Mostly: Classical

[amarksp]

Virtual Metals November & December

http://www.virtualmetals.co.uk/PDF/PMMNov05.pdf

Nov issue has article on Palladium, also found this interesting:
"If you rely on anecdotal evidence, which is often some of the most useful around, then these Middle Eastern retail buyers have provided us with a trading range for the next few months, or at the very least, shown us where the floor is below which we will see strong physical price support.

But the locals shared something else with us - something rumoured in London but as yet neither confirmed nor explained. The very high import figures into India as recently reported are not all demand driven but reflect the extent to which Indian gold
traders are taking advantage of export incentives.

Using letters of credit, they import gold bars (usually kilobars) into India, often from Dubai. They then draw the gold into very crude wire and re-export it back to Dubai describing it for customs purposes as "jewellery". They are therefore simply taking financial advantage of export incentives on finished jewellery shipped out of India. More often than not the "jewellery" is converted back into bars and reshipped into India again.

As with anything of this sort, it is not possible to put a tonnage on the amount of gold tied up in this round tripping but our friends in Dubai say, "it's big"."
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December Issue:
http://www.virtualmetals.co.uk/PDF/MonthlyDec05.pdf
Interesting observations on Gold ETF on pages 6-7