gold demand in the third quarter of thisyear was down eleven percent whencompared with q3 2011 most categories ofdemand were down for example jewelry wasdown two percent investment in bars andcoins down thirty percent however ETFswere strong with an increase offifty-six percent on the quarter and sofar it's a strong year for ETFs if youlook at central bank's central bankswere down thirty percent howeveryear-to-date they're up about ninepercent with purchasing in this quarterof over ninety seven tons overall thebat comparison with last year isdifficult especially on investmentbecause last year you had a sovereigndebt downgrade in the United States andthe eurozone debt crisis which elevatedinvestment demand in q3 2011 so overallif you look at the numbers actuallyalthough the quarter is down it's abovedemand for the last five years on aquarterly averageinvestment demand in the third quarterfell sixteen percent when compared withthe same period in 2011 however thisremains twenty three percent above thefive-year average for investment ETFshad a strong quarter coming in with ahundred and thirty six tons an increaseof fifty-six percent compared with thethird quarter of 2011 and overall ETFsare significantly up on the year lookingmore deeply in investment bars and coinsfell thirty percent overall howeverwithin that medallions in India andimitation coins were up lastly OTCinvestment was up for the quarterseventy three tons and when you add inOTC investment it actually means totalinvestment rose four percent in q3 andis up on the year by around eightpercent as we anticipated in our lastreport Indian demand was up nine percentin the third quarter with a strongperformance in both jewelry andinvestment jewelry was up seven percentand investment was up twelve percent inq3 this reflected an improvement in thelevel of the rupee against the US dollarin the third quarter and also Indianconsumers becoming more used to the highrupee gold price demand in China in q3was down by eight percent withinvestment falling twelve percent andjewelry falling six percent reflectingthe slowdown in the Chinese economyhowever overall Chinese demand was stillhigher than the five-year averagemine production was down one percent andmine supply and recycling fell twopercent during q3 2012 in summary withcontinued quantitive easing in Westerncountries specifically Europe UK and theUnited States driving higher gold demandand continued economic growth in indiaand china with diwali in november weexpect the outlook to remain verypositive for gold demand