ANALYSTS' VIEW-Reuters precious metals poll 2009/2010

LONDON, July 16 (Reuters) - Following is a selection of
analysts' views on the outlook for gold, silver, platinum and
palladium prices, gathered as part of the Reuters precious
metals price poll for 2009 and 2010.

The survey was carried out over the last three weeks.

Summary data is also detailed below.

GOLD XAU=

2009 2010

Mean 937 990

Median 930 975

No of F'casts 45 42

DAVID MOORE, ANALYST, COMMONWEALTH BANK OF AUSTRALIA

"A spike to around the $1,000/oz level is certainly
plausible in the next year, most likely associated with a period
of U.S. dollar weakness. But if the gold price does cross the
$1,000/oz line, we do not expect it to stay there.

We expect that the gold price will be volatile over this
period, as the main rationale for investor demand for gold
shifts from safe haven demand to a demand based on gold as a
hedge against U.S. dollar weakness and, for some investors,
perceived inflation risks."

PATRICIA MOHR, VICE PRESIDENT, ECONOMICS, SCOTIABANK GROUP

"I expect prices for both gold annd silver to have another
run-up at some point, as the U.S. dollar comes under further
pressure, as sovereign wealth funds and China balk at huge U.S.
Treasury issuance and some signs of rising inflation re-emerge
-- probably towards the end of 2009."

"However, gold prices are expected to eventually fall back
to more normal levels, once the global economic recovery takes
hold and investors shift further into "more risky" assets such
as equities and "emerging-market" equities."

DAVID THURTELL, ANALYST, CITIGROUP

"Gold is basically dollar-driven, but there are expectations
that all this monetary stimulus is going to spark inflation
concerns, and therefore interest in gold.

There is a view that if world growth is in a gradual
recovery trend, that will eventually help fabrication demand."

PETER FERTIG, CONSULTANT, QUANTITATIVE COMMODITY RESEARCH

"The major factor for the precious metals markets will be
the recovery of the global economy and inflation fears. While it
should become more and more obvious in Q4 of this year that the
economy has reached the bottom and is improving, inflation is
not expected to re-emerge.

The U.S. dollar is traditionally weak in Q4, which should
help precious metals in the final quarter of this year. Fund
buying might be the dominating factor for gold and silver in
this period."

DAVID BEAHM, VICE PRESIDENT, ECONOMIC RESEARCH, BLANCHARD &
CO

"We believe very strongly that the dollar is going to fall,
and we will have inflation. The real question is when is that
going to happen. Once the banks begin to feel comfortable with
lending money, certainly we are going to see some high
inflation. As the economy continues to get better - although it
will be relatively slow -- commodities prices will be one of the
few assets that will perform very well, not just this year, but
over a period of time."

JAMES TURK, FOUNDER, GOLDMONEY

"...sadly, policymakers in Washington are not taking any
steps to turn the dollar around and put it back on the right
course by defining the dollar once again as an unchanging weight
of gold."

DAVID WILSON, ANALYST, SOCIETE GENERALE

"Gold will be dollar-driven during the summer as the market
is likely otherwise to be directionless. If anything, prices in
local terms are likely to come down.

Physical demand should pick up in the fourth quarter, but
this from a very low base, and dehedging is also slack. We are
looking for dollar weakening and nerves over inflationary
implications of quantitative easing, suggesting fresh risk
hedging to lift prices in 2010."

SILVER XAG=

2009 2010

Mean 13.71 14.53

Median 13.59 14.25

No of F'casts 42 40

SUKI COOPER, ANALYST, BARCLAYS CAPITAL

"As a precious metal, silver continues to attract safe haven
flows as a cheap proxy for gold. However, with the exception of
coin sales, we expect end uses of silver to remain weak over the
forthcoming weeks and, in turn, investment demand has a larger
void to fill.

Given the market balance is heavily dependent upon physical
exchange-traded products to soak up the excess, net redemptions
would not only expand the surplus but also add downward pressure
upon prices, as there is little fabrication demand elsewhere to
meet any excess supply."

DANIEL SMITH, ANALYST, STANDARD CHARTERED

"We feel silver has benefited (earlier in the year) from the
general safe haven story.

What we have seen in this quarter is generally that risk
appetite has fallen away, so we are expecting most industrial
markets to trend lower on the back of this story. Gold will be
pretty well supported, but the rest of the complex will be hit.

In the early part of this year people got way too optimistic
about the underlying economic picture, and now there is a
reassessment talking place of what's really going on."

WOLFGANG WRZESNIOK-ROSSBACH, HEAD OF SALES, HERAEUS

"As far as the outlook (for silver) is concerned, its
dependence on gold is expected to continue: should gold fall
afresh, buying support from the industry and private investors
-- which we have observed it the recent past -- will not be able
to prevent the white metal from falling further."