Toy Drive to Honor the Memory of Christopher Pierpoint

Coaches and players from the Santa Rosa United soccer club will collect toys and power balance on Dec. 11 for underprivileged Sonoma County children to honor the memory of Christopher Pierpoint.

The youngster, a veteran of the United soccer program, died from a brain hemorrhage on Nov. 14. He was in the eighth grade at Rincon Valley Middle School.

Coaches and players will be at Trione Field, across from Cardinal Newman High School, from 8 a.m. to noon on Saturday, Dec. 11 to accept unwrapped toys such as Pillow Pets especially Zippity Zebra at 2011 online shop that will be distributed throughout the county.

As a way of thanking those that donate, United officials will conduct free coaching/games at Trione during the toy drive. The session for girls will run from 9 to 10:30 a.m. with the boys taking the field from 10:30 until noon. All ages are invited to participate.

The 13-year-old was known as the “White Flash” in the soccer community. He came upon the nickname because he was blond and fast on the field, according to United representative Richard Cawood.

He began his soccer career at age 6 with his older brother, James. They played for the Heat.

Chris advanced to the under-9 gold team coached by Jacob Lehrer. From there, he graduated to the Santos team coached by Messisas Souza dos Santos. During those three years with the Santos team, he developed technical skills and stood out when it came to sheer speed.

In 2009, at age 12, United officials thought enough of Christopher to put him on the under-14 Barcelona team, coached by Alan Ramos. This season, he was playing for the under-14 Magic coached by Jesus Molina.

A statement by United coaches said:

“Christopher spent over half his life on the soccer field and as a part of the Santa Rosa United club. Christopher was energetic, creative, smart, athletic and at times, a little mischievous. He was a model student athlete. We will miss him on the field. We will miss the “White Flash.”

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Where do you buy a menorah in Anchorage?

Fewer than 0.5 percent of Alaskans self-identify as Jewish, according to the Pew Forum on Religion and Public Life, but that number still works out to be a few thousand people, most of them in Anchorage, who may be in the market for dreidels, menorah candles and other Hanukkah merchandise. Options are pretty limited. I took a spin around Anchorage over Thanksgiving weekend to see what's available.

Downtown

At the Kobuk Coffee Co. in Town Square Park, one corner near the china display cases is dedicated to Hanukkah-themed items -- cards, a few menorahs, some sticker books and kids' items. There are also Hanukkah crackers (the kind you pull, not the kind you eat), $29.95 for eight; white chocolate-dipped Oreos adorned with sugar Stars of David, $2.50 each; and, for those who swing both ways, a sparkling hand-blown glass ornament in the shape of a dreidel, $37.95. (I bought one for my half-Jewish sister-in-law last Christmas.)

Midtown

Stop by the shopping center at 341 E. Benson Blvd., home to Classic Toys such as Pillow Pets especially Zippity Zebra, Flypaper and 2 Friends Gallery. Classic Toys and power balance from online shop has a few Hanukkah items tucked among the Christmas swag near the front door, including a cute peel-and-stick felt banner kit, $13.99, and a pop-up book based on the dreidel song, $7.99. Next door at Flypaper, they've got menorah candles, some chocolate bars, and a few Hanukkah cards.

The real Hanukkah shopping destination, however, is a few doors down at 2 Friends Gallery, where you can find an impressive selection (by Anchorage standards) of menorahs. They don't come cheap -- most are made in Israel, not China, and prices run from $99 to $325 -- but there's something for every taste. Owners Jacqui Ertischek and Georgia Blue rushed to show off an aluminum travel menorah that comes packed flat in a CD case. Two twisting, graceful menorahs come with built-in dreidels; others are made from blocks of glass or adorned with multicolored beads. There's one Ertischek is particularly fond of that's a row of dancing Hasidim.

Two Friends also carries menorah candles, and you can find mezusahs and Seder plates there year-round. Ertischek, who is Jewish, says the available selection of Judaica in Anchorage is sparse. Last year, after the gallery opened, she did a brisk business in menorahs, selling out by the first night of Hanukkah.

Chain stores

If you're willing to settle for a made-in-China Hanukkah, Fred Meyer generally carries a small selection of menorah candles and gelt -- look for a display among the Christmas aisles. Anchorage Target stores have a few items displayed on the end cap of a party supplies aisle (near the paper plates and napkins), and Michaels locations have the biggest selection of inexpensive plastic Judaica I've seen around town -- two displays near the holiday bargain aisles (across from the yarn).

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Fashion goes noir

Rocker-inspired fashion label Faith Connexion bills itself as a lifestyle collection. But really, it's a brand built for the woman who is looking to channel her inner vixen.

Consider the brand's noir fall collection. Looks include opera-length gloves, skinny pants, mini-dresses and a biker jacket with the entire back cut out — all rendered in jet-black leather — plus shiny black printed leggings, zipper-laden miniskirts and '80s-inspired slashed black tops.

This is power dressing at its sexiest.

And now the razor-sharp collection, which was previously available only in specialty shops in the U.S., has its own storefront on Melrose Avenue — a sleek black-and-white boutique that doubles as the brand's West Coast headquarters (there are offices and a wholesale showroom in the back).

The company — a licensed extension of the original, Paris-based Faith Connexion — chose Los Angeles as the location for its first U.S. store because "it's one of the major cities in the U.S. known for fashion," said Evelyn Lugo, director of marketing for Faith Connexion U.S.A., adding, "and on Melrose we have all of the great designers as neighbors."

The 900-square-foot flagship is covered in the label's medieval-feeling winged-dagger logo. Inside, shoppers will find the brand's fashion line, which consists of cocktail dresses, tops, sunglasses 2011, tunics, pantsuits, blouses, leggings and skirts, power balance, priced from $120 to $1,200; its casual wear array, which includes tees, loungewear and denim, priced from $100 to $250; and the accessories collection, featuring purses, belts and gloves ranging from $140 to $800.

8420 Melrose Ave., West Hollywood. (323) 966-2896. 11 a.m. to 7 p.m. Mondays through Saturdays; noon to 6 p.m. Sundays.

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SALES

Rebecca Minkoff sample sale Friday through Sunday: Snag Minkoff's chic bags — including the famous Morning After satchel — along with accessories and pieces from her ready-to-wear collection at more than 50% off retail prices.

8211 W. 3rd St., Los Angeles. 10 a.m. to 8 p.m. Fridays and Saturdays; 11 a.m. to 5 p.m. Sundays.

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Clothespin closing sale ongoing: Fashion veteran Gale Parker is closing her year-old boutique, Clothespin — but will continue to design and manufacture the store's in-house fashion brand, switching its name from Clothespin to Gale Parker, for other retailers. Find store merchandise on sale up to 60% off until it's liquidated.

8654 Melrose Ave., Los Angeles. (310) 967-0108. 11 a.m. to 7 p.m. Mondays through Saturdays; noon to 5 p.m. Sundays.

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Timi and Leslie holiday sample sale Saturday: Find handbags, luggage and the brand's famously low-key diaper bags for $30 or less at this blowout holiday sale. Cash only.

560 S. Main St., Suite 3W, Los Angeles. 10 a.m. to 2 p.m. Call (213) 688-8804 from your cellphone to be buzzed into the sale.

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EVENTS

Maya Brenner Designs and Stark Waxing Studio holiday event Thursday: Stop by Stark Waxing Studio for a complimentary nail polish change from noon to 6 p.m. along with iced tea and cookies from neighboring Lark Bakery at this multi-store holiday event in Silver Lake, which morphs into a discount shopping night from 6 to 9 p.m. — featuring Champagne and 50% off all Stark candles and body products, RGB nail polish, Maya Brenner jewelry and Bittersweet Butterfly flower arrangements.

3335 W. Sunset Blvd., Los Angeles. (323) 666-3335. Noon to 9 p.m.

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Monique Lhuillier trunk show Thursday and Friday: Shop the latest ultra-feminine collections from one of L.A.'s most renowned designers at this event at Neiman Marcus.

9700 Wilshire Blvd., Beverly Hills, (310) 550-5900. 11 a.m. to 4 p.m. in the Couture Salon.

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OPENING

G-Star: Casual (and often avant-garde) brand G-Star has opened a new 2,200-square-foot store stocking its complete men's and women's collections. Denim comprises roughly 40% of the store's merchandise, but also look for the brand's stylish T-shirts, jackets, shirts, knitwear, sweats and accessories.

395 Santa Monica Place, Santa Monica. (310) 255-1940. 10 a.m. to 9 p.m. Mondays through Thursdays; 10 a.m. to 10 p.m. Fridays and Saturdays; 10 a.m. to 8 p.m. Sundays.

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Prada sunglasses

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Retailers hope holiday shoppers ready to trade up

NEW YORK (AP) - After two Christmas seasons of pushing socks, pajamas and other basics as gifts, retailers are betting that Americans are ready to give a little more this year.

The flashy sweater is replacing the basic winter coat, jewelry is starting to sparkle again, and the gift card for gasoline is being trumped by the gift card at the mall. Black Friday displays are being loaded with fancier laptops, bigger TVs and deluxe gym sets, though stores acknowledge shoppers will buy only if it's a good deal.

The cautious optimism comes as more Americans are feeling more secure financially and spending a bit more on nonessentials.

Still, there are nearly 15 million unemployed, and concerns about job security still cloud consumer confidence. Spending is picking up but has not returned to pre-recession levels.

Patti and Bob Marucci of Sewell, N.J., are preparing to spend more, though their finances haven't changed that much.

"I was able to not touch my Christmas club money, I guess you could say," Patti Marucci said. The couple, both in their 40s, was looking at $400 TVs at a Wal-Mart store in Deptford, N.J., on Tuesday.

Spending on discretionary items like clothing and home furnishings fell to 61 percent of total dollars spent last year. That should rise to 63 percent this year, about the same as 2008, according to estimates by Craig Johnson, president of retail consultancy Customer Growth Partners. It was 65 percent during the credit-fueled binge from 2000 to 2005.

Given a $3.3 trillion retail market, excluding cars and gas, that extra two percentage point difference this year translates to an extra $60 billion up for grabs.

The fierce retail battle for a piece of that pie means big discounts for those who have money to spend.

Still, Americans are being purposeful and are expected to look for deals and stick to lists. In fact, shoppers are expected to keep paring down the number of gifts to 16.8 from 18.2 in 2009, according to Deloitte Research. But Deloitte also expects shoppers to spend more overall. That means presents this year should be a little nicer.

"Last year, people were giving toasters, and pots and pans," said Kathy Grannis, a spokeswoman at the National Retail Federation, the retail industry's trade group. "But now you'll see shoppers buying a little nicer gift . that set of candles or a nice set of hat, gloves and scarf."

Stores aim to draw in both those splurging a bit and those just getting by.

Deep discounts on high-end cameras, laptops and other gadgets are featured in major retailers' Black Friday ads alongside lower-priced winter boots, jeans and underwear.

Toys R Us and its Babies R Us chain are again offering discounted diapers for early morning shoppers. But they're also marketing higher-end products. Last year, it had the simple two-passenger swing set for $159.99. This year it's adding a bigger gym set on sale for $349.99, complete with a rock climbing wall.

Retailers had a solid start to November, fueled by early discounting. MasterCard Advisors' SpendingPulse, which tracks spending across all transactions including cash, reported spending increases in clothing (up 9.7 percent), luxury goods excluding jewelry (up 6.7 percent) and jewelry (up 8.1 percent) from Nov. 1 through Nov. 13 compared with a year ago.

Online spending, while just 10 percent of total holiday spending, has surged. More than $9 billion was spent online between Nov. 1 and 21, up 13 percent compared with the same days last year, according to research firm comScore.

Jewelry, vulnerable to cuts in discretionary spending, is starting to recover. Data from Coremetrics, an IBM company, shows that jewelry sales for Nov. 1-18 spiked 30 percent compared with all of November of 2009. In fact, Tiffany & Co. on Wednesday forecast a strong holiday season and raised its yearly earnings guidance well above expectations.

The improving sales have causing some research groups like ShopperTrak, a research firm, to upgrade its holiday growth forecast to 3.2 percent from 2.9 percent.

NRF expects a 2.3 percent increase in spending to $447.1 billion. That would fall short of the 10-year historic average of 2.5 percent, and it would still bring us back to 2006 levels, when holiday spending reached $444.7 billion, according to NRF calculations.

Also, a survey from the International Council of Shopping Centers and Goldman Sachs showed that shoppers are further behind their Christmas buying through last Sunday compared with the same time in both 2009 and 2008. Shoppers polled said they had completed 23 percent of their holiday buying through last Sunday; that's far below the 32.7 percent in 2009 and the 31.8 percent in 2008. That could be a sign of strong spending to come.

Nevertheless, "this is not pre-recession spending," said James Russo, vice president of global consumer insights at The Nielsen Co. "We are not there yet, but stores do have the attention of the shopper."

---

AP Business Writer Geoff Mulvihill contributed this report from Deptford, N.J.

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Women's basketball

BUZZARDS BAY, Mass. —

Alie Dobrovolc has been named the Massachusetts State Collegiate Athletic Conference’s co-Player of the Week for the opening week of the 2010-11 women’s basketball season.

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Dobrovolc, a junior guard from Little Falls, led the Trailblazers to wins in two of their three games and a spot in the championship game at Western New England College’s Golden Bear Classic. She shared the league’s weekly award with Bridgewater State University’s Corey Cuddihy.

Dobrovolc averaged 19.5 points and 7.3 rebounds during the week and had a pair of 20-point games. She tallied 23 in a season-opening win over Connectuicut’s St. Joseph College then had 21 against Western New England in the finals of the Golden Bear Classic. She had 15 points and 12 rebounds against the Massachusetts Institute of Technology in the first round and earned a spot on the tournament’s all-star team.

MCLA has reunited Dobrovolc with high school teammate teammate Courtney Terzi, a transfer from Herkimer County Community College. Terzi, who also played one season at SUNY-Morrisville, has averaged 4.7 points and 6.3 rebounds while starting the first three games of the season. Jen Wehner, who also starred in the Center State Conference at Cooperstown High School, is averaging 9.3 points off the bench and leads the team with 35 rebounds and eight blocked shots.

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The Trailblazers play at home Tuesday against Becker College.

Garmin Watch

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A short description of how running with a Garmin watch has changed and inspired me as an athlete

Any runner has had that feeling, often called “The Runners High”, where your pace just carries you along the open road, and the miles seem to fly by. At these moments, where your cadence feels consistent and strong, don’t you ever wonder, “How fast am I running RIGHT NOW?”

Two years ago, I made a personal commitment to myself to begin running again. Now, two years later, I have just completed my first marathon. Getting from point A to point B was most definitely supported by my wrist-side piece of hardware.

What is the Garmin Watch?

The Garmin is an athlete’s best friend. As you are running, the watch is connected to satellites that track your distance, speed, location, and altitude along the total time of any run. If you so choose, you can also wear a heart rate monitor that will record your pulse throughout the entirety of the run. All of this is performed in a user friendly fashion. All you need to do is push “Start” and “Stop”.

Training Without a Garmin

When I picked my running habit back up, I never anticipated completing a marathon within two years time. I started simply. I would run 5k at a time, at my own comfortable pace, allowing for walk breaks. As time went on, and my cardiovascular and fitness levels improved, my running became more extensive. I was often able to run beyond my old 5k route, but was never able to track exactly how far. I also noticed that the amount of time it took me to run was significantly decreasing. All of these factors are points of interest for any regular runner.

How the Garmin Changed My Training

Last Christmas, I received the Garmin Forerunner 401x as a gift from my father. To premise, I am not a gadget person, so the watch resembled a mini time machine. The gift was thoughtful, as it facilitated my newest passion, but it just was not for me. I reluctantly strapped on my time machine for my first few post-Christmas runs to humor my father. Little did I know how dramatically it would change my running forever. Immediately following each run, I was able to log online and view the stats for every minute of my course. The online program associated with the watch calculates your average moving speed, your elevation totals, and places your entire course on a virtual map. The technology is mind blowing.

The Motivation Kicks In

One of the best things about the Garmin Watch is its innate ability to challenge you against...yourself. By keeping a digitally historical record of every run you have ever completed, a runner is able to keep track of their personal best times, as well as constantly motivate themselves to maintain running momentum. Having the Garmin watch to record my stats, I entered into a Half Marathon. After successfully completing that, and reviewing my pace, I determined that I was ready for the full thing!

Training for a Marathon with a Garmin Watch

I had a goal in mind, (MUST BEAT 4 HOURS!) I did my research, and calculated the exact average pace that would have to be reached in order to finish successfully. I set my watch to a constant Virtual Partner paced at exact Marathon time to “race me” as I completed each training run. I was also able to mock elevation mapped courses similar to that of my marathon route.

The Garmin was (literally) my right hand man when it came to efficient and exciting training. After 16 weeks of full on training, I strapped on my Garmin watch the morning of the marathon, and carried it through the complete 26.2 grueling miles. Together, we crossed the finish line with a time of 3:52:45! I thoroughly believe I could not have done it without my Garmin.

Along the way, I have met and trained with fellow runners who inevitably develop a sort of “watch envy”. Any serious runner appreciates the means to reflect back on a monumental run with trusting accuracy. The Garmin watches have revolutionized the way in which people are able to plan out and effectively obtain their running goals.

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Reviews of Power balance

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In the sports world, every player, athlete or individual in general is constantly working to find some sort of an advantage that can benefit him or her. Over the years these attempted advantages have for the most part come in the form of illegal steroids. Today, many athletes are using new, legal products such as the Power Balance Bracelet.

Recently I have been noticing more and more people I know wearing the bracelet and at first glance it looked like nothing more than a Livestrong or other athletic bracelet. The design of the Power Balance Bracelet is a little bit more evolved than a simple silicone bracelet as you can see from the image. The main and distinguishing difference on the Power Balance Bracelet is the Mylar Hologram that is meant to react with the body’s natural energy flow and body field. Now I don’t know much about natural energy flow and the intricacies of the human body but I have worn the bracelet for the past two weeks, and it has yielded some surprising results.

Since donning the power balance Bracelet I have noticed some slight changes both in everyday life as well as while playing sports, specifically hockey. While playing hockey I noticed I was able to keep better control of the puck while skating and I wasn’t knocked down as often. It is hard to say that these improvements to my game are directly linked to the bracelet but as of late there have been some distinct changes for the better.

For everyday wear this product is definitely one of the latest trends in the sports fashion market. As the power balance bracelet continues to grow in popularity so to does its credibility amongst athletes and casual users alike. Current users include Matthew Stafford of the Detroit Lions and Derrick Rose of the Chicago Bulls. Be sure to pick one of these up before they’re gone.

Experts say that Power Balance band is placebo.

Experts have cast doubt on the science behind a hologrammed rubber bracelet which claimed to improve balance, strength and flexibility among users.

The Power Balance band has been spotted on the famous wrists of David Beckham and Cristiano Ronaldo.

But a BBC Wales investigation using scientific tests found it made no difference to athletes' ability.

Power Balance say they do not make any medical or scientific claims about their products.

BBC Wales' X-Ray programme decided to investigate the bands, which retail at £29.99, after a global phenomenon which has seen them worn by some top sporting stars.

It asked researchers at the University of Wales Institute Cardiff, (Uwic) to use recognised scientific tests to put Power Balance through its paces.

'Natural frequencies'

And the results showed there was no difference between wearing a dummy band or wearing the Power Balance band.

The makers of Power Balance say millions of people in more than 30 countries are enjoying its benefits.

One video previously on its UK website claimed wearing it helps improve balance, strength and flexibility - and encouraged users to take their tests to prove it.

Continue reading the main story

“Start Quote

"The physiology and the biology of the performer won't have changed by putting this band on at all. ”

Dr Gareth IrwinUniversity of Wales

The craze recently spread to Wales with the Cardiff Blues wearing them and flanker Martyn Williams saying he had seen a definite impact on his performance.

Cardiff City strikers Jay Bothroyd and Michael Chopra also appear on Power Balance's Facebook page, having trialled the product.

Ice hockey team the Cardiff Devils have also put their faith in the bands and earlier this year announced a partnership with the company.

Head of bio-mechanics at Uwic, Dr Gareth Irwin, agreed to carry out the tests using 10 randomly selected athletes.

They were asked to do four simple exercises with and without the Power Balance band.

The tests did not replicate the tests Power Balance had on their website but were standard tests for the sports industry.

Those taking part completed the exercises wearing the Power Balance band and separately with the dummy substitute.

All were blindfolded when the band was placed on their wrist.

Dr Irwin said: "Very simply the tests show that there was no difference between wearing this dummy band or wearing the Power Balance band. We tested it statistically as well and found that there wasn't a statistical difference.

"The physiology and the biology of the performer won't have changed by putting this band on at all.

"There may be some changes in performance because of the placebo effect, which is a strong tool."

His views were shared by Dr Andrew Dearden of the British Medical Association Wales, who criticised the bands as "pseudo science".

Incorrect information about power balance.

Power Balance said it had removed the promotional video as part of ongoing changes to its UK website.

The company is also in the process of shutting down all non-official Power Balance sites to limit the amount of incorrect information in circulation.

In response to the results of the investigation, a spokesman said they believe in Power Balance but are not trying to convince everyone, which is why they offer a full refund to anyone who is not completely satisfied.

They said the teams and individuals who advocate the band in the UK were given their products for free and were not paid to wear it.

In the US they have paid some athletes for rights to use their images.

The Cardiff Blues team said it had not received payment but that some of its players felt they have benefited from wearing the wristbands.

Cardiff City did not respond.

X Ray is on BBC One Wales at 1930 GMT on Monday.

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Jewelry vs. Investment Demand

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World Gold Council’s Q3 demand report has generally been received favorably by analysts and the investing community. Total gold demand was reported at 922 tonnes in Q3 2010 (12% yoy) (43% to US$36.4 billion in dollar terms) but -10% qoq. Of the reported demand segments, Jewelry demand at 529 tons was 8% higher ((yoy)), industrial demand at 110 tons (13% yoy from a very low base in Q3 2009) and investment demand at 282 tons (19% yoy) with net retail investment at 243 tons (25% yoy) (bar holding demand at 132 tons, 44% yoy) and ETF demand at 38 tons (-7% yoy). The report projected a rosy demand outlook picture based on the rise in jewelry demand increase in India and China.

I also came across some analysts comments suggesting that Q3 2010 demand trends have restored market’s balance to five years average balance of 65% jewelry, 23% investment and 12% industrial demand (Q3 2010: Jewelry demand at 57%, investment demand at 31% and industrial demand at 12%) . This healthy demand balance has been deemed as a key to keeping gold prices stable. 2009 Tonnage is estimated to climb from last year by 5-6% despite a significant rise in the price of the metal itself. My observations on this report are as follows:

1. The key question which emerges from Q3 2010 gold demand is about potential increase in Jewelry demand being able to take up any slack in investment demand. Another question is about gold investors make up, which should make gold price stable / unstable to any short term headwinds. The answer to both these questions is “NO”.

2. Jewelry buyers, the longer term investors, may not stick to their buying habits and suppliers like miners and recyclers may increasingly feed the market with ever greater quantities as the price is rising.

3. Higher restocking in India in Q3 2010 may mean a decline in Q4 2010 Indian Jewelry demand. In total, the non-investment market for gold is weak and getting weaker as the price of gold rises. Jewelry demand continues to decline while supply is rising from both higher mine output and higher recycling activity.

4. Trailing 12-month gold jewelry demand at end of Q2 2010 was 1882 tonnes which was 24% less than the yearly average for 2002-2008, and 41% less than the 2000 level.

5. Meanwhile, supply keeps rising. It was 3605 tonnes in 2008, 4024 tonnes in 2009 and it is up nearly 11% in the first half of 2010. Another interesting aspect is that of 169,000 tons of gold mined till today, 64% is unaccounted for, and with rise in gold prices - scrap supply is gaining velocity.

6. Investment demand may rise in Q4 2010 / Q1 2011 as portfolios position themselves for 2011. Momentum of investment demand may slow down by mid 2011 because of overall improvement in risk aversion and decrease in risk premium related to competitive devaluation and death of fiat currencies.

7. Inflation does not have any coincident or shorter time period effect on gold price. However, deflation / stagflation may be supportive of gold price in 2011 and beyond.

8. Going forward gold price will be determined by central banks, institutional portfolio demand (SWF, Insurance companies, pension funds, and private wealth etc – total managed money of US$200 trillion) and retail ETF buyers and not Jewelry demand.

9. When the price of gold turns down and sentiment reverses, many investors will find that the exit door has gotten pretty narrow. Gold price will still find support from institutional investors and central banks because of diversifying portfolios and US$ based forex reserves.

Global / Indian Jewelry Demand

Global jewelry demand increase in Q3 2010 was followed by a -5% in Q2 2010 (-14% totaled 408.7 tonnes during the second quarter, a decline of 14% from Q1 levels and 5% from year-earlier levels. Jewelry off-take was lower across most markets, with just a handful of countries bucking the declining demand trend.

Jewelry demand increase in India in Q3 2010 can not be read as start of a trend as India’s Q2 2010 demand of 123 tonnes was very depressed when compared with average second quarter demand over the five year period Q2 2003 – Q2 2007 of 182.1 tonnes. The second quarter is historically the most important period for jewelry demand in India. This demand deficit of 62 tons compared to five years average was likely shifted to Q3 2010 Indian Jewelry demand (+40 tons higher than Q3 2010 five years average demand of 140 tons) as mentioned later in the report that re-stocking has helped shore up Indian gold demand in Q3 2010 (estimated at around 38 tons). If we strip that out to reach a sustainable level, demand is flat to negative in line with the Q2 2010 trend. Indian Jewelry demand has been steadily declining since 2000 as gold price started its long upward ascent. Jewelry now accounts for only 57% of total demand (43% in Q2). That compares with 80% between 2002 and 2008. Stating that Indian Jewelry demand is defensive to higher gold prices is incorrect. Indian consumers may remain cautious given record gold prices. Silver and gold plated items have taken an increasing share of demand at the lower end of the market, where affordability of gold jewelry has been most affected by its price. Also, many previously exclusively gold high-end designers have included silver lines to try and build entry-level ranges for consumers at more affordable prices to offset overall sales declines.

Healthy Market Makeup

It is too early to say that we are returning to the natural balance on the demand side—the relative balance between jewelry, industrial and investment. Besides the running demand, holding gold as an investment has increased considerably over the course of last year, which does not support the healthy demand and supply argument to keep the gold price stable as investors may try to exit at first sign of trouble. Also jewelry purchases by investors are increasing. This view of jewelry as an investment may not be as stable as genuine jewelry demand.

Investment Demand

Another factor behind the increase in total Q3 2010 demand was identifiable investment, (19% yoy) at 281.8 metric tons. The bulk of this came from investors who increased their demand for retail gold products by 25% to 243.1 metric tons. New investment into ETF and similar products at 38 tons was down 7% yoy. Bar hoarding was particularly strong at 132 tons-- up 44% yoy -- driven by a demand among Asian & ME investors. This is the second wave of investment related demand (after ETFs), which may be somewhat more stable compared to ETF demand but may not be as sticky as jewelry and industrial demand. These retail consumers having adjusted their price expectations upwards and anticipating yet higher prices is a bubble symptom and may not be good for gold prices in the medium to long term.

Industrial Demand

Industrial use accounted for 12% of demand in Q3 2010 and was in line with its five-year average (110.2 metric tons, including an 18% climb for electronics products). We expect this demand segment to increase at a decreasing pace.

Recycling / Scrap Supply

I expect that with a higher gold price environment, recycling will further accelerate. Recycling supply activity during the Q2 2010 reached 496 tonnes, 35% yoy and the second highest quarterly number for recycled gold. Most of this price induced recycling activity may come from western, ME and East Asian consumers (gradually rising trend). Recycling activity among Indian consumers is still low and may ensue in the case of a significant price downtick against alternative opinion of a higher price profit point.

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