HSBC gold outlook 4
Introduction 4
Top influences on gold in 2007 5
Trends in supply and demand 14
Outlook upbeat 20
Silver 22
Silver: Year in review 23
Supply factors 23
Demand factors 23
Trends in supply and demand 24
ETFs and commodity indices 28
Conclusion 31
Platinum 32
Trends in supply and demand 33
Supply in a race with demand 34
Demand 36
Conclusion 39
Palladium 41
Recent trends 41
Auto catalyst demand higher, jewellery demand set to
increase 42
Supply remains the issue 43
Russia sales should remain significant 43
Technical patterns outlook signals a correction 43
Conclusion 43
Trading glossary 45
Disclosure appendix 66
Disclaimer 67