"One of the key reasons for the support [here he is referencing last week's ability on the part of the market to hold the $1080 level] has been the re-emergence of the physical retail buyer, particularly in China. I was in Asia last week and it was clear that Chinese commercial banks were seeing strong interest below $1100 and expect demand to be strong again this year from the domestic market. Anecdotally, the Middle East also seems to be stronger than expected for the start of a year."