Gold prices are likely to be subject to
downward pressure if the USD keeps
advancing; more rate cuts, inflationary
pressures, and credit-market woes
would stimulate investor demand and
support bullion prices, we believe
 Silver mine supply is set to grow while
high prices are causing jewelry and
other demand to weaken; we believe
investor demand for silver will offset the
effect of any surplus 
 The platinum deficit is set to widen due
to power-supply uncertainties and autocatalyst
demand; palladium will remain
in surplus despite higher auto demand
Our price forecasts
Gold: We are raising our gold price forecast for 2008 to
USD915/oz from USD850/oz, our 2009 forecast to
USD850/oz from USD725/oz, and our 2010 forecast to
USD725/oz from USD650/oz, but our long-term forecast
remains unchanged at USD600/oz.
Silver: We are raising our forecast for average prices this
year to USD17.25/oz from USD14/oz, and our 2009 forecast
to USD15.50/oz from USD13.50/oz. We are also increasing
our 2010 forecast to USD14/oz from USD12.75/oz, and our
long-term average price forecast to USD12/oz from
USD11/oz.
Platinum: We are raising our price forecast for 2008 to
USD2,100/oz from USD1,850/oz, and our 2009 forecast to
USD1,725/oz from USD1,525/oz. We are also raising our
2010 forecast to USD1,575/oz from USD1,475/oz. We leave
our long-term forecast unchanged at USD1,375/oz.
Palladium: We are leaving our palladium price forecasts for
2008, 2009, 2010, and the long term unchanged at
USD420/oz, USD360/oz, USD340/oz, and USD335/oz,
respectively.

目录

Introduction 3
HSBC gold outlook 6
Silver 23
Platinum 30
Palladium 38
Disclosure appendix 41
Disclaimer 43