It was a roller-coaster year in the precious metals markets, one which saw "a rising tide for all ships", says Richard Hajdukiewicz, head of metals Americas for HSBC – winner of this year's Precious Metals House of the Year award.

Indeed, the market's volatility and directional price appreciation presented various trading challenges and opportunities for all participants. Active-month gold for three-month delivery on Comex rose 35% to $721 an ounce between January and May 2006 before falling by

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