volatility and a 
 495 		wider trading range than for its more valuable yellow cousin. 
 496 		</li>
 497   <li class="Klapwijk platinum"><span class="author">Philip Klapwijk</span>
 498 		As was the case in 2007, the main issue this year for platinum is expected 
 499 		to be South African supply and the ongoing uncertainties regarding output 
 500 		from the country's mines. This gives an upward bias to prices, even before 
 501 		one takes into account the metal's tight bullion stock position and 
 502 		traditionally strong correlation with gold. Therefore, although, in the 
 503 		absence of a major setback to South African mine production, the platinum 
 504 		market is likely to record a surplus this year (which will grow in 2009), 
 505 		this is unlikely to be enough to alleviate underlying market tightness and 
 506 		thus darken materially the price outlook.   
 507 		</li>
 508   <li class="Klapwijk palladium"><span class="author">Philip Klapwijk</span>
 509 		Palladium's supposed Achilles heel remains the large bullion inventories 
 510 		that exist in Zurich and Moscow. Nevertheless, the threat that these are 
 511 		present should not be overstated, particularly if the metal is in reasonably 
 512 		strong hands. After all, these abundant stocks have not prevented 
 513 		substantial price increases in the last two years.  In addition, it should 
 514 		be noted that the palladium market is likely to register a substantial 
 515 		deficit in 2008 before any bullion stock mobilisation is taken into account. 
 516 		This will occur due to growth in fabrication demand from autocatalysts, 
 517 		electronics and jewellery (with in all three cases substitution playing an 
 518 		important role) and in spite of a meaningful jump in supply from 
 519 		autocatalyst recycling.  
 520 		</li>
 521   <li class="Murenbeeld gold"><span class="author">Martin Murenbeeld</span>
 522 		The factors we expect to drive gold higher number eight, and other than 
 523 		occasional shifts in importance these haven't changed in recent years. The 
 524 		most difficult factor to forecast is (1) the geopolitical one, which is 
 525 		partly responsible for the surge in price late 2007-early 2008. I noted last 
 526 		year that (2) the supply outlook is benign, furthermore, whereas (3) 
 527 		infrastructural demand developments in Asia are quite revolutionary in my 
 528 		opinion. This is underscored by the opening of the Shanghai gold futures 
 529 		market. I continue to be a dollar bear: (4) the dollar is seriously 
 530 		overvalued against the Asian currencies and must decline further. If/when it 
 531 		does, we expect to see demand in Asia (already stimulated by growing wealth) 
 532 		increase more. Gold is still very depressed on (5) an inflation-adjusted 
 533 		basis, so has upside room on this account. Dollar reserves in the world are 
 534 		'excessive' and will continue to be (6) diversified. Oil-producing countries 
 535 		are benefiting from high oil prices and some of this wealth will find its 
 536 		way into gold. The boom in commodity demand should continue, and while I 
 537 		don't think gold is a 'commodity' as such, it will benefit indirectly. 
 538 		Cycles (7) in the gold price last many years, and gold is only in year 
 539 		seven. My ace-in-the-hole is (8) monetary reflation: economic weakness would 
 540 		hurt the gold price were it not for expected interest rate cuts and monetary 
 541 		infusions to alleviate credit market problems. A financial crisis would be 
 542 		dramatically positive for the gold price.
 543 		<br><br>
 544 		Our 2008 year-average would be higher were we not a little concerned about 
 545 		how the market will handle a potential rise in the dollar versus the euro, 
 546 		if it came to that. Too much Fed focus on 'inflation' and not enough on 
 547 		'recession' would also not benefit gold. 
 548 		</li>
 549   <li class="Norman gold"><span class="author">Ross Norman</span>
 550 		Following the stonking 30% rise in 2007, we remain manifestly bullish for 
 551 		gold prices and forecast that the market is set for another bumper year in 
 552 		2008. Many of the factors that have taken us to record highs are likely to 
 553 		remain in play, but more so: specifically, accelerating investment demand of 
 554 		gold ETFs, safe-haven buying on ongoing concerns about the stability of the 
 555 		economy - but perhaps most importantly, rising inflation. Geopolitical 
 556 		tension may ease with the departure of Bush from the White House, and indeed 
 557 		the dollar may have seen the largest part of its decline, which could 
 558 		mitigate things. However, with mine supply remaining static, central bank 
 559 		sales comparatively limited, and the demand side fundamentals looking 
 560 		positive, we believe further significant gains are afoot with jewellery 
 561 		demand providing a welcome drag on runaway prices.   
 562 		</li>
 563   <li class="Norman silver"><span class="author">Ross Norman</span>
 564 		So often in the shadow of gold, silver has recorded impressive gains over 
 565 		the last four years. As primarily a by-product of base metals mining, it 
 566 		remains moderately price inelastic, and it can expect rising mine production 
 567 		based upon increases in production of the host metals, primarily copper. 
 568 		Silver's price gains, however, can be attributed to solid demand-side 
 569 		investment, and that appetite looks set to continue in 2008 as the race 
 570 		between the old world and the emerging economies to corner the world's 
 571 		natural resources intensifies... be it a mine or simply physical metal. The 
 572 		fly in the ointment may be the slowing global economy and, more so than in 
 573 		gold, this could signal a more modest increase than in former years.
 574 		</li>
 575   <li class="Norman platinum"><span class="author">Ross Norman</span>
 576 		Platinum continues to benefit from a solid fundamental base. Inventories at 
 577 		the start of 2008 are low, and with the market expected to sustain a deficit 
 578 		between supply and demand over the year, prices can be expected to remain 
 579 		high. Whether there is sufficient power in the market to sustain platinum at 
 580 		levels much above $1,600 is open to doubt, however, especially as it is 
 581 		experiencing increasing challenges from palladium in the important demand 
 582 		sectors of jewellery and the automotive sector, notably in diesel, where 
 583 		until relatively recently it has been the only PGM in use. Mine supply is 
 584 		increasing, particularly in South Africa, but the market is not expected to 
 585 		move into a surplus until 2009, even if economic activity slows. Although 
 586 		there is frequent reference to the struggle being sustained by indigenous 
 587 		North American auto producers, the global automotive sector is relatively 
 588 		robust and will continue to underpin the market.
 589 		</li>
 590   <li class="Norman palladium"><span class="author">Ross Norman</span>
 591 		The comparative non-performance of palladium prices is a surprise given the 
 592 		significant price differential to platinum. With many automakers able to 
 593 		switch between PGMs and with metals stocks tightening (albeit slowly), 
 594 		palladium looks ready to join the commodity bull run, if somewhat modestly. 
 595 		We are bullish for palladium in 2008 and expect the auto sector to continue 
 596 		to drive the market higher (pun intended) as palladium makes inroads (pun 
 597 		intended) into platinum usage on diesel catalytic converters.   
 598 		</li>
 599   <li class="O'Connell gold"><span class="author">Rhona O'Connell</span>
 600 			The heady days at the start of 2008 have generated a euphoric response in 
 601 			the wider markets, with the result that forecasts of ever-rising prices are 
 602 			almost becoming self-fulfilling.  There is a panoply of supportive factors 
 603 			in the market, but it is important also to remember that gold not only 
 604 			enjoys investment and speculative support, but also has an independent set 
 605 			of 'traditional' supply-demand fundamentals of its own.  High and volatile 
 606 			prices have been undermining this balance, with physical demand filling in a 
 607 			number of price-responsive regions, notably the Indian Sub-Continent where 
 608 			demand has not only slowed but scrap is being returned.  There is a risk 
 609 			that once the inflow of investor funds slows - or even reverses - then a 
 610 			price fall could be sharp.
 611 			<br><br>
 612 			In early 2008 gold is benefiting from renewed dollar bearishness, 
 613 			inflationary fears in an increasing number of countries (although real 
 614 			interest rates are by no means all negative), geopolitical tensions and 
 615 			concerns over continued contagion form the credit market problems, plus a 
 616 			positive view overall with respect to the commodities sector.  These are 
 617 			easily enough to propel prices through $900 and onwards towards $1,000, but 
 618 			any such challenge will be professionally driven.  For a solid physical 
 619 			support base to develop gold needs to lose some of its speculative excess. 
 620 		</li>
 621   <li class="O'Connell silver"><span class="author">Rhona O'Connell</span>
 622 			Silver's fundamental background is less robust than that of gold and it, 
 623 			too, has been enjoying inflated prices that have been boosted by investment 
 624 			and speculative interest. The balance between traditional supply and 
 625 			industrial demand is likely to be in surplus during 2008, and this 
 626 			theoretically points to lower prices, but while gold remains buoyant, silver 
 627 			is likely to follow suit. It is a notoriously volatile metal, which tends to 
 628 			mean that speculators often trade it as a geared method of playing 
 629 			gold-price movements. Photographic demand continues to fall, although this 
 630 			is being offset by a proliferation of industrial uses; equally, however, 
 631 			mine supply is on the increase. When gold runs out of zip, then the silver 
 632 			market will be a very dangerous place to be.
 633 		</li>
 634   <li class="O'Connell platinum"><span class="author">Rhona O'Connell</span>
 635 			Platinum continues to benefit from a solid fundamental base. Inventories at 
 636 			the start of 2008 are low, and with the market expected to sustain a deficit 
 637 			between supply and demand over the year, prices can be expected to remain 
 638 			high. Whether there is sufficient power in the market to sustain platinum at 
 639 			levels much above $1,600 is open to doubt, however, especially as it is 
 640 			experiencing increasing challenges from palladium in the important demand 
 641 			sectors of jewellery and the automotive sector, notably in diesel, where 
 642 			until relatively recently it has been the only PGM in use. Mine supply is 
 643 			increasing, particularly in South Africa, but the market is not expected to 
 644 			move into a surplus until 2009, even if economic activity slows. Although 
 645 			there is frequent reference to the struggle being sustained by indigenous 
 646 			North American auto producers, the global automotive sector is relatively 
 647 			robust and will continue to underpin the market.
 648 		</li>
 649   <li class="O'Connell palladium"><span class="author">Rhona O'Connell</span>
 650 			Palladium continues to run a high inventory level, but the underlying 
 651 			fundamentals of the market are relatively strong. There is always a question 
 652 			mark as to whether Russia will be a supplier from its inventory, which has 
 653 			in the past helped to keep palladium price action reasonably muted, but the 
 654 			mood in the markets is such that a test of $400 cannot be ruled out. 
 655 			Industrial demand remains healthy, underpinned by the automotive sector, 
 656 			jewellery and electronics. In theory the high level of inventory should 
 657 			suggest that palladium would underperform platinum over the year, but 
 658 			palladium's encroachment into platinum's territory in the diesel sector 
 659 			suggests that it will remain competitive.
 660 		</li>
 661   <li class="Panizzutti gold"><span class="author">Frederic Panizzutti</span>
 662 		In 2007, gold rose over 30%. From a less predictable scenario over the last 
 663 		2 years, mainly due to geopolitical tensions, the market now shifted into a 
 664 		more rational and forecastable environment. The prevailing factors this year 
 665 		remain a weaker USD, the subprime crisis and further diversifications by 
 666 		both the official and private sectors. We expect the USD to weaken further 
 667 		on the back of slower growth and broader disinvestment out of the USD into 
 668 		assets which are negatively correlated to the USD and/or not sensitive to 
 669 		the performance of the US economy. The spreading impact of the subprime 
 670 		crisis remains a major concern and the collateral damages will unfortunately 
 671 		be far-reaching, spread globally and impact several sectors affecting global 
 672 		liquidity. Furthermore various central banks have expressed their intention 
 673 		to reduce some of their USD exposure and to consider an increase of their 
 674 		gold reserves. These factors, amongst others, should lead to additional 
 675 		capital inflow into gold as a safe haven. Several volatile trading sessions 
 676 		with erratic moves are ahead of us, and we would not be surprised to see 
 677 		gold moving briefly above the $1,000 level.
 678 		</li>
 679   <li class="Panizzutti silver"><span class="author">Frederic Panizzutti</span>
 680 		With as little as 13.5% price performance in 2007, silver disappointed. We 
 681 		had expected silver to trade in the shadow of gold and to close the year 
 682 		substantially higher. But the physical surplus and an absence of substantial 
 683 		investment interest stopped silver from trading higher. The risk for renewed 
 684 		supply/demand imbalances in 2008 will probably prevent silver from moving 
 685 		significantly higher. Nevertheless, the expected pressure on the USD and the 
 686 		positive influences from the other precious metals might artificially help 
 687 		silver to trade toward $19. But the upside trend should remain limited due 
 688 		to the substantial physical availability. Rallies might be countered by 
 689 		sharp profit takings. We expect silver throughout 2008 to shift from active 
 690 		and volatile trading into apathetic sessions.
 691 		</li>
 692   <li class="Panizzutti platinum"><span class="author">Frederic Panizzutti</span>
 693 		Platinum rose around 34% in 2007 and again is set to challenge the other 
 694 		precious metals in 2008. The very fragile and unstable equilibrium in its 
 695 		tight supply-demand balance will remain a key concern and probably the 
 696 		underlying reason for several rallies over the course of the year. Increased 
 697 		appetite for ETFs will further tighten the market and emphasize the risk for 
 698 		periods of dry supply into possibly increasing demand in the Asian region; 
 699 		the possibility of a weaker USD is likely to be another supportive factor. 
 700 		Any rally would trigger a consistent but short-lived increase in lending 
 701 		rates due to tighter short-term metal availability. Volatility and erratic 
 702 		trading will be the main concerns and physical squeezes the name of the 
 703 		game.
 704 		</li>
 705   <li class="Panizzutti palladium"><span class="author">Frederic Panizzutti</span>
 706 		Palladium has been the poorest performer in the group with as little as a 
 707 		+9.6% movement in 2007. We are not expecting a very different pattern next 
 708 		year. More than sufficient physical metal availability will continue to cap 
 709 		the upsides. Still, as a matter of diversification, palladium might profit 
 710 		from marginal money inflow when bound to the other metals in a basket. We 
 711 		expect palladium to trade, as in 2007, in a narrow band and to provide only 
 712 		little surprise to the market.
 713 		</li>
 714   <li class="Prest platinum"><span class="author">Rupert Prest</span>
 715 		The outlook for platinum remains strong, with any dampening in demand in the 
 716 		industrial/motor sector and jewellery sector caused by a global slowdown 
 717 		offset by strong investor demand. We expect the funds to have a healthy 
 718 		appetite for commodities, certainly for the first 6 months of 2008, and 
 719 		Chinese demand to remain robust. With the expectation for higher prices 
 720 		across the metals complex, a significant move into uncharted territory is 
 721 		very much on the cards and we forecast a high average for the year at 
 722 		$1,525. 
 723 		</li>
 724   <li class="Prest palladium"><span class="author">Rupert Prest</span>
 725 		Palladium, though fundamentally less attractive than platinum, is expected 
 726 		to coattail higher and try to push through $400. The oversupply will surely 
 727 		weigh heavily on any rally, but investor demand should be strong under $350. 
 728 		</li>
 729   <li class="Reade gold"><span class="author">John Reade</span>
 730 		Speculative and investment demand lifted gold to new all-time highs early in 
 731 		2008. At $870, we consider gold to be about $150-200 above fair value, by 
 732 		which we mean the level at which jewellery demand would support - and scrap 
 733 		supply would stop pressuring - the gold price. This does not mean that gold 
 734 		will immediately fall, but it does make the metal vulnerable to a sharp 
 735 		correction. We do expect further gains in the first half of the year, driven 
 736 		by more safe-haven buying and dollar weakness as the credit crunch triggers 
 737 		a US and global growth slowdown. A large producer buy-back also could play a 
 738 		role in pushing gold to its high, although the number of potential 
 739 		candidates is decreasing. But we expect gold to trade lower in the second 
 740 		half of 2008 as dollar strength, at least against European currencies, trims 
 741 		some of its gains. Keep an eye on Shanghai futures exchange turnover.
 742 		</li>
 743   <li class="Reade silver"><span class="author">John Reade</span>
 744 		Silver has fallen from favour over the past year, at least relative to gold, 
 745 		as investors have given up hope of a physical squeeze in silver. This had 
 746 		been expected to be triggered by inflows into exchange-traded funds, but the 
 747 		squeeze failed to materialise despite substantial inflows. Silver's nasty 
 748 		habit of sharply underperforming gold when both metals correct is also 
 749 		deterring investors from holding this volatile metal. Silver mine supply, 
 750 		unlike that for gold, is increasing due to new primary and especially 
 751 		by-product output. Silver demand remains dogged by structural declines in 
 752 		imaging and has become overly dependent on industrial demand, likely to be a 
 753 		disadvantage as global economic growth slows. Finally, we see far less 
 754 		safe-haven buying of silver, not least because of onerous storage issues 
 755 		involved in holding relatively modest stashes of the metal. Keep an eye on 
 756 		the gold:silver ratio.
 757 		</li>
 758   <li class="Reade platinum"><span class="author">John Reade</span>
 759 		Platinum has the best supply-and-demand fundamentals of all the metals we 
 760 		forecast, excepting perhaps rhodium. Although some platinum applications are 
 761 		sensitive to slowing global economic growth, many are not. Overall demand 
 762 		should hold up well in 2008, especially if Chinese appetite for platinum 
 763 		remains as  undiminished as trading in the first few days of the year 
 764 		suggests it will. Supply is likely to disappoint again as South African 
 765 		miners struggle with technical, staffing, safety and bureaucratic issues. 
 766 		Platinum, like other precious metals, is vulnerable to speculative long 
 767 		liquidation, and any correction in gold in the second half of 2008 will drag 
 768 		platinum lower as well, although we expect platinum to be the best relative 
 769 		performer amongst the four precious metals this year. Keep an eye on ETF 
 770 		inflows and perovskites.
 771 		</li>
 772   <li class="Reade palladium"><span class="author">John Reade</span>
 773 		Platinum's ugly sister is unlikely to get an invitation to the party this 
 774 		year, and should continue to languish well below its all-time highs seen 
 775 		early in the decade. Investors should not, however, entirely lose hope. Once 
 776 		Russian stock sales end sometime in the not-too-distant future, and assuming 
 777 		that the metal's special properties and jewellery allure continue to attract 
 778 		scientific investigation on the one hand and marketing efforts on the other, 
 779 		then this metal should eventually shrug off its decades of underperformance. 
 780 		Just don't expect any sustained strength in 2008. Keep an eye on Chinese 
 781 		imports.
 782 		</li>
 783   <li class="Rhodes gold"><span class="author">Jeffrey Rhodes</span>
 784 		Gold posted a stunning performance in 2007, gaining $201, or 31% year on 
 785 		year with the average price rising by 15%, and early trading in 2008 has 
 786 		seen the yellow metal surge to a fresh all-time high of $891. The usual 
 787 		suspects of geopolitical tensions, rampant oil prices, and an ever-weaker 
 788 		dollar remain very much in play, but they have now been joined by concerns 
 789 		over the global banking system following last year's subprime crisis, and 
 790 		the investment flows into gold have intensified. However gold has now 
 791 		entered the 7th year of its current bull market, a record bettered only 
 792 		during the period from 1973 to 1980, when gold rose from $65 to $850. Once 
 793 		that particular 'bubble' had burst, gold spent 20 years on the back foot as 
 794 		it retraced towards $250, and my concern remains 'what happens when this 
 795 		bull run reverses?", because financial history always repeats itself. I can 
 796 		see the current momentum taking gold as high as $975 in the first half of 
 797 		2008. However, with the prospect of the US Presidential election in November 
 798 		likely to give a boost to the ailing greenback, and physical demand for gold 
 799 		jewellery described as 'depressed at best', I can see a reversal in 
 800 		sentiment in mid-year.     
 801 		</li>
 802   <li class="Rhodes silver"><span class="author">Jeffrey Rhodes</span>
 803 		While silver also posted decent gains in 2007, rising 14% year on year and 
 804 		16% on average, it clearly lagged gold as concerns over the impact of rising 
 805 		energy costs on global economic activity and demand weighed on the 'most 
 806 		industrial precious metal'. With talk of economic slowdown, and even 
 807 		recession in the US, silver could be caught between a strong gold price and 
 808 		(possibly) weaker base metals. However, as it is less than one third of its 
 809 		way towards the all-time record high of $50 seen in January 1980, as opposed 
 810 		to gold and platinum that have both posted records highs in January, silver 
 811 		has a lot of upside, with the possibility of a spike above $20. However, it 
 812 		also remains the most volatile metal in the sector, with price prediction a 
 813 		less-than-exact science.
 814 		</li>
 815   <li class="Smith platinum"><span class="author">Daniel Smith</span>
 816 		We are forecasting that the upward momentum in platinum prices carries on 
 817 		through this year. Part of the reason for this ongoing tightness is that 
 818 		consumption growth has consistently outpaced supply. The key driver of 
 819 		demand is the automotive sector, accounting for 61% of consumption last 
 820 		year. Prospects for this sector look rosy, given increasingly stringent 
 821 		environmental legislation. Furthermore, autocatalyst demand is being helped 
 822 		by expansions in the gasoline vehicle fleet in Asia as well as solid sales 
 823 		of diesel vehicles in Europe. These factors should more than offset 
 824 		thrifting and weak vehicle sales in North America.
 825 		<br><br>
 826 		Supply developments are also helping. Supply fell by 2% in 2007 due to lower 
 827 		output from both of the major producing countries - South Africa and Russia. 
 828 		Looking ahead, high platinum prices, capacity expansions and improved 
 829 		recoveries should all result in a pick-up in global supply and we are 
 830 		forecasting 2% growth in 2008, although this will not be enough to close the 
 831 		gap on demand.
 832 		<br><br>
 833 		Adding to this physical tightness, platinum is also benefiting from the 
 834 		continued investor interest in commodities as an asset class. Figures from 
 835 		London-listed ETF Securities show that physical holdings for its platinum 
 836 		ETF, which was launched in April 2007, stood at 140,000 ounces towards the 
 837 		end of the year. 
 838 		</li>
 839   <li class="Steel gold"><span class="author">James Steel</span>
 840 		Gold is a traditional safe haven in times of financial, economic and even 
 841 		geopolitical stress. The ongoing crisis in the credit market and its impact 
 842 		on the broader financial market has increased investor uncertainty, and is 
 843 		in our view a major driver of the gold rally: for as long as the credit 
 844 		crisis continues, gold is likely to be well bid. In an effort to combat the 
 845 		credit crunch and ward off a possible recession, the Fed, as noted by HSBC's 
 846 		macro economics team, may lower the Fed Funds target to 3%. This should 
 847 		support gold in the near term. Higher commodity prices are also supportive 
 848 		of gold. Potential developments in the bullion and currency market may weigh 
 849 		on gold later in the year. A recovery in the US dollar, which HSBC currency 
 850 		analysts believe possible, and contracting jewellery demand in the emerging 
 851 		world and an increase in scrap may weaken prices later in the year. 
 852 		</li>
 853   <li class="Steel silver"><span class="author">James Steel</span>
 854 		Silver prices will largely track gold but, unlike gold, silver mine output 
 855 		will likely rise over 20mn oz based on mine projections. The increase will 
 856 		mostly likely come from Latin America. Jewellery demand also began to weaken 
 857 		in 2007 due to high prices, a trend we believe may continue into 2008. 
 858 		Despite expectations of a production/consumption surplus, we expect silver 
 859 		to follow gold with a lag. 
 860 		</li>
 861   <li class="Steel platinum"><span class="author">James Steel</span>
 862 		Platinum continues to have in our view the most bullish fundamentals of the 
 863 		precious metals complex. Mine supply, although expanding, is growing at a 
 864 		much slower pace than that projected by the large South African producers. 
 865 		This is due primarily to technical issues and safety-related shutdowns. 
 866 		Despite substitution with palladium and thrifting by autocatalyst 
 867 		manufacturers, demand from the automotive sector continues to grow robustly. 
 868 		Jewellery demand, we believe, has softened as result of high prices, but 
 869 		overall we now expect supply/demand balances to remain tight in 2008. 
 870 		Although we are projecting a small production/consumption surplus for 2008 
 871 		of less than 200,000 oz, we do not believe it will be sufficient to impede 
 872 		further price gains.
 873 		</li>
 874   <li class="Steel palladium"><span class="author">James Steel</span>
 875 		Although demand from the automotive sector remains robust, we expect the 
 876 		palladium market to remain in surplus for this year as a result of steady 
 877 		Russian stockpile sales. The price of palladium, in our view, has been 
 878 		largely supported by the strength in the platinum price. Should the 
 879 		commodity markets soften, we expect that palladium would show the first 
 880 		signs of weakness. However, due to recent price appreciation in platinum, 
 881 		palladium will be higher than its inherent fundamentals would suggest. 
 882 		</li>
 883   <li class="Stevens platinum"><span class="author">Glyn Stevens</span>
 884 		Solid industrial demand, likely production problems, increasing investment 
 885 		opportunities and global unrest all point to $2,000 platinum. As crazy as 
 886 		this may seem, and however brief it may last, this represents less than a 
 887 		35% increase in price from the year's opening, a move certainly not 
 888 		unprecedented in commodities recently. Reality may then dawn, perhaps 
 889 		substitution will set in wherever possible, and the rally may fizzle out. 
 890 		Recession may even bite in the developed nations of the world - hence there 
 891 		could be a retracement in price in the latter stages of 2008.
 892 		</li>
 893   <li class="Stevens palladium"><span class="author">Glyn Stevens</span>
 894 		The main thing going for palladium is the meteoric rise in platinum. This 
 895 		will both encourage substitution by industrials and buying of the "cheapest" 
 896 		pgm by speculators. However, fundamentals remain very poor. Hence any spike 
 897 		in price should be short lived.
 898 		</li>
 899   <li class="Takai all"><span class="author">Bob Takai</span>
 900 		The Fed's dilemma remains the equally unpleasant choice of recession or 
 901 		inflation. Until the devastating effects of the sub-prime crisis work their 
 902 		way through the world's financial system, the Fed will continue to cut 
 903 		rates, risking inflation and accepting a weaker dollar. Commodity prices 
 904 		will continue to be the principal beneficiary of this confluence of events.
 905 		<br><br>
 906 		As an asset class we remain bullish for commodities, in particular gold, oil 
 907 		and the agricultural sector. Strong institutional demand from index and fund 
 908 		investors will underpin investment in gold and oil as the combined effects 
 909 		of political uncertainty, terrorist activity and the potential for supply 
 910 		disruptions plague these markets. The agricultural sector will continue to 
 911 		react positively to the effects of grain shortages brought about through 
 912 		demand from China as well as the diversion of grain feed stocks for the 
 913 		production of ethanol.  
 914 		<br><br>
 915 		The threat of a global recession will increase if the US does not act 
 916 		prudently and convincingly to restore confidence in its financial house. In 
 917 		that event, extreme sell-offs in all dollar-denominated assets will occur, 
 918 		and 2008 will be remembered as the most volatile year in a decade.
 919 		</li>
 920   <li class="Tully gold"><span class="author">Edel Tully</span>
 921 		The rush to own gold in the current climate and the belief that the bull run 
 922 		will be long term in nature is perfectly captured by the depth of investor 
 923 		interest as reflected in the weekly exchange participation and ETF 
 924 		accumulation. It will be impossible to remove speculative activity from the 
 925 		gold price equation of 2008. However, it is essential to throw in a weak 
 926 		USD, a mounting oil price, falling interest rates, rising inflation, and 
 927 		credit market turmoil into the price mix. When occurring in tandem, these 
 928 		are powerful forces for considerably higher moves in the yellow metal. 
 929 		Persistent sharp volatility movements will act to significantly dampen 
 930 		physical demand, but restricted mine supply along with further producer 
 931 		buy-backs will continue to offer support. The health of the global financial 
 932 		economy, in addition to the direction and the pace of USD movements against 
 933 		the EUR, will be one of the major drivers in the sustainability of this 
 934 		rally in 2008. 
 935 		</li>
 936   <li class="Tully silver"><span class="author">Edel Tully</span>
 937 		Our over-riding belief is that silver will continue to play sideshow against 
 938 		gold, and while the metal may appreciate to $18 this year, gold will retain 
 939 		the title of chief gainer. Its fundamental attributes will not be the prime 
 940 		driver of price and rather contagion from the precious metals complex will 
 941 		greatly influence silver's price path. Sombre physical demand will act to 
 942 		put some constraint on price rallies. Greater investor participation in 
 943 		commodities, along with a supportive macroeconomic environment fueling the 
 944 		precious metal group, will be the key ingredients for silver to trend 
 945 		higher, but not at meteoric or parabolic levels. 
 946 		</li>
 947   <li class="Tully platinum"><span class="author">Edel Tully</span>
 948 		The surge in speculative activity and the inherent fundamental market 
 949 		tightness means that a backwardation environment for platinum is never far 
 950 		away.  Platinum ETF investors firmly signalled their bullish attitude in 
 951 		2007, and their participation could more than double in the year ahead. 
 952 		China, as the chief global jewellery purchaser, remains price insensitive to 
 953 		elevated movements of platinum into this region observed from official 
 954 		import data and notably higher turnover on the Shanghai Gold Exchange. 
 955 		However, demand from other regions is firmly price elastic and jewellery 
 956 		off-take will suffer. Diesel penetration in the EU market continues to grow 
 957 		at the expense of gasoline and the US is slowly waving the flag for future 
 958 		diesel adoption; however, thrifting and substitution will remain 
 959 		commonplace. The continuing safety drive by South African unions is likely 
 960 		to escalate in 2008, thereby contributing to an already-challenged supply 
 961 		environment and an elevated platinum price. 
 962 		</li>
 963   <li class="Tully palladium"><span class="author">Edel Tully</span>
 964 		Palladium will remain very much in platinum's shadow, and the metal's 
 965 		preference to linger largely in a sideways trading pattern for extended 
 966 		periods will continue. Even if speculative participation remains 
 967 		considerable, the large surplus in the market will be a sufficient cap 
 968 		against palladium reaching $500 in 2008. Fast-growing auto markets such as 
 969 		China, Russia and Eastern Europe will add firm support. However, weighing 
 970 		down this escalation will be pressurised US demand and the danger of ripple 
 971 		effects in a borderless global economy. Furthermore, the gasoline-dominated 
 972 		US market is moving increasingly towards compact vehicles, with smaller 
 973 		engines and, in turn, lower PGM requirements. The wildcard in the mix could 
 974 		have been the actions of Russian stock flows. However, we do not believe 
 975 		that this will be a factor for 2008, and is more likely to manifest towards 
 976 		the close of the decade. 
 977 		</li>
 978 </ul>
 979 <h2 id="metal">Gold</h2>
 980 <table id="Gold" class="forecast sortable">
 981   <thead>
 982     <tr>
 983       <th></th>
 984       <th>high</th>
 985       <th>low</th>
 986       <th>average</th>
 987     </tr>
 988   </thead>
 989   <tbody>
 990     <tr class="Biondi" onclick="showcomments(this)">
 991       <td class="left">Adrien Biondi <span class="company">Commerzbank International SA</span></td>
 992       <td>$900</td>
 993       <td>$760</td>
 994       <td>$830</td>
 995     </tr>
 996     <tr class="Briggs" onclick="showcomments(this)">
 997       <td class="left">Stephen Briggs <span class="company">SGCIB</span></td>
 998       <td>$900</td>
 999       <td>$760</td>
1000       <td>$830</td>
1001     </tr>
1002     <tr class="Christian" onclick="showcomments(this)">
1003       <td class="left">Jeffrey Christian <span class="company">CPM Group</span></td>
1004       <td>$1,060</td>
1005       <td>$770 </td>
1006       <td>$850</td>
1007     </tr>
1008     <tr class="Cooper" onclick="showcomments(this)">
1009       <td class="left">Suki Cooper <span class="company">Barclays Capital</span></td>
1010       <td>$1,000</td>
1011       <td>$690 </td>
1012       <td>$840</td>
1013     </tr>
1014     <tr class="Davis" onclick="showcomments(this)">
1015       <td class="left">David Davis <span class="company">Credit Suisse Standard Securities</span></td>
1016       <td>$1,110</td>
1017       <td>$760 </td>
1018       <td>$950</td>
1019     </tr>
1020     <tr class="De Wet" onclick="showcomments(this)">
1021       <td class="left">Walter De Wet <span class="company">Standard Bank</span></td>
1022       <td>$980</td>
1023       <td>$700 </td>
1024       <td>$835</td>
1025     </tr>
1026     <tr class="Fertig" onclick="showcomments(this)">
1027       <td class="left">Peter Fertig <span class="company">Dresdner Bank</span></td>
1028       <td>$1,000</td>
1029       <td>$800</td>
1030       <td>$920</td>
1031     </tr>
1032     <tr class="Hochreiter" onclick="showcomments(this)">
1033       <td class="left">Rene Hochreiter <span class="company">James Allen</span></td>
1034       <td>$1,150</td>
1035       <td>$840</td>
1036       <td>$1,050</td>
1037     </tr>
1038     <tr class="Jansen" onclick="showcomments(this)">
1039       <td class="left">Michael Jansen <span class="company">JPMorgan Chase Bank</span></td>
1040       <td>$975</td>
1041       <td>$775</td>
1042       <td>$814</td>
1043     </tr>
1044     <tr class="Kendall" onclick="showcomments(this)">
1045       <td class="left">Tom Kendall <span class="company">Mitsubishi Corporation</span></td>
1046       <td>$1,025</td>
1047       <td>$780 </td>
1048       <td>$920</td>
1049     </tr>
1050     <tr class="Klapwijk" onclick="showcomments(this)">
1051       <td class="left">Philip Klapwijk <span class="company">GFMS Ltd</span></td>
1052       <td>$1,001 </td>
1053       <td>$810 </td>
1054       <td>$866</td>
1055     </tr>
1056     <tr class="Murenbeeld" onclick="showcomments(this)">
1057       <td class="left">Martin Murenbeeld <span class="company">Dundee Economics</span></td>
1058       <td>$1,015 </td>
1059       <td>$775 </td>
1060       <td>$890</td>
1061     </tr>
1062     <tr class="Norman" onclick="showcomments(this)">
1063       <td class="left">Ross Norman <span class="company">TheBullionDesk</span></td>
1064       <td>$1,250  </td>
1065       <td>$840 </td>
1066       <td>$976</td>
1067     </tr>
1068     <tr class="O'Connell" onclick="showcomments(this)">
1069       <td class="left">Rhona O'Connell <span class="company">ROC Consultancy Ltd.</span></td>
1070       <td>$950  </td>
1071       <td>$730 </td>
1072       <td>$880</td>
1073     </tr>
1074     <tr class="Panizzutti" onclick="showcomments(this)">
1075       <td class="left">Frederic Panizzutti <span class="company">MKS Finance S.A.</span></td>
1076       <td>$1,001  </td>
1077       <td>$780 </td>
1078       <td>$872</td>
1079     </tr>
1080     <tr class="Reade" onclick="showcomments(this)">
1081       <td class="left">John Reade <span class="company">UBS Investment Bank</span></td>
1082       <td>$1,000  </td>
1083       <td>$700 </td>
1084       <td>$825</td>
1085     </tr>
1086     <tr class="Rhodes" onclick="showcomments(this)">
1087       <td class="left">Jeffrey Rhodes <span class="company">INTL Commodities</span></td>
1088       <td>$975  </td>
1089       <td>$660 </td>
1090       <td>$755</td>
1091     </tr>
1092     <tr class="Steel" onclick="showcomments(this)">
1093       <td class="left">James Steel <span class="company">HSBC Bank USA NA</span></td>
1094       <td>$950  </td>
1095       <td>$700 </td>
1096       <td>$800</td>
1097     </tr>
1098     <tr class="Takai" onclick="showcomments(this)">
1099       <td class="left">Bob Takai <span class="company">Sumitomo Corporation</span></td>
1100       <td>$1,000  </td>
1101       <td>$650 </td>
1102       <td>$850</td>
1103     </tr>
1104     <tr class="Tully" onclick="showcomments(this)">
1105       <td class="left">Edel Tully <span class="company">Mitsui &amp; Co. Precious Metals, Inc</span></td>
1106       <td>$1,045  </td>
1107       <td>$750 </td>
1108       <td>$903</td>
1109     </tr>
1110     <tr class="avergaes" onclick="showcomments(this)">
1111       <td class="left">Average forecasts  <span class="company"></span></td>
1112       <td>$900</td>
1113       <td>$760</td>
1114       <td>$830</td>
1115     </tr>
1116     <tr class="actual">
1117       <td class="left">YTD actual at end [date]</td>
1118       <td>0</td>
1119       <td>0</td>
1120       <td>0</td>
1121     </tr>
1122   </tbody>
1123 </table>
1124 <table id="Silver" class="forecast sortable">
1125   <thead>
1126     <tr>
1127       <th></th>
1128       <th>high</th>
1129       <th>low</th>
1130       <th>average</th>
1131     </tr>
1132   </thead>
1133   <tbody>
1134     <tr class="Biondi" onclick="showcomments(this)">
1135       <td class="left">Adrien Biondi <span class="company">Commerzbank International SA</span></td>
1136       <td>$17.00</td>
1137       <td>$14.50</td>
1138       <td>$15.25</td>
1139     </tr>
1140     <tr class="Briggs" onclick="showcomments(this)">
1141       <td class="left">Stephen Briggs <span class="company">SGCIB</span></td>
1142       <td>$17.00</td>
1143       <td>$11.25</td>
1144       <td>$13.75</td>
1145     </tr>
1146     <tr class="Butler" onclick="showcomments(this)">
1147       <td class="left">Tom Butler <span class="company">Virtual Metals</span></td>
1148       <td>$18.50</td>
1149       <td>$14.00</td>
1150       <td>$16.20</td>
1151     </tr>
1152     <tr class="Christian" onclick="showcomments(this)">
1153       <td class="left">Jeffrey Christian <span class="company">CPM Group</span></td>
1154       <td>$21.00</td>
1155       <td>$12.25</td>
1156       <td>$16.50</td>
1157     </tr>
1158     <tr class="Cooper" onclick="showcomments(this)">
1159       <td class="left">Suki Cooper <span class="company">Barclays Capital</span></td>
1160       <td>$17.00</td>
1161       <td>$12.70</td>
1162       <td>$14.90</td>
1163     </tr>
1164     <tr class="Davis" onclick="showcomments(this)">
1165       <td class="left">David Davis <span class="company">Credit Suisse Standard Securities</span></td>
1166       <td>$25.00</td>
1167       <td>$14.00</td>
1168       <td>$17.30</td>
1169     </tr>
1170     <tr class="Fertig" onclick="showcomments(this)">
1171       <td class="left">Peter Fertig <span class="company">Dresdner Bank</span></td>
1172       <td>$17.00</td>
1173       <td>$14.50</td>
1174       <td>$16.00</td>
1175     </tr>
1176     <tr class="Jansen" onclick="showcomments(this)">
1177       <td class="left">Michael Jansen <span class="company">JPMorgan Chase Bank</span></td>
1178       <td>$16.50</td>
1179       <td>$13.50</td>
1180       <td>$14.00</td>
1181     </tr>
1182     <tr class="Kendall" onclick="showcomments(this)">
1183       <td class="left">Tom Kendall <span class="company">Mitsubishi Corporation</span></td>
1184       <td>$17.75</td>
1185       <td>$13.25</td>
1186       <td>$15.85</td>
1187     </tr>
1188     <tr class="Klapwijk" onclick="showcomments(this)">
1189       <td class="left">Philip Klapwijk <span class="company">GFMS Ltd</span></td>
1190       <td>$19.25</td>
1191       <td>$14.20</td>
1192       <td>$15.45</td>
1193     </tr>
1194     <tr class="Norman" onclick="showcomments(this)">
1195       <td class="left">Ross Norman <span class="company">TheBullionDesk</span></td>
1196       <td>$18.80</td>
1197       <td>$14.93</td>
1198       <td>$16.75</td>
1199     </tr>
1200     <tr class="O'Connell" onclick="showcomments(this)">
1201       <td class="left">Rhona O'Connell <span class="company">ROC Consultancy Ltd.</span></td>
1202       <td>$17.25</td>
1203       <td>$12.50 </td>
1204       <td>$14.00</td>
1205     </tr>
1206     <tr class="Panizzutti" onclick="showcomments(this)">
1207       <td class="left">Frederic Panizzutti <span class="company">MKS Finance S.A.</span></td>
1208       <td>$19.00</td>
1209       <td>$12.00 </td>
1210       <td>$16.00</td>
1211     </tr>
1212     <tr class="Reade" onclick="showcomments(this)">
1213       <td class="left">John Reade <span class="company">UBS Investment Bank</span></td>
1214       <td>$20.50</td>
1215       <td>$11.60 </td>
1216       <td>$15.10</td>
1217     </tr>
1218     <tr class="Rhodes" onclick="showcomments(this)">
1219       <td class="left">Jeffrey Rhodes <span class="company">INTL Commodities</span></td>
1220       <td>$20.50 </td>
1221       <td>$12.75 </td>
1222       <td>$13.95 </td>
1223     </tr>
1224     <tr class="Steel" onclick="showcomments(this)">
1225       <td class="left">James Steel <span class="company">HSBC Bank USA NA</span></td>
1226       <td>$16.50</td>
1227       <td>$13.00 </td>
1228       <td>$14.00</td>
1229     </tr>
1230     <tr class="Takai" onclick="showcomments(this)">
1231       <td class="left">Bob Takai <span class="company">Sumitomo Corporation</span></td>
1232       <td>$18.00</td>
1233       <td>$12.00 </td>
1234       <td>$15.00</td>
1235     </tr>
1236     <tr class="Tully" onclick="showcomments(this)">
1237       <td class="left">Edel Tully <span class="company">Mitsui &amp; Co. Precious Metals, Inc</span></td>
1238       <td>$18.10 </td>
1239       <td>$13.50 </td>
1240       <td>$15.10</td>
1241     </tr>
1242     <tr class="actual">
1243       <td class="left">YTD actual at end [date]</td>
1244       <td>0</td>
1245       <td>0</td>
1246       <td>0</td>
1247     </tr>
1248   </tbody>
1249 </table>
1250 <table id="Platinum" class="forecast sortable">
1251   <thead>
1252     <tr>
1253       <th></th>
1254       <th>high</th>
1255       <th>low</th>
1256       <th>average</th>
1257     </tr>
1258   </thead>
1259   <tbody>
1260     <tr class="Biondi" onclick="showcomments(this)">
1261       <td class="left">Adrien Biondi <span class="company">Commerzbank International SA</span></td>
1262       <td>$1,590</td>
1263       <td>$1,350</td>
1264       <td>$1,454</td>
1265     </tr>
1266     <tr class="Briggs" onclick="showcomments(this)">
1267       <td class="left">Stephen Briggs <span class="company">SGCIB</span></td>
1268       <td>$1,650</td>
1269       <td>$1,275</td>
1270       <td>$1,450</td>
1271     </tr>
1272     <tr class="Christian" onclick="showcomments(this)">
1273       <td class="left">Jeffrey Christian <span class="company">CPM Group</span></td>
1274       <td>$1,700</td>
1275       <td>$1,225</td>
1276       <td>$1,415 </td>
1277     </tr>
1278     <tr class="Cooper" onclick="showcomments(this)">
1279       <td class="left">Suki Cooper <span class="company">Barclays Capital</span></td>
1280       <td>$1,750</td>
1281       <td>$1,350 </td>
1282       <td>$1,620 </td>
1283     </tr>
1284     <tr class="Davis" onclick="showcomments(this)">
1285       <td class="left">David Davis <span class="company">Credit Suisse Standard Securities</span></td>
1286       <td>$2,100</td>
1287       <td>$1,445 </td>
1288       <td>$1,700 </td>
1289     </tr>
1290     <tr class="Fertig" onclick="showcomments(this)">
1291       <td class="left">Peter Fertig <span class="company">Dresdner Bank</span></td>
1292       <td>$1,700</td>
1293       <td>$1,450</td>
1294       <td>$1,600</td>
1295     </tr>
1296     <tr class="Hochreiter" onclick="showcomments(this)">
1297       <td class="left">Rene Hochreiter <span class="company">James Allen</span></td>
1298       <td>$2,000</td>
1299       <td>$1,529</td>
1300       <td>$1,750</td>
1301     </tr>
1302     <tr class="Jansen" onclick="showcomments(this)">
1303       <td class="left">Michael Jansen <span class="company">JPMorgan Chase Bank</span></td>
1304       <td>$1,750</td>
1305       <td>$1,450</td>
1306       <td>$1,475</td>
1307     </tr>
1308     <tr class="Kendall" onclick="showcomments(this)">
1309       <td class="left">Tom Kendall <span class="company">Mitsubishi Corporation</span></td>
1310       <td>$1,760</td>
1311       <td>$1,380</td>
1312       <td>$1,575</td>
1313     </tr>
1314     <tr class="Klapwijk" onclick="showcomments(this)">
1315       <td class="left">Philip Klapwijk <span class="company">GFMS Ltd</span></td>
1316       <td>$1,770</td>
1317       <td>$1,455</td>
1318       <td>$1,527</td>
1319     </tr>
1320     <tr class="Norman" onclick="showcomments(this)">
1321       <td class="left">Ross Norman <span class="company">TheBullionDesk</span></td>
1322       <td>$1,950</td>
1323       <td>$1,530</td>
1324       <td>$1,665</td>
1325     </tr>
1326     <tr class="O'Connell" onclick="showcomments(this)">
1327       <td class="left">Rhona O'Connell <span class="company">ROC Consultancy Ltd.</span></td>
1328       <td>$1,650</td>
1329       <td>$1,350</td>
1330       <td>$1,575</td>
1331     </tr>
1332     <tr class="Panizzutti" onclick="showcomments(this)">
1333       <td class="left">Frederic Panizzutti <span class="company">MKS Finance S.A.</span></td>
1334       <td>$1,700</td>
1335       <td>$1,420</td>
1336       <td>$1,563</td>
1337     </tr>
1338     <tr class="Prest" onclick="showcomments(this)">
1339       <td class="left">Rupert Prest <span class="company">Standard Bank Plc</span></td>
1340       <td>$1,720</td>
1341       <td>$1,375</td>
1342       <td>$1,525</td>
1343     </tr>
1344     <tr class="Reade" onclick="showcomments(this)">
1345       <td class="left">John Reade <span class="company">UBS Investment Bank</span></td>
1346       <td>$1,850</td>
1347       <td>$1,300</td>
1348       <td>$1,520</td>
1349     </tr>
1350     <tr class="Smith" onclick="showcomments(this)">
1351       <td class="left">Daniel Smith <span class="company">Standard Chartered Bank</span></td>
1352       <td>$1,700</td>
1353       <td>$1,400</td>
1354       <td>$1,570</td>
1355     </tr>
1356     <tr class="Steel" onclick="showcomments(this)">
1357       <td class="left">James Steel <span class="company">HSBC Bank USA NA</span></td>
1358       <td>$1,650</td>
1359       <td>$1,400</td>
1360       <td>$1,500</td>
1361     </tr>
1362     <tr class="Stevens" onclick="showcomments(this)">
1363       <td class="left">Glyn Stevens <span class="company">INTL Commodities Inc</span></td>
1364       <td>$2,100</td>
1365       <td>$1,425</td>
1366       <td>$1,620</td>
1367     </tr>
1368     <tr class="Takai" onclick="showcomments(this)">
1369       <td class="left">Bob Takai <span class="company">Sumitomo Corporation</span></td>
1370       <td>$1,800</td>
1371       <td>$1,200</td>
1372       <td>$1,500</td>
1373     </tr>
1374     <tr class="Tully" onclick="showcomments(this)">
1375       <td class="left">Edel Tully <span class="company">Mitsui &amp; Co. Precious Metals, Inc</span></td>
1376       <td>$1,850</td>
1377       <td>$1,400</td>
1378       <td>$1,675</td>
1379     </tr>
1380     <tr class="actual">
1381       <td class="left">YTD actual at end [date]</td>
1382       <td>0</td>
1383       <td>0</td>
1384       <td>0</td>
1385     </tr>
1386   </tbody>
1387 </table>
1388 <table id="Palladium" class="forecast sortable">
1389   <thead>
1390     <tr>
1391       <th></th>
1392       <th>high</th>
1393       <th>low</th>
1394       <th>average</th>
1395     </tr>
1396   </thead>
1397   <tbody>
1398     <tr class="Biondi" onclick="showcomments(this)">
1399       <td class="left">Adrien Biondi <span class="company">Commerzbank International SA</span></td>
1400       <td>$415</td>
1401       <td>$335</td>
1402       <td>$362</td>
1403     </tr>
1404     <tr class="Briggs" onclick="showcomments(this)">
1405       <td class="left">Stephen Briggs <span class="company">SGCIB</span></td>
1406       <td>$425</td>
1407       <td>$300</td>
1408       <td>$350</td>
1409     </tr>
1410     <tr class="Christian" onclick="showcomments(this)">
1411       <td class="left">Jeffrey Christian <span class="company">CPM Group</span></td>
1412       <td>$420</td>
1413       <td>$340</td>
1414       <td>$368</td>
1415     </tr>
1416     <tr class="Cooper" onclick="showcomments(this)">
1417       <td class="left">Suki Cooper <span class="company">Barclays Capital</span></td>
1418       <td>$420</td>
1419       <td>$300</td>
1420       <td>$358</td>
1421     </tr>
1422     <tr class="Davis" onclick="showcomments(this)">
1423       <td class="left">David Davis <span class="company">Credit Suisse Standard Securities</span></td>
1424       <td>$420</td>
1425       <td>$320</td>
1426       <td>$381</td>
1427     </tr>
1428     <tr class="Fertig" onclick="showcomments(this)">
1429       <td class="left">Peter Fertig <span class="company">Dresdner Bank</span></td>
1430       <td>$425</td>
1431       <td>$350</td>
1432       <td>$390</td>
1433     </tr>
1434     <tr class="Hochreiter" onclick="showcomments(this)">
1435       <td class="left">Rene Hochreiter <span class="company">James Allen</span></td>
1436       <td>$600</td>
1437       <td>$350</td>
1438       <td>$450</td>
1439     </tr>
1440     <tr class="Jansen" onclick="showcomments(this)">
1441       <td class="left">Michael Jansen <span class="company">JPMorgan Chase Bank</span></td>
1442       <td>$440</td>
1443       <td>$350</td>
1444       <td>$416</td>
1445     </tr>
1446     <tr class="Kendall" onclick="showcomments(this)">
1447       <td class="left">Tom Kendall <span class="company">Mitsubishi Corporation</span></td>
1448       <td>$445</td>
1449       <td>$340</td>
1450       <td>$370</td>
1451     </tr>
1452     <tr class="Klapwijk" onclick="showcomments(this)">
1453       <td class="left">Philip Klapwijk <span class="company">GFMS Ltd</span></td>
1454       <td>$470</td>
1455       <td>$335</td>
1456       <td>$397</td>
1457     </tr>
1458     <tr class="Norman" onclick="showcomments(this)">
1459       <td class="left">Ross Norman <span class="company">TheBullionDesk</span></td>
1460       <td>$495</td>
1461       <td>$370</td>
1462       <td>$412</td>
1463     </tr>
1464     <tr class="O'Connell" onclick="showcomments(this)">
1465       <td class="left">Rhona O'Connell <span class="company">ROC Consultancy Ltd.</span></td>
1466       <td>$425</td>
1467       <td>$320</td>
1468       <td>$390</td>
1469     </tr>
1470     <tr class="Panizzutti" onclick="showcomments(this)">
1471       <td class="left">Frederic Panizzutti <span class="company">MKS Finance S.A.</span></td>
1472       <td>$420</td>
1473       <td>$320</td>
1474       <td>$365</td>
1475     </tr>
1476     <tr class="Prest" onclick="showcomments(this)">
1477       <td class="left">Rupert Prest <span class="company">Standard Bank Plc</span></td>
1478       <td>$415</td>
1479       <td>$320</td>
1480       <td>$355</td>
1481     </tr>
1482     <tr class="Reade" onclick="showcomments(this)">
1483       <td class="left">John Reade <span class="company">UBS Investment Bank</span></td>
1484       <td>$420</td>
1485       <td>$300</td>
1486       <td>$350</td>
1487     </tr>
1488     <tr class="Steel" onclick="showcomments(this)">
1489       <td class="left">James Steel <span class="company">HSBC Bank USA NA</span></td>
1490       <td>$400</td>
1491       <td>$330</td>
1492       <td>$360</td>
1493     </tr>
1494     <tr class="Stevens" onclick="showcomments(this)">
1495       <td class="left">Glyn Stevens <span class="company">INTL Commodities Inc</span></td>
1496       <td>$460</td>
1497       <td>$280</td>
1498       <td>$365</td>
1499     </tr>
1500     <tr class="Takai" onclick="showcomments(this)">
1501       <td class="left">Bob Takai <span class="company">Sumitomo Corporation</span></td>
1502       <td>$450</td>
1503       <td>$300</td>
1504       <td>$350</td>
1505     </tr>
1506     <tr class="Tully" onclick="showcomments(this)">
1507       <td class="left">Edel Tully <span class="company">Mitsui &amp; Co. Precious Metals, Inc</span></td>
1508       <td>$440</td>
1509       <td>$335</td>
1510       <td>$370</td>
1511     </tr>
1512     <tr class="actual">
1513       <td class="left">YTD actual at end [date]</td>
1514       <td>0</td>
1515       <td>0</td>
1516       <td>0</td>
1517     </tr>
1518   </tbody>
1519 </table>
1520 <p>
1521 			Download the 
1522 			<a href="archive/forecast2008.pdf">
1523 				forecast for 2008</a>.
1524 		</p>